Capricor Therapeutics, Inc. reported that it entered into a major new real estate lease on July 9, 2026, tied to the company’s plans for expanded operations and potential commercialization of Deramiocel, its therapy for Duchenne muscular dystrophy. Under the lease, Capricor will take approximately 171,000 rentable square feet at 9625 Towne Centre Drive in San Diego, California, from ARE-SD Region No. 39 Owner, LLC. The space is intended to serve as Capricor’s new headquarters and will include expanded manufacturing cleanrooms, research and development laboratory space, administrative offices and related uses. The lease term is expected to begin on the earlier of two dates: the date Capricor’s lease contingency related to FDA approval is satisfied or waived, or December 31, 2026. Rent will not begin immediately; the rent commencement date is twelve months after the lease commencement date. The lease will then run until 138 months from the first day of the first full month following the rent commencement date. Initial monthly base rent is set at $5.60 per rentable square foot, or approximately $958,000 per month, with annual increases of 3.0%. Capricor will receive an 18-month full base rent abatement beginning on the rent commencement date. After that, the company will receive an additional six-month partial base rent abatement, during which rent will be payable only on 128,068 rentable square feet rather than the full approximately 171,000-square-foot premises. Once those abatement periods expire, base rent will apply to the entire leased space. The landlord will provide Capricor with a tenant improvement allowance, though the filing does not disclose the amount. Capricor must provide a security deposit of approximately $958,000, either in cash or through a letter of credit. The company will also be responsible for real property taxes, building insurance, routine maintenance and operating costs under the lease. A key provision links the lease to regulatory progress for Deramiocel. If Capricor does not receive FDA approval of Deramiocel for the treatment of Duchenne muscular dystrophy by December 31, 2026, either Capricor or the landlord may terminate the lease by delivering written notice within five business days after that date, subject to the lease terms. Capricor disclosed the transaction under Form 8-K Item 1.01, Entry into a Material Definitive Agreement, and incorporated the same information under Item 2.03, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. The company said it plans to file the full lease as an exhibit to its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. The filing was signed on July 14, 2026, by Linda Marbán, Ph.D., Capricor’s Chief Executive Officer.