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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | Leases In August 2021, the Company entered into an open-ended office lease agreement, effective November 1, 2021, to lease approximately 2,300 square feet of space on the last two floors of the building located at Dorfstrasse 29, 6300 Zug, Switzerland. The Company estimated the effective duration of the lease at inception and determined a period of 3 years, with expected expiration in November 2024. In December 2023, the contract was extended, leading to a new estimated effective duration of the lease period of 3 years, with expected expiration in January 2027. On October 9, 2023, the Company entered into an office lease agreement, effective as of October 9, 2023, to lease approximately 3,900 square feet of office space on the fifth floor of the building located at Rua Manuel Pinto de Azedevo 860, 4150-335, Porto, Portugal. This lease has a 3-year initial term, with two extendable periods of 3 years each. It is expected to be extended once until October 2029. On October 13, 2023, the Company entered into an office lease agreement, effective as of October 16, 2023, to lease approximately 6,000 square feet of office space on the first floor of the building located at 95 Regent Street, CB2 1AW, Cambridge, England, United Kingdom. This lease has a 3-year term agreement and is set to expire in October 2026. On December 12, 2023, the Company entered into an open-ended office lease agreement, effective as of January 15, 2024, to lease approximately 1,700 square feet of additional office space at its existing corporate headquarters located at Dorfstrasse 29, 6300 Zug, Switzerland. The Company estimated the duration of the lease at inception and determined a 3-year term. On August 14, 2024, the Company entered into an office lease agreement, effective as of September 8, 2024, to lease approximately 2,000 square feet of additional office space at its existing office located at Rua Manuel Pinto de Azevodo 860, 4150-335, Porto, Portugal. This lease has a 2-year initial term, with two extendable periods of 3 years each. The Company currently expects that it will be extended until October 2029. The weighted average remaining lease term and weighted average discount rate for the operating leases as of September 30, 2024 and December 31, 2023 were as follows:
| September 30, 2024 |  | December 31, 2023
Weighted average remaining lease term (in months) | 32 |  | 39
Weighted average discount rate | 4.7 | % |  | 4.9 | %
The maturities of the Company's operating lease liabilities as of September 30, 2024 are as follows:
Year ending December 31, |  | Amount
Remainder of fiscal 2024 |  | $ | 386,519
2025 |  | 1,571,589
2026 |  | 1,242,550
2027 |  | 140,313
2028 |  | 140,313
Thereafter |  | 95,627
Total lease payments |  | 3,576,911
Less imputed interest |  | (196,309)
Total lease liability |  | 3,380,602
Less current portion of lease liability |  | (1,444,893)
Long-term portion operating lease liability |  | $ | 1,935,709
Operating cash outflows for amounts included in the measurement of lease liabilities was $1,101,661 and $78,270 for the nine months ended September 30, 2024 and September 30, 2023, respectively. The Company recorded the following lease and variable lease expenses for the three and nine months ended September 30, 2024 and September 30, 2023:
|  | Three Months Ended September 30, 2024 |  | Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2024 |  | Nine Months Ended September 30, 2023
Operating lease expense |  | $ | 358,583 |  |  | $ | 39,562 |  |  | $ | 1,061,029 |  |  | $ | 117,832 |
Variable lease expense1 |  | 5,398 |  |  | — |  |  | 5,398 |  |  | — |
Total lease expense |  | $ | 363,981 |  |  | $ | 39,562 |  |  | $ | 1,066,427 |  |  | $ | 117,832 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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