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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the Company’s assets that were measured at fair value on a recurring basis, determined using the following inputs as of September 30, 2020:
| Fair Value Measurements at
| September 30, 2020
| Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Unobservable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |
U.S. treasury securities | $ | 99,985,000 |  |  | $ | 99,985,000 |  |  | $ | — |  |  | $ | — |
Short-term investments |  |  |  |  |  |  |
Mutual funds | 152,802,199 |  |  | 152,802,199 |  |  | — |  |  | — |
Corporate debt securities | 1,172,160 |  |  | 1,172,160 |  |  | — |  |  | — |
Certificates of deposit | 3,032,980 |  |  | — |  |  | 3,032,980 |  |  | — |
U.S. agency mortgage-backed securities | 1,528,405 |  |  | — |  |  | 1,528,405 |  |  | — |
Total short-term investments | 158,535,744 |  |  | 153,974,359 |  |  | 4,561,385 |  |  | — |
Investment in affiliated entity | 4,154,049 |  |  | 4,154,049 |  |  | — |  |  | — |
Total assets measured at fair value | $ | 262,674,793 |  |  | $ | 258,113,408 |  |  | $ | 4,561,385 |  |  | $ | — |
The following table presents the Company’s assets and liabilities that were measured at fair value on a recurring basis, determined using the following inputs as of December 31, 2019:
| Fair Value Measurements at
| December 31, 2019
| Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Unobservable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 2,349,729 |  |  | $ | 2,349,729 |  |  | $ | — |  |  | $ | — |
Short-term investments |  |  |  |  |  |  |
Mutual funds | 67,338,017 |  |  | 67,338,017 |  |  | — |  |  | — |
Investment in affiliated entities | 6,315,356 |  |  | 6,315,356 |  |  | — |  |  | — |
Total assets measured at fair value | $ | 76,003,102 |  |  | $ | 76,003,102 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Derivative liability (Note 9) | $ | 8,819,023 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,819,023 |
Total liabilities measured at fair value | $ | 8,819,023 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,819,023 |
Schedule of Changes in Fair Value of the Company's Derivative Liability | The following table presents the changes in fair value of the Company's derivative liability for the nine months ended September 30, 2020:
Balance at December 31, 2019 | $ | 8,819,023 |
Change in fair value | 75,670,977 |
Derecognition of the derivative liability upon conversion | (84,490,000) |
Balance at September 30, 2020 | $ | — |

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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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