Fair Value Measurements

12 Months Ended

Dec. 31, 2023

The following table summarizes our cash equivalents and marketable securities measured at fair value on a recurring basis as of December 31, 2023 and 2022, respectively:


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
U.S. Treasuries	$	3,488,205	$	—	$	—	$	3,488,205
Money market	50,122,883		—		$	—	50,122,883
Commercial paper	—		2,494,670		—		2,494,670
Government securities	—		2,981,550		—		2,981,550
Total cash equivalents	53,611,088		5,476,220		—		59,087,308

Marketable securities:
U.S. Treasuries	$	2,989,890	$	—	$	—	$	2,989,890
Government securities	—		15,340,568		—		15,340,568
Commercial paper	—		7,929,410		—		7,929,410
Total marketable securities	2,989,890		23,269,978		—		26,259,868
Total cash equivalents and marketable securities	$	56,600,978	$	28,746,198	$	—	$	85,347,176


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market	$	19,118,892	$	—	$	—	$	19,118,892
Government securities	—		2,742,025		—		2,742,025
Commercial paper	—		1,249,575		—		1,249,575
Total cash equivalents	19,118,892		3,991,600		—		23,110,492

Marketable securities:
U.S. Treasuries	$	12,960,775	$	—	$	—	$	12,960,775
Government securities	—		8,073,185		—		8,073,185
Commercial paper	—		11,854,010		—		11,854,010
Total marketable securities	12,960,775		19,927,195		—		32,887,970
Total cash equivalents and marketable securities	$	32,079,667	$	23,918,795	$	—	$	55,998,462

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 years ended December 31, 2023 and 2022.

- 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.

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