The Company leases its principal office space from SMS Lakewood, LLC (“SMS Lakewood”), an entity that is an affiliate of GPR, the Company’s majority stockholder, and therefore an affiliate of the Company’s Chief Executive Officer. Effective April 1, 2025, the Company entered into a three-year non-cancelable operating lease with SMS Lakewood for approximately 409 square feet of office space located at 12567 West Cedar Drive, Suite 104, Lakewood, Colorado. The lease term extends through March 31, 2028 and does not include renewal options. Base monthly rent under the lease is $579 during the initial lease year (April 1, 2025 – March 31, 2026), escalating to $614 during the second lease year and $648 during the third lease year, plus approximately $110 per month for common area maintenance and taxes. The lease is classified as an operating lease under ASC 842. The Company used an 8% incremental borrowing rate to calculate the present value of lease payments, as the rate implicit in the lease was not readily determinable.

As of June 30, 2026, the operating lease right-of-use asset was $13,442 and the associated operating lease liabilities totaled $14,511, of which $7,911 was classified as current and $6,600 as non-current. The weighted-average remaining lease term was 1.75 years and the weighted-average discount rate was 8.0%. For the three and six months ended June 30, 2026, the Company recognized operating lease cost of approximately $2,235 and $4,506, respectively, and for the three and six months ended June 30, 2025, the Company recognized operating lease cost of approximately $2,371 and $2,950, respectively, within general and administrative expenses. Cash paid for amounts included in the measurement of the operating lease liability was approximately $4,139 for the six months ended June 30, 2026 and is presented within operating activities in the condensed consolidated statement of cash flows.

The following table presents the undiscounted future lease payments for the related-party operating lease and a reconciliation to the operating lease liability as of June 30, 2026:

The Company had no other operating or finance lease commitments as of June 30, 2026.