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Cash, Cash Equivalents and Marketable Securities | 9 Months Ended
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Sep. 30, 2024
Cash and Cash Equivalents [Abstract] |
Cash, Cash Equivalents and Marketable Securities | 5. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES At September 30, 2024, cash, cash equivalents, and marketable securities were comprised of:
|  | Carrying Amount |  |  | Unrecognized Gain |  |  | Estimated Fair Value |  |  | Cash and Cash Equivalents |  |  | Current Marketable Securities |
Cash |  | $ | 15,405,485 |  |  | $ | — |  |  | $ | 15,405,485 |  |  | $ | 15,405,485 |  |  | $ | — |
Money market funds |  |  | 12,714,544 |  |  |  | — |  |  |  | 12,714,544 |  |  |  | 12,714,544 |  |  |  | — |
Reverse repurchase agreements (1) |  |  | 40,000,000 |  |  |  | — |  |  |  | 40,000,000 |  |  |  | 40,000,000 |  |  |  | — |
Total cash and cash equivalents |  | $ | 68,120,029 |  |  | $ | — |  |  | $ | 68,120,029 |  |  | $ | 68,120,029 |  |  | $ | — |
U.S. government agency securities |  | $ | 44,557,630 |  |  | $ | 66,540 |  |  | $ | 44,624,170 |  |  | $ | — |  |  | $ | 44,624,170 |
Available for sale marketable securities (2) |  |  | 44,557,630 |  |  |  | 66,540 |  |  |  | 44,624,170 |  |  |  | — |  |  |  | 44,624,170 |
Total cash, cash equivalents, and current marketable securities |  |  |  |  |  |  |  |  |  |  | $ | 68,120,029 |  |  | $ | 44,624,170 |
(1) Reverse repurchase agreements are financial transactions in which a party purchases securities with the agreement to sell them back at a later date, typically at a slightly higher price. The Company invests in certain reverse repurchase agreements which, are collateralized by deposits in the form of U.S. Government Securities and Obligations for an amount no less than 102% of the value and has at least an A (or equivalent) credit rating. The Company does not record an asset or liability related to the collateral, as the Company is not permitted to sell or repledge the associated collateral. (2) Available for sale debt securities are reported at fair value with unrealized gains and losses reported net of taxes, if material, in other comprehensive income. The contractual maturities of all available for sale securities were less than one year at September 30, 2024. At December 31, 2023, cash and cash equivalents were comprised of:
|  | Carrying Amount |  |  | Estimated Fair Value |  |  | Cash and Cash Equivalents |  |
Cash |  | $ | 128,510,451 |  |  | $ | 128,510,451 |  |  | $ | 128,510,451 |  |
Money market funds |  |  | 14,312,565 |  |  |  | 14,312,565 |  |  |  | 14,312,565 |  |
Total cash and cash equivalents |  | $ | 142,823,016 |  |  | $ | 142,823,016 |  |  | $ | 142,823,016 |  |
There were no marketable securities held at December 31, 2023.

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- Definition The entire disclosure of cash, cash equivalents, and debt and equity securities, including any unrealized or realized gain (loss). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/320/tableOfContent + Details
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