v3.26.1
LEASES
 6 Months Ended
Jun. 30, 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.

During the second quarter of 2026, the Company entered into equipment leases (“Equipment Leases”). The Company recognized a lease right of use asset and lease liability related to the Equipment Leases increasing the Company’s right of use asset and liability by $2,707,313. The leases terminate in March 2029 with no substantive option to extend or terminate the Equipment Leases beyond the term of the leases.
The Company’s right-of-use assets and lease liabilities for its operating lease consisted of the following amounts:
June 30, 2026December 31, 2025
Assets:
Operating lease right-of-use assets$12,306,899 $4,561,692 
Liabilities:
Operating lease liability, current2,630,892 720,186 
Operating lease liability, non-current11,066,427 4,637,642 
Total lease liability$13,697,319 $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 June 30,Six Months Ended June 30,
2026202520262025
Operating lease cost$957,797 $348,722 $1,474,435 $527,865 
Variable lease cost211,961 123,643 230,641 148,793 
Total lease cost$1,169,758 $472,365 $1,705,076 $676,658 
The following table shows supplemental cash flow information related to lease activities for the periods presented:
Six Months Ended June 30,
20262025
Cash paid for amounts included in the measurement of the lease liability:
Operating cash outflows for operating leases$959,409 $557,043 
ROU assets obtained in exchange for new lease liabilities8,830,444 423,816 

The table below shows a weighted-average analysis for lease terms and discount rates for all operating leases for the periods presented:
Six Months Ended June 30,
20262025
Weighted-average remaining lease term (in years)4.826.30
Weighted-average discount rate7.62%9.77%
Future minimum noncancellable lease payments under the Company’s operating leases on an undiscounted basis reconciled to the respective lease liability at June 30, 2026 are as follows:
Operating leases
2026 remaining$1,811,312 
20273,853,946 
20283,965,596 
20293,063,305 
20302,257,795 
Thereafter1,482,107 
Total operating lease payments (undiscounted)16,434,061 
Less: Imputed interest(2,736,742)
Lease liability as of June 30, 2026$13,697,319