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Subsequent Events
12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Subsequent to December 31, 2019, stock options for 290,000 shares of the Company's common stock were granted to Company employees.
In March 2020, the Company entered into a new lease agreement related to expanded office and laboratory space in the building attached to the Company's existing headquarters. The initial term of the lease agreement is five years and nine months, expiring in January 2026. The lease agreement provides for monthly base rent of $12,724
beginning in May 2020, which amount shall increase 3% annually beginning in February 2022. The lease agreement does not include any right or option to extend the term after its expiration.
In March 2020, the Company entered into a lease extension on our existing office space located adjacent to the Company's headquarters. The lease extension extends the term from February 2021, until its new expiration in January 2026. The lease extension provides that the base monthly rent for the leased space shall be $19,000, for the 12-month period beginning in February 2021, which amount shall increase $600 on a monthly basis each additional 12-month period until its expiration. In addition, the lease extension added an option for the Company to extend the term of the lease for one five year period, commencing when the prior term expires.
In addition, in March 2020, the Company entered into a lease amendment relating to its headquarters. The lease amendment extends to the term of the lease from April 2020, until its new expiration in January 2026. The lease amendment provides that the base monthly rent for the leased space shall be $16,308.57, for the 10-month period beginning in April 2020, which amount shall increase to $17,325 in February 2021, and shall increase 3% annually thereafter. In addition, the lease amendment added an option for the Company to extend the term of the lease for one five year period, commencing when the prior term expires.
In March 2020 the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic. As a result, the Company is taking the steps to protect the health, safety and well-being of its employees, Associates, and communities by equipping various staff members to work remotely for an uncertain period of time. The Company has started to experience challenges resulting from social distancing and stay-at home orders through a reduction in testing volumes. The Company cannot reasonably estimate the length or severity of this pandemic, which may result in a material adverse impact on its balance sheets, results of operations and cash flows in 2020.