TPTX » Topics » 5. Commitments

These excerpts taken from the TPTX 10-K filed Mar 31, 2008.

7. Commitments

        We lease our office and research facilities under a noncancelable operating lease, which expires in 2009. The lease requires us to pay for all maintenance, insurance and property taxes. Rent expense for the years ended December 31, 2007, 2006 and 2005, was $612,000, $666,000 and $709,000, respectively. There were no outstanding purchase commitments in existence as of December 31, 2007.

        Future minimum payments of all operating leases are as follows at December 31, 2007 (in thousands):

2008   $ 628
2009     105
2010 and thereafter    
   
Total minimum lease payments   $ 733
   

7. Commitments



        We lease our office and research facilities under a noncancelable operating lease, which expires in 2009. The lease requires us to pay for all maintenance,
insurance and property taxes. Rent expense for the years ended December 31, 2007, 2006 and 2005, was $612,000, $666,000 and $709,000, respectively. There were no outstanding purchase
commitments in existence as of December 31, 2007.



        Future
minimum payments of all operating leases are as follows at December 31, 2007 (in thousands):







































2008 $628
2009  105
2010 and thereafter  
  
Total minimum lease payments $733
  




This excerpt taken from the TPTX 10-K filed Mar 29, 2007.

7.   Commitments

The Company leases its office and research facilities under a noncancelable operating lease, which expires in 2009. The lease requires the Company to pay for all maintenance, insurance and property taxes.

Future minimum payments of all operating leases are as follows at December 31, 2006:

2007

 

$

620,097

 

2008

 

625,828

 

2009

 

104,842

 

2010 and thereafter

 

 

Total minimum lease payments

 

$

1,350,767

 

 

F-17




TorreyPines Therapeutics, Inc.
Notes to Consolidated Financial Statements (Continued)
December 31, 2006

This excerpt taken from the TPTX 8-K filed Dec 13, 2006.

5. Commitments

The Company leases its office and research facilities under a noncancelable operating sublease, which expires in February 2006. In addition, the Company signed a new lease which expires in 2009. Both leases require the Company to pay for all maintenance, insurance and property taxes.

Future minimum payments of all operating leases are as follows at December 31, 2005:

2006

 

$

534,074

 

2007

 

611,362

 

2008

 

625,828

 

2009

 

104,842

 

 

 

 

 

Total minimum lease payments

 

$

1,876,106

 

 

Rent expense for the years ended December 31, 2003, 2004 and 2005, was $667,364, $687,385 and $709,247, respectively.

In lieu of a security deposit on its original lease, the Company executed an $838,739 letter of credit in favor of the sublandlord in September 2000. In accordance with the letter of credit agreement, the Company is required to restrict cash equal to the amount of the letter of credit, which is currently held as a Treasury Bill and reflected as a long-term asset. The current letter of credit balance is $350,000 as of December 31, 2005.

In October 2005, the Company entered into a purchase agreement with a vendor. Under the agreement, the Company purchased lab equipment and supplies totaling $2,472,000. As of December 31, 2005, the Company is committed to buy $1,089,000 in lab supplies. In November 2005, the Company entered into an agreement with a vendor and is required to pay a $40,000 noncancelable deposit in January 2006.

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