GENELUX Corp Leases Disclosure

NOTE 6 – LEASES

 

Westlake Village, California: The Company leases 4,050 square feet of office space located at 2625 Townsgate Road for its corporate headquarters. The lease expires on July 14, 2027. The lease contains an option to renew for two additional five-year terms and first right of refusal for certain additional space at the same premises. The Company is not reasonably certain that it will exercise this option to renew and therefore it is not included in right-of-use assets and liabilities as of December 31, 2025.

 

San Diego, California: The Company leases 6,755 square feet of office and research and development laboratory space located at 6365 Marindustry Drive. The lease expires on October 31, 2030. The lease contains an option to renew for one five-year term. The Company is not reasonably certain that it will exercise this option to renew and therefore it is not included in right-of-use assets and liabilities as of December 31, 2025.

 

The Company leases 7,569 square feet of manufacturing space located at 6335 Marindustry Drive. The lease expires on October 31, 2030. The lease contains an option to renew for one five-year term. The Company is not reasonably certain that it will exercise this option to renew and therefore it is not included in right-of-use assets and liabilities as of December 31, 2025.

 

 

On December 9, 2025, the Company entered into a lease agreement, whereby the Company leases an office space located at 6215 Ferris Square, San Diego. The lease expires on December 31, 2027. The lease contains an option to renew for one additional year. The Company is not reasonably certain that it will exercise this option to renew and therefore it is not included in right-of-use assets and liabilities as of December 31, 2025.

 

Manufacturing equipment lease: On September 4, 2025, the Company entered into written agreements (Equipment Agreements), whereby the Company agreed to acquire certain equipment through a financing arrangement structured as a capital lease. Lease commencement will occur when the equipment is made available to the Company, which is the final onsite installation date and is expected to be approximately 14 months after the execution of the Equipment Agreements, or approximately November 2026. Upon commencement, the lease term will be 60 months (Initial Term), with future lease payments up to approximately $6.2 million. The Company has the right to terminate the lease without cause at the end of the Initial Term or any term thereafter upon 90 days prior written notice without incurring penalties or interest.

 

As of December 31, 2025, no right-of-use asset or liability has been recognized in the financial statements, as the Company does not have possession of the equipment. The Equipment Agreements also include a refundable security deposit, equal to $2.0 million as of December 31, 2025, which is classified as restricted cash on the Company’s balance sheet.

 SCHEDULE OF COMPONENTS OF LEASE ASSETS AND LIABILITIES 

				December 31,
Lease Assets and Liabilities		Classification		2025				2024
				(in thousands)
Operating lease assets		Right-of-use assets		$	1,583			$	1,760
Current operating lease liabilities		Lease liabilities			427				329
Non-current operating lease liabilities		Lease liabilities, net of current portion			1,258				1,539

 

 SCHEDULE OF LEASE COST

		Year Ended December 31,
Lease Cost Classification		2025				2024
		(in thousands)
Research and development		$	106			$	124
General and administrative expense			48				53
Lease cost			48				53

 

The following table presents maturities of operating lease liabilities on an undiscounted basis as of December 31, 2025:

 SCHEDULE OF MATURITIES LEASE LIABILITIES 

Year		Amount
		(in thousands)
2026		$	530
2027			489
2028			330
2029			312
2030			136
Total		$	1,797
Less: imputed interest			112
Total operating lease liabilities (include current portion)		$	1,685

 

 

Supplemental cash flow and other information related to leases was as follows:

 

SCHEDULE OF SUPPLEMENTAL CASH FLOW AND OTHER INFORMATION RELATED LEASES

		Year ended December 31,
		2025				2024
		(in thousands, except discount rate)
Weighted-average remaining lease term (in years)			3.3				4.7
Weighted-average discount rate			6.9	%			6.5	%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases		$	436			$	392

 

Other Leases

 

In November 2019, the Company entered into a short-term lease agreement for one of its office facilities, which was subsequently extended until December 2022 and is currently on a month-to-month basis. Rent expense was de minimis during the years ended December 31, 2025 and 2024, respectively. In February 2026, the Company terminated the lease agreement effective March 31, 2026.