v3.26.1
Leases (Tables)
3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Estimated Useful Lives of Finance Lease Assets The following is the estimated useful lives of the finance lease assets:

Animal Facility

 

40 years

 

Equipment

 

37 years

 

Land

 

Indefinite

 

Schedule of Operating and Finance Leases Discount Rate

The Company’s weighted-average remaining lease term and weighted-average discount rate for operating and finance leases as of March 31, 2026 and December 31, 2025 are:

 

 

March 31, 2026

 

 

December 31, 2025

 

2026 - remaining

 

Operating

 

 

Finance

 

 

Operating

 

 

Finance

 

Weighted-average remaining lease term (years)

 

3.77

 

 

12.67

 

 

3.62

 

 

12.92

 

Weighted-average discount rate (percentage)

 

 

11.20

%

 

 

7.72

%

 

 

9.45

%

 

 

7.72

%

Schedule of Undiscounted Future Minimum Lease Payments

The table below reconciles the undiscounted future minimum lease payments under non-cancelable leases with terms of more than one year to the total lease liabilities recognized on the condensed consolidated balance sheets as of March 31, 2026:

 

Operating

 

 

Finance

 

2026 - remaining

 

$

830,626

 

 

$

301,122

 

2027

 

 

836,602

 

 

 

401,496

 

2028

 

 

855,450

 

 

 

401,496

 

2029

 

 

874,728

 

 

 

401,496

 

2030

 

 

211,021

 

 

 

401,496

 

Thereafter

 

 

 

 

 

3,178,510

 

Undiscounted future minimum lease payments

 

 

3,608,427

 

 

 

5,085,616

 

Less: Amount representing interest payments

 

 

(673,835

)

 

 

(1,847,085

)

Total lease liabilities

 

 

2,934,592

 

 

 

3,238,531

 

Less current portion

 

 

(763,705

)

 

 

(156,958

)

Noncurrent lease liabilities

 

$

2,170,887

 

 

$

3,081,573