Leases and Commitments

The Company leases real estate, including laboratory and office space, and certain equipment. The lease for the current real estate property used for office, research and laboratory space located at 4 Maguire Road in Lexington, Massachusetts expired on February 29, 2020. The Company is exercising its contractual right to holdover on a month-to-month basis until its new facility is available for occupancy.

On December 5, 2019, Curis, Inc. entered into a new lease for its administrative, research and development requirements located at 128 Spring Street in Lexington, Massachusetts. In accordance with the accounting requirements under ASC 842, the lease obligation will not be recorded until its commencement date which is expected in the second quarter of 2020. The Company did record the security deposit provided to the landlord which was classified as restricted cash. The total cash obligation for the base rent over the seven year term of the lease agreement is approximately $8.3 million and the Company will begin paying rent on the commencement date.

Under the current guidance, as of March 31, 2020, the Company does not have any reportable leases, as the new office located at 128 Spring Street in Lexington, Massachusetts is being finalized and is pending a certificate of occupancy. The Company remains at its 4 Maguire Road location on a month-to-month basis until occupancy at the new location is permitted.

The Company’s remaining lease commitments for all leased facilities with an initial or remaining term of at least one year were as follows as of December 31, 2019.



Year Ending December 31,
2020	$	168
Total minimum payments	$	168