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Short-term Investments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023 and December 31, 2022:

									As of September 30, 2023
			Contractual Maturity (in years)						Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Market Value
Mutual funds			---						$	65,340,680					$	—					$	(5,451,695)					$	59,888,985
U.S. treasury securities			Less than 1						84,892,403						5,888						(3,041)						84,895,250
Certificates of deposit			Less than 1						2,978,576						12,202						(305)						2,990,473
U.S. agency mortgage-backed securities			*						1,364,516						—						(470,358)						894,158
									$	154,576,175					$	18,090					$	(5,925,399)					$	148,668,866

									As of December 31, 2022
			Contractual Maturity (in years)						Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Market Value
Mutual funds			---						$	117,036,232					$	—					$	(9,373,514)					$	107,662,718
U.S. treasury securities			Less than 1						95,001,209						7,567						(44,266)						94,964,510
Certificates of deposit			Less than 1						2,977,564						13,664						(320)						2,990,908
U.S. agency mortgage-backed securities			*						1,435,592						—						(384,331)						1,051,261
									$	216,450,597					$	21,231					$	(9,802,431)					$	206,669,397

*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, 2023:

			Fair Value Measurements at
			September 30, 2023
			Total						Quoted Prices in Active Markets (Level 1)						Significant Other Unobservable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Short-term investments
Mutual funds			$	59,888,985					$	59,888,985					$	—					$	—
U.S. treasury securities			84,895,250						84,895,250						—						—
Certificates of deposit			2,990,473						—						2,990,473						—
U.S. agency mortgage-backed securities			894,158						—						894,158						—
Total short-term investments			148,668,866						144,784,235						3,884,631						—
Investment in affiliated entity			2,994,900						2,994,900						—						—
Total assets measured at fair value			$	151,663,766					$	147,779,135					$	3,884,631					$	—

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, 2022:

			Fair Value Measurements at
			December 31, 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			$	107,662,718					$	107,662,718					$	—					$	—
U.S. treasury securities			94,964,510						94,964,510						—						—
Certificates of deposit			2,990,908						—						2,990,908						—
U.S. agency mortgage-backed securities			1,051,261						—						1,051,261						—
Total short-term investments			206,669,397						202,627,228						4,042,169						—
Investment in affiliated entity			2,007,142						2,007,142						—						—
Total assets measured at fair value			$	208,676,539					$	204,634,370					$	4,042,169					$	—

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- Definition

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

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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
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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