Leases

6 Months Ended

Jun. 30, 2025

10. Leases

On June 18, 2022, the Company leased 2,700 square feet of corporate office space in Knoxville, Tennessee through an operating lease agreement for a term of three years ending on June 30, 2025. The monthly base rent ranges from $4,053 to $4,278 over the term of the lease.

On April 24, 2025, the Company entered into the first amendment to its operating lease agreement, extending the lease term by an additional three years through June 30, 2028. Pursuant to the amendment, monthly base rent will range from $4,391 to $4,616 over the extended term.

Total operating lease expense for the three months ended June 30, 2025 was $12,675, of which $8,450 was included within research and development and $4,225 was included within general and administrative expenses on the condensed consolidated statements of operations. Total operating lease expense for the three months ended June 30, 2024 was $13,002 of which $8,668 was included within research and development and $4,334 was included within general and administrative expenses on the condensed consolidated statements of operations.

Total operating lease expense for the six months ended June 30, 2025 was $24,894, of which $16,596 was included within research and development and $8,298 was included within general and administrative expenses on the condensed consolidated statements of operations. Total operating lease expense for the six months ended June 30, 2024 was $25,844 of which $17,229 was included within research and development and $8,615 was included within general and administrative expenses on the condensed consolidated statements of operations.

A summary of the Company’s right-of-use assets and liabilities is as follows:

	For the Six Months Ended
	June 30,
	2025			2024

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	25,299		$	23,402

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	150,133		$	-

Weighted Average Remaining Lease Term
Operating leases		3 years			1 year

Weighted Average Discount Rate
Operating leases		5.0	%		5.0	%

Future minimum payments under the Company’s non-cancellable lease obligations as of June 30, 2025 were as follows:

Future Minimum Payments

Years	Amount
Remainder of 2025		26,345
2026		53,364
2027		54,716
2028		27,695
Total lease payments		162,120
Less: amount representing imputed interest		(11,988	)
Present value of lease liability		150,132
Less: current portion		(46,232	)
Lease liability, non-current portion	$	103,900

PROVECTUS BIOPHARMACEUTICALS, INC. 10-Q