ROCKET PHARMACEUTICALS, INC.
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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Jun 30, 2025 · Filed Aug 7, 2025
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Operating Leases
On June 7, 2018, the Company entered into athree-year ESB Lease Agreement. In connection with the ESB Lease Agreement, the Company established an irrevocable standby letter of credit for $0.8 million. On March 26, 2021, the Company entered into Amendment No. 1 to the ESB Lease Agreement that extended the lease agreement to June 30, 2024. On March 29, 2024, the Company entered into Amendment No. 2 to the ESB Lease Agreement that extended the lease agreement to July 31, 2027. The letter of credit serves as the Company’s security deposit on the lease in which the landlord is the beneficiary and expires September 30, 2027.
The Company has a certificate of deposit of $0.8 million with a bank as collateral for the ESB Lease Agreement letter of credit which is classified as part of restricted cash in the Consolidated Balance Sheets as of June 30, 2025, and December 31, 2024.
On December 1, 2022, in connection with the acquisition of Renovacor, the Company added operating leases for space at facilities in Hopewell, New Jersey and Cambridge, Massachusetts with remaining lease terms of approximately 10.3 and 1.3 years, respectively. The Company recognized total right-of-use assets of $3.8 million with corresponding total lease liabilities of $3.6 million at lease commencement dates. The Company intends to sublease the facilities in Hopewell, New Jersey and signed the first agreement to sublease one of these facilities in January 2024. Rental income received under a sublease agreement was less than $0.1 million for thethree and six months ended June 30, 2025. Rental income received under a sublease agreement totaled $0.1 million and $0.2 million for the three and six months ended June 30, 2024, respectively.
Rent expense excluding rental income was $0.3 million and $0.6 million for the three and six months ended June 30, 2025. Rent expenses excluding rental income were $0.5 million and $0.9 million for the three and six months ended June 30, 2024, respectively.
The total restricted cash balance for the Company’s operating and finance leases as of June 30, 2025, and December 31, 2024, was $0.8 million.
The following table summarizes lease cost for thesix months ended June 30, 2025, and 2024:
| Six Months Ended June 30, | ||
|---|---|---|
| Lease cost | 2025 | 2024 |
| Operating lease cost | $523 | $672 |
| Finance lease cost: | ||
| Amortization of right of use assets | 1,077 | 1,077 |
| Interest on lease liabilities | 945 | 942 |
| Total lease cost | $2,545 | $2,691 |
The following table summarizes the future lease payments of the Company’s operating lease liabilities on an undiscounted cash flow basis:
| Fiscal Year Ending December 31, | June 30, 2025 |
|---|---|
| 2025 (six months) | $501 |
| 2026 | 1,005 |
| 2027 | 759 |
| 2028 | 522 |
| 2029 | 539 |
| Thereafter | 1,881 |
| Total lease payments | $5,207 |
| Less: interest | (1,269) |
| Total operating lease liabilities | $3,938 |
The following table summarizes the future lease payments of the Company’s finance lease liabilities on an undiscounted cash flow basis:
| Fiscal Year Ending December 31, | June 30, 2025 |
|---|---|
| 2025 (six months) | $935 |
| 2026 | 1,911 |
| 2027 | 1,969 |
| 2028 | 2,028 |
| 2029 | 2,089 |
| Thereafter | 38,915 |
| Total lease payments | $47,847 |
| Less: interest | (26,583) |
| Total finance lease liability | $21,264 |
The following table summarizes the operating and financing lease liabilities and right-of-use assets as of June 30, 2025, and December 31, 2024:
| Leases | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Operating right-of-use assets | $3,830 | $4,173 |
| Operating current lease liabilities | $1,010 | $1,001 |
| Operating noncurrent lease liabilities | 2,928 | 3,258 |
| Total operating lease liabilities | $3,938 | $4,259 |
| Finance right-of-use assets | $41,286 | $42,363 |
| Finance current lease liability | $1,884 | $1,856 |
| Finance noncurrent lease liability | 19,380 | 19,383 |
| Total finance lease liability | $21,264 | $21,239 |
| Six Months Ended June 30, | ||
|---|---|---|
| Other Information | 2025 | 2024 |
| Cash paid for amounts included in the measurement of lease liabilities: | ||
| Operating cash flows from operating leases | $500 | $584 |
| Cash flows from finance lease | $921 | $886 |
| Weighted-average remaining lease term - operating leases | 6.4 years | 6.9 years |
| Weighted-average remaining lease term - finance lease | 19.2 years | 20.2 years |
| Weighted-average discount rate - operating leases | 8.83% | 8.82% |
| Weighted-average discount rate - finance lease | 8.96% | 8.96% |
OK
Commitments and Contingencies
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