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Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements 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 measured at fair value on a recurring basis as of September 30, 2025:
Level 1Level 2Level 3Total
Assets:
Cash equivalents
Money market$227,298,976 $— $— $227,298,976 
Total cash equivalents$227,298,976 $— $— $227,298,976 
There have been no changes to the valuation methods during the nine months ended September 30, 2025. 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 nine months ended September 30, 2025.
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 September 30, 2025 and December 31, 2024.
The following table summarizes our cash equivalents measured at fair value on a recurring basis as of December 31, 2024:
Level 1Level 2Level 3Total
Assets:
Cash equivalents
Money market$35,865,754 $— $— $35,865,754 
Total cash equivalents$35,865,754 $— $— $35,865,754