Cash, Cash Equivalents and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Cash and Cash Equivalents [Abstract]

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.

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