17. Subsequent Events

In October 2020, the Company entered into a ten year lease agreement with annual escalating rental payments for office and laboratory space in Pittsburgh, Pennsylvania.  The leased premises will serve as the Company’s headquarters upon the commencement of the lease. The initial term of the lease commences upon the landlord’s delivery of the leased premises in tenant improvement readiness condition. The initial term of the Lease will extend approximately ten years from delivery of the leased premises to us, unless earlier terminated in accordance with the lease. The Company has the right to extend the term of the lease for additional five-year terms. Under the lease, the Company will lease approximately 14,189 square feet of the property. The Company will pay an escalating base rent over the life of the lease of approximately $63,000 to $70,000 per month, and the Company will pay its pro rata portion of property expenses and operating expenses for the property. The Company will measure and recognize the ROU assets and operating lease liability during the first quarter of the year ending September 30, 2021.