v3.26.1
LEASES
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
LEASES LEASES
In February 2026, the Company entered into a new lease for office space (“2026 Office Lease”). The Company recognized a lease right of use asset and lease liability related to the 2026 Office Lease increasing the Company’s right of use asset and liability by $6,123,131. The lease terminates at the end of December 2030 with no substantive option to extend or terminate the 2026 Office Lease beyond the term of the lease.
The Company’s right-of-use assets and lease liabilities for its operating lease consisted of the following amounts:
March 31, 2026December 31, 2025
Assets:
Operating lease right-of-use assets$10,339,573 $4,561,692 
Liabilities:
Operating lease liability, current1,327,873 720,186 
Operating lease liability, non-current9,985,924 4,637,642 
Total lease liability$11,313,797 $5,357,828 
The Company recognizes lease expense for its operating leases within general, administrative, and other expenses on the Company’s consolidated statements of operations and comprehensive income. The Company’s lease expense for the periods presented consisted of the following:
Three Months Ended March 31,
20262025
Operating lease cost$516,638 $179,143 
Variable lease cost18,680 25,150 
Total lease cost$535,318 $204,293 
The following table shows supplemental cash flow information related to lease activities for the periods presented:
Three Months Ended March 31,
20262025
Cash paid for amounts included in the measurement of the lease liability:
Operating cash outflows for operating leases$328,243 $323,911 
ROU assets obtained in exchange for new lease liabilities6,123,131 — 

The table below shows a weighted-average analysis for lease terms and discount rates for all operating leases for the periods presented:
Three Months Ended March 31,
20262025
Weighted-average remaining lease term (in years)5.196.72
Weighted-average discount rate7.20%9.78%
Future minimum noncancellable lease payments under the Company’s operating leases on an undiscounted basis reconciled to the respective lease liability at March 31, 2026 are as follows:
Operating leases
2026 remaining$1,370,520 
20272,731,026 
20282,820,627 
20292,913,362 
20302,213,823 
Thereafter1,362,138 
Total operating lease payments (undiscounted)13,411,496 
Less: Imputed interest(2,097,699)
Lease liability as of March 31, 2026$11,313,797