BTX Brooklyn ImmunoTherapeutics Inc

On November 30, 2022, Eterna Therapeutics Inc., a Delaware corporation (the “Company”), entered into a lease termination agreement (the “Termination Agreement”) with Torrey Pines Science Center Limited Partnership, a Delaware limited partnership (“Landlord”), to terminate that certain lease agreement (the “Lease”), dated as of March 31, 2022, pursuant to which the Landlord leases to the Company 5,193 square feet of office space located at 10355 Science Center Drive, San Diego, CA 92121 (the “Premises”). The Lease will terminate pursuant to the Termination Agreement if Landlord enters into a new lease agreement for the Premises with a designated third party on or before January 15, 2023, following which, upon notice to the Company from Landlord, the Lease will terminate as of 11:59 P.M. on February 28, 2023 (the “Termination Date”). The Company has agreed to pay Landlord a termination fee of $100,000, with (i) $46,000.00 payable within five business days following Landlord’s delivery of such notice and (ii) $54,000.00 payable on or before the Termination Date.  If not terminated as described in this Item 1.02, the Lease will expire in June 2027.

A description of the material terms of the Lease is set forth in Note 5 under the heading “Operating Leases” contained in the Company’s condensed consolidated financial statements in Part I Item 1 of the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 filed with the Securities and Exchange Commission on November 14, 2022, which description is incorporated by reference in this Item 1.02 of this Current Report on Form 8-K.

The Company entered into the Termination Agreement in connection with the Company’s previously announced decision in the second quarter of 2022 to consolidate its research and development efforts in Cambridge, Massachusetts.