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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2022
Fair Value Measurements |
Fair Value Measurements | Note 4 – Fair Value Measurements We record cash equivalents and marketable securities at fair value. ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and our own assumptions (unobservable inputs). The hierarchy consists of three levels: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, directly or indirectly, for substantially the full term of the asset or liability. Level 3 – Unobservable inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. The following table summarizes our cash equivalents and marketable securities measured at fair value on a recurring basis as of March 31, 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Level 1 | ​ | ​ | Level 2 | ​ | ​ | Level 3 | ​ | ​ | Total
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash equivalents | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Money market | ​ | $ | 36,515,479 | ​ | $ | - | ​ | $ | - | ​ | $ | 36,515,479
Commercial paper | ​ | ​ | - | ​ | ​ | - | ​ | ​ | - | ​ | ​ | -
Total cash equivalents | ​ | ​ | 36,515,479 | ​ | ​ | - | ​ | ​ | - | ​ | ​ | 36,515,479
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Marketable securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasuries | ​ | $ | 27,471,605 | ​ | $ | - | ​ | $ | - | ​ | $ | 27,471,605
Government securities | ​ | ​ | - | ​ | ​ | 19,147,888 | ​ | ​ | - | ​ | ​ | 19,147,888
Commercial paper | ​ | ​ | - | ​ | ​ | 15,946,460 | ​ | ​ | - | ​ | ​ | 15,946,460
Total marketable securities | ​ | ​ | 27,471,605 | ​ | ​ | 35,094,348 | ​ | ​ | - | ​ | ​ | 62,565,953
Total cash equivalents and marketable securities | ​ | $ | 63,987,084 | ​ | $ | 35,094,348 | ​ | $ | - | ​ | $ | 99,081,432
​ Cash equivalents and marketable securities have been initially valued at the transaction price and subsequently, at the end of each reporting period, valued utilizing third-party pricing services or other observable market data. The pricing services utilize industry standard valuation models, including both income and market-based approaches, and observable market inputs to determine value. After completing our valuation procedures, we did not adjust or override any fair value measurements provided by the pricing services as of March 31, 2022. There have been no changes to the valuation methods during the three months ended March 31, 2022. There were no transfers between Level 1 and Level 2 and we had no financial assets or liabilities that were classified as Level 3 at any point during the three months ended March 31, 2022. The following table summarizes our cash equivalents and marketable securities measured at fair value on a recurring basis as of December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Level 1 | ​ | ​ | Level 2 | ​ | ​ | Level 3 | ​ | ​ | Total
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash equivalents | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Money market | ​ | $ | 33,961,344 | ​ | $ | - | ​ | $ | - | ​ | $ | 33,961,344
Commercial paper | ​ | ​ | - | ​ | ​ | 2,000,000 | ​ | ​ | - | ​ | ​ | 2,000,000
Total cash equivalents | ​ | ​ | 33,961,344 | ​ | ​ | 2,000,000 | ​ | ​ | - | ​ | ​ | 35,961,344
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Marketable securities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Treasuries | ​ | $ | 43,115,370 | ​ | $ | - | ​ | $ | - | ​ | $ | 43,115,370
Government securities | ​ | ​ | - | ​ | ​ | 19,204,368 | ​ | ​ | - | ​ | ​ | 19,204,368
Commercial paper | ​ | ​ | - | ​ | ​ | 12,988,025 | ​ | ​ | - | ​ | ​ | 12,988,025
Total marketable securities | ​ | ​ | 43,115,370 | ​ | ​ | 32,192,393 | ​ | ​ | - | ​ | ​ | 75,307,763
Total cash equivalents and marketable securities | ​ | $ | 77,076,714 | ​ | $ | 34,192,393 | ​ | $ | - | ​ | $ | 111,269,107
​ ​

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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