Item 1.01 Entry into a Material Definitive Agreement

On August 6, 2021, Aerovate Therapeutics, Inc. (the "Company") entered into a Lease (the "Lease") with PDM 930 Unit, LLC (the "Landlord") for a portion of the building located at 930 Winter Street, Waltham, Massachusetts 02451 (the "Premises"), which will serve as the Company's corporate headquarters. Under the terms of the Lease, the Company will lease approximately 5,003 square feet at the Premises.

The base rent under the Lease is $43.00 per rentable square foot per year during the first year of the term, which is subject to scheduled annual increases of $1.00 per rentable square foot during the term. The Company's obligation to pay rent under the Lease will start on the 121st day (the "Rent Commencement Date") following the date on which the Landlord delivers the Premises to the Company with the certain improvements as set forth in the Lease, which is expected to occur on or about September 1, 2021. The term of the Lease is thirty-six months following the Rent Commencement Date, unless extended or earlier terminated pursuant to the terms of the Lease. The Company has the option to extend the lease for one additional period of three years.

The foregoing description of the Lease does not purport to be complete and is qualified in its entirety by reference to the Lease, a complete copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

The information included in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03 of this Current Report on Form 8-K by reference.

Item 9.01 Financial Statements and Exhibits.





(d) Exhibits



Exhibit
 Number    Description
             Lease, dated August 6, 2021, by and between the Registrant and PDM
  10.1     930 Unit, LLC.
  104      Cover Page Interactive Data File

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