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Short-term Investments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Summary of Investments

The following is a summary of available-for-sale securities as of September 30, 2022 and December 31, 2021:

									As of September 30, 2022
			Contractual Maturity (in years)						Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Market Value
Mutual funds			---						$	148,919,794					$	—					$	(12,168,368)					$	136,751,426
U.S. treasury securities			Less than 1						119,296,713						512						(229,625)						119,067,600
Certificates of deposit			Less than 1						2,977,223						14,156						(325)						2,991,054
U.S. agency mortgage-backed securities			*						1,451,344						—						(366,526)						1,084,818
									$	272,645,074					$	14,668					$	(12,764,844)					$	259,894,898

									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

*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 September 30, 2022:

			Fair Value Measurements at
			September 30, 2022
			Total						Quoted Prices in Active Markets (Level 1)						Significant Other Unobservable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Short-term investments
Mutual funds			$	136,751,426					$	136,751,426					$	—					$	—
U.S. treasury securities			119,067,600						119,067,600						—						—
Certificates of deposit			2,991,054						—						2,991,054						—
U.S. agency mortgage-backed securities			1,084,818						—						1,084,818						—
Total short-term investments			259,894,898						255,819,026						4,075,872						—
Investment in affiliated entity			2,129,992						2,129,992						—						—
Total assets measured at fair value			$	262,024,890					$	257,949,018					$	4,075,872					$	—

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					$	—

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- References

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- Definition

Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.

+ References

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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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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