Guilford life sciences company Quantum-Si Inc. has agreed to pay $11 million to end a legal battle with its landlord over a New Haven research and office lease, according to a filing with the U.S. Securities and Exchange Commission.
Guilford life sciences company Quantum-Si Inc. has agreed to pay $11 million to end a legal battle with its landlord over a New Haven research and office lease, according to a filing with the U.S. Securities and Exchange Commission.
The settlement, reached Sept. 23, terminates Quantum-Si’s 10-year lease at 115 Munson St., known as Winchester Works, and resolves all pending claims. The company will forfeit its security deposit of about $573,000 but will be released from future rent obligations.
Quantum-Si, which is developing protein sequencing technology, signed the lease in 2021 for more than 67,000 square feet of space. The company sued the building owner, Winchester Office LLC, the following year, alleging the landlord failed to reimburse improvement costs and delayed approvals.
By settling, Quantum-Si ends a dispute that could have cost it up to $9.1 million in tenant improvement allowances and years of rent. The company said the resolution provides clarity as it continues to restructure and cut costs.
Shares of Quantum-Si have struggled since its 2021 public debut, reflecting investor concerns about losses and cash needs as it works to commercialize its technology.
This is the second major termination of a lease by a bioscience firm in the New Haven area in the past year. Last September, biotech firm
Arvinas Inc. backed out of a lease agreement to occupy more than 160,000 square feet at 101 College St., a 525,000-square-foot life sciences tower developed by Carter Winstanley.
Arvinas agreed to pay the landlord a $41.5 million lease termination fee.
