Celldex Therapeutics, Inc. Commitments Disclosure
(15) Commitments and Contingencies
The Company has facility and equipment leases that expire at various dates through 2020. Certain of these facility leases contain renewal options, early termination provisions, and provisions that escalate the base rent payments and require the Company to pay common area maintenance costs (“CAM”) during the lease term. The following obligations for base rent and CAM costs under facility and other non‑cancelable operating leases as of December 31, 2018 do not include the exercise of renewal terms or early termination provisions (in thousands):
|
2019 |
|
$ |
4,648 |
|
2020 |
|
|
3,140 |
|
2021 |
|
|
— |
|
2022 |
|
|
— |
|
2023 |
|
|
— |
|
Thereafter |
|
|
— |
|
Total minimum lease payments |
|
$ |
7,788 |
The Company’s total rent and CAM expense for all facility leases was $4.0 million, $4.1 million and $4.8 million for the years ended December 31, 2018, 2017 and 2016, respectively.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2018 | Mar 7, 2019 | Showing above |
| 2017 | Mar 7, 2018 | |
| 2016 | Mar 14, 2017 | |
| 2015 | Feb 23, 2016 | |
About Commitments Disclosures
Commitments and contingencies disclosures catalog a company's off-balance-sheet obligations and legal exposures — purchase commitments, guarantee arrangements, pending litigation, and regulatory proceedings. These items represent potential future cash outflows that may not appear as liabilities on the balance sheet until they become probable and estimable.
Key signals: litigation reserves and disclosed loss ranges quantify management's estimate of legal exposure, but unquantified "reasonably possible" losses often represent the larger risk. Watch for changes in language around pending cases — shifts from "remote" to "reasonably possible" or increases in estimated loss ranges signal deteriorating outcomes. Unconditional purchase obligations and take-or-pay contracts create fixed cost structures that reduce operational flexibility. Guarantee arrangements for subsidiaries or joint ventures can create cascading obligations. Compare the total commitment schedule against projected free cash flow to assess whether the company can meet its obligations without additional financing.