General and Administrative Expense

3 Months Ended

Mar. 31, 2026

General and Administrative Expense [Abstract]

General and Administrative Expense

5.GENERAL AND ADMINISTRATIVE EXPENSE

The following table presents the components of general and administrative expense:

	Three months ended March 31,
	2026		2025
Professional fees	$	11,554,533	$	6,133,875
Travel and entertainment		1,643,610		693,640
Occupancy		920,702		1,449,441
Information technology		715,946		659,927
Office costs		585,863		609,004
Other expenses		359,562		400,075
Insurance		166,855		147,309
Dues & memberships		39,628		41,818
Total General and Administrative Expense	$	15,986,699	$	10,135,089

For the three months ended March 31, 2026, professional fees includes $6,587,408 (2025: $2,442,116) of expensed offering costs related to the Company’s initial public offering (“IPO”), which as of March 31, 2026 had not yet occurred. The Company would not be the direct recipient of any funds raised in the offering, so all related offering costs were expensed as they were incurred. Refer to Note 11 for details on the Company’s IPO.