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LEASES
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
LEASES LEASES
During September 2021, the Company entered into a 10-year lease agreement for its corporate headquarters with a term commencing March 10, 2022, for approximately 19,000 square feet of office space at Hudson Commons in New York, NY. The lease provides for monthly rental payments over the lease term. The base rent under the lease is currently $2.3 million per year. Rent payments commenced 10 months following the commencement date of the lease, or January 10, 2023, and continue for 10 years following the rent commencement date. Rent also includes two months of free rent in the sixth and seventh months following the rent commencement date. The Company issued a letter of credit in the amount of $1.9 million in association with the execution of the lease agreement; the letter of credit is characterized as restricted cash on the Company's consolidated balance sheets.
The Hudson Commons lease has a remaining lease term of approximately nine years and includes a single renewal option for an additional five years. The Company did not include the renewal option in the lease term when calculating the lease liability as the Company is not reasonably certain that it will exercise the renewal option. The present value of the lease payments is calculated using an incremental borrowing rate of 7.02%. Lease expense is included in general and administrative and research and development expenses in the consolidated statements of operations.
ROU asset and lease liabilities related to the Company's operating lease are as follows:
December 31,
2023		December 31,
2022
ROU asset
$13,894,376 $14,922,669 
Current lease liability$1,246,119 $533,946 
Long-term lease liability$14,755,606 $16,001,725 
The components of operating lease cost for the year ended December 31, 2023 and 2022 were as follows:
December 31,
2023		December 31,
2022
Operating lease cost$2,167,233 $1,806,028 
Variable lease cost— — 
Short-term lease cost— — 
Future minimum commitments under the non-cancelable operating lease are as follows:
2024$2,316,303 
20252,316,303 
20262,316,303 
20272,316,303 
20282,469,447 
Thereafter9,877,788 
$21,612,447