Calidi Biotherapeutics signs new San Diego lease, ends current one early

Calidi Biotherapeutics, Inc. disclosed in an 8-K that on July 10, 2026 it entered into a lease agreement with BP3-SD4 5580 Morehouse Drive LLC to lease approximately 9,038 rentable square feet of office and laboratory space in Suite 120 at 5580 Morehouse Drive, San Diego, California.¹ The new landlord is an affiliate of 4475 Executive Drive LLC, the landlord under Calidi's existing lease.¹

Calidi said it expects to save approximately $1.1 million per year in rent and facility-related expenses by terminating the existing lease and entering into the new one.¹ The new lease has an initial term of 44 months, set to begin October 1, 2026 and end May 31, 2030.¹ Calidi has one option to extend the term for an additional three years at the then-prevailing market rate, provided it has not defaulted and occupies at least 50% of the space at the time of exercise.¹

Within 10 days of signing, Calidi must deliver an irrevocable letter of credit for $113,574.78, which must generally stay in effect until at least 120 days after the lease expires.¹

Separately, Calidi and 4475 Executive Drive LLC signed a termination agreement covering the prior lease dated October 10, 2022 for space on the second floor of 4475 Executive Drive, which had been set to expire in February 2027.¹ That prior lease will now terminate effective September 30, 2026.¹ If the new space is not ready by then, Calidi may stay in the current space up to 14 additional days, with the termination date shifting to when it actually vacates.¹ No early termination fee applies under the agreement.¹

The filing does not disclose the square footage of the existing premises, so no size comparison between the two spaces can be made from the available information.