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Short-term Investments and Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract] |
Summary of Investments | The following is a summary of available-for-sale securities as of December 31, 2021 and 2020:
|  |  | As of December 31, 2021
| Contractual Maturity (in years) | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
Mutual funds | --- |  | $ | 192,966,772 |  |  | $ | 87,069 |  |  | $ | (1,614,411) |  |  | $ | 191,439,430 |
U.S. treasury securities | Less than 1 |  | 94,193,441 |  |  | — |  |  | (9,921) |  |  | 94,183,520 |
Commercial paper | Less than 1 |  | 39,967,853 |  |  | — |  |  | — |  |  | 39,967,853 |
Certificates of deposit | Less than 1 |  | 2,976,210 |  |  | 15,618 |  |  | (338) |  |  | 2,991,490 |
U.S. agency mortgage-backed securities | * |  | 1,608,137 |  |  | 4,508 |  |  | (23,998) |  |  | 1,588,647 |
|  |  | $ | 331,712,413 |  |  | $ | 107,195 |  |  | $ | (1,648,668) |  |  | $ | 330,170,940 |
|  |  | As of December 31, 2020
| Contractual Maturity (in years) | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
Mutual funds | --- |  | $ | 153,177,675 |  |  | $ | 2,339,639 |  |  | $ | (644,140) |  |  | $ | 154,873,174 |
Certificates of deposit | Less than 1 |  | 3,000,000 |  |  | 26,260 |  |  | (10,000) |  |  | 3,016,260 |
U.S. agency mortgage-backed securities | * |  | 3,062,256 |  |  | — |  |  | (36,755) |  |  | 3,025,501 |
|  |  | $ | 159,239,931 |  |  | $ | 2,365,899 |  |  | $ | (690,895) |  |  | $ | 160,914,935 |
*No single maturity date.
Schedule of Fair Value, Assets and Liabilities Measured on 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 December 31, 2021:
| Fair Value Measurements at
| December 31, 2021
| Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Unobservable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Short-term investments |  |  |  |  |  |  |
Mutual funds | $ | 191,439,430 |  |  | $ | 191,439,430 |  |  | $ | — |  |  | $ | — |
U.S. treasury securities | 94,183,520 |  |  | 94,183,520 |  |  | — |  |  | — |
Commercial paper | 39,967,853 |  |  | — |  |  | 39,967,853 |  |  | — |
Certificates of deposit | 2,991,490 |  |  | — |  |  | 2,991,490 |  |  | — |
U.S. agency mortgage-backed securities | 1,588,647 |  |  | — |  |  | 1,588,647 |  |  | — |
Total short-term investments | 330,170,940 |  |  | 285,622,950 |  |  | 44,547,990 |  |  | — |
Investment in affiliated entity | 3,906,796 |  |  | 3,906,796 |  |  | — |  |  | — |
Total assets measured at fair value | $ | 334,077,736 |  |  | $ | 289,529,746 |  |  | $ | 44,547,990 |  |  | $ | — |
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 December 31, 2020:
| Fair Value Measurements at
| December 31, 2020
| Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Unobservable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash and cash equivalents |  |  |  |  |  |  |
U.S. treasury securities | $ | 59,996,800 |  |  | $ | 59,996,800 |  |  | $ | — |  |  | $ | — |
Short-term investments |  |  |  |  |  |  |
Mutual funds | 154,873,174 |  |  | 154,873,174 |  |  | — |  |  | — |
Certificates of deposit | 3,016,260 |  |  | — |  |  | 3,016,260 |  |  | — |
U.S. agency mortgage-backed securities | 3,025,501 |  |  | — |  |  | 3,025,501 |  |  | — |
Total short-term investments | 160,914,935 |  |  | 154,873,174 |  |  | 6,041,761 |  |  | — |
Investments in affiliated entity | 4,460,366 |  |  | 4,460,366 |  |  | — |  |  | — |
Total assets measured at fair value | $ | 225,372,101 |  |  | $ | 219,330,340 |  |  | $ | 6,041,761 |  |  | $ | — |

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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=123874694&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=123874694&loc=d3e19207-110258 + Details
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