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Short-term Investments and Fair Value Measurements | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Short-term Investments and Fair Value Measurements | Short-term Investments and Fair Value Measurements The following is a summary of available-for-sale securities as of June 30, 2024 and December 31, 2023:
|  |  | As of June 30, 2024
| Contractual Maturity (in years) | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
Mutual funds | --- |  | $ | 45,541,438 |  |  | $ | — |  |  | $ | (3,042,831) |  |  | $ | 42,498,607 |
U.S. treasury securities | Less than 1 |  | 29,676,056 |  |  | 517 |  |  | (2,473) |  |  | 29,674,100 |
Certificates of deposit | Less than 1 |  | 2,979,591 |  |  | 10,735 |  |  | (290) |  |  | 2,990,036 |
U.S. agency mortgage-backed securities | * |  | 1,301,822 |  |  | — |  |  | (435,449) |  |  | 866,373 |
|  |  | $ | 79,498,907 |  |  | $ | 11,252 |  |  | $ | (3,481,043) |  |  | $ | 76,029,116 |
|  |  | As of December 31, 2023
| Contractual Maturity (in years) | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
Mutual funds | --- |  | $ | 55,389,289 |  |  | $ | — |  |  | $ | (3,522,888) |  |  | $ | 51,866,401 |
U.S. treasury securities | Less than 1 |  | 75,164,782 |  |  | 24,938 |  |  | — |  |  | 75,189,720 |
Certificates of deposit | Less than 1 |  | 2,978,917 |  |  | 11,709 |  |  | (300) |  |  | 2,990,326 |
U.S. agency mortgage-backed securities | * |  | 1,340,439 |  |  | — |  |  | (403,973) |  |  | 936,466 |
|  |  | $ | 134,873,427 |  |  | $ | 36,647 |  |  | $ | (3,927,161) |  |  | $ | 130,982,913 |
*No single maturity date. During the three and six months ended June 30, 2024, the Company recorded gross realized gains on investments of $300 and $500, respectively, and gross realized losses on investments of $2,000 and $693,000, respectively. During the three and six months ended June 30, 2023, the Company recorded gross realized gains on investments of $200 and $500, respectively, and gross realized losses on investments of $1.5 million and $3.9 million, respectively. During the three and six months ended June 30, 2024, the Company recorded net unrealized (loss) gain on available-for-sale equity securities of $(21,000) and $480,000, respectively. During the three and six months ended June 30, 2023, the Company recorded net unrealized gain on available-for-sale equity securities of $923,000 and $4.1 million, respectively. No material balances were reclassified out of accumulated other comprehensive loss for the three and six months ended June 30, 2024 and 2023. Interest and dividends on investments classified as available-for-sale are included in interest income in the condensed consolidated statements of operations. As of June 30, 2024, the Company had 22 available-for-sale securities with an aggregate total unrealized loss of $3.5 million. Of these securities, 19 had been in a loss position for longer than 12 months as of June 30, 2024. The Company periodically reviews its portfolio of available-for-sale debt securities to determine if any investment is impaired due to credit loss or other potential valuation concerns. For the debt securities where the fair value of the investment is less than the amortized cost basis, the Company has assessed at the individual security level for various quantitative factors including, but not limited to, the nature of the investments, changes in credit ratings, interest rate fluctuations, industry analyst reports, and the severity of impairment. Unrealized losses on available-for-sale debt securities as of June 30, 2024 were primarily due to changes in interest rates, and not due to increased credit risks associated with specific securities. Based on the credit quality of the available-for-sale debt securities that are in an unrealized loss position, and the Company’s estimates of future cash flows to be collected from those securities, the Company believes the unrealized losses are not credit losses. Accordingly, at June 30, 2024, the Company has not recorded an allowance for credit losses related to its available-for-sale debt securities. 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 June 30, 2024:
| Fair Value Measurements at
| June 30, 2024
| Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Unobservable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Short-term investments |  |  |  |  |  |  |
Mutual funds | $ | 42,498,607 |  |  | $ | 42,498,607 |  |  | $ | — |  |  | $ | — |
U.S. treasury securities | 29,674,100 |  |  | 29,674,100 |  |  | — |  |  | — |
Certificates of deposit | 2,990,036 |  |  | — |  |  | 2,990,036 |  |  | — |
U.S. agency mortgage-backed securities | 866,373 |  |  | — |  |  | 866,373 |  |  | — |
Total short-term investments | 76,029,116 |  |  | 72,172,707 |  |  | 3,856,409 |  |  | — |
Investment in affiliated entity | 2,319,975 |  |  | 2,319,975 |  |  | — |  |  | — |
Total assets measured at fair value | $ | 78,349,091 |  |  | $ | 74,492,682 |  |  | $ | 3,856,409 |  |  | $ | — |
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, 2023:
| Fair Value Measurements at
| December 31, 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 | $ | 51,866,401 |  |  | $ | 51,866,401 |  |  | $ | — |  |  | $ | — |
U.S. treasury securities | 75,189,720 |  |  | 75,189,720 |  |  | — |  |  | — |
Certificates of deposit | 2,990,326 |  |  | — |  |  | 2,990,326 |  |  | — |
U.S. agency mortgage-backed securities | 936,466 |  |  | — |  |  | 936,466 |  |  | — |
Total short-term investments | 130,982,913 |  |  | 127,056,121 |  |  | 3,926,792 |  |  | — |
Investment in affiliated entity | 2,780,287 |  |  | 2,780,287 |  |  | — |  |  | — |
Total assets measured at fair value | $ | 133,763,200 |  |  | $ | 129,836,408 |  |  | $ | 3,926,792 |  |  | $ | — |
Level 1 assets at June 30, 2024 consisted of mutual funds and U.S. treasury securities held by the Company that are valued at quoted market prices, as well as the Company’s investment in its affiliated entity, PLS. The Company accounts for its investment in 597,808 common shares of PLS based on the closing price of the shares on the Korea New Exchange Market on the applicable balance sheet date. Unrealized gains and losses on the Company's equity securities are reported in the consolidated statement of operations as unrealized gain or loss on available-for-sale equity securities or as a gain or loss on investment in affiliated entity. Level 2 assets at June 30, 2024 consisted of certificates of deposit and U.S. agency mortgage-backed securities held by the Company that are initially valued at the transaction price and subsequently valued, at the end of each reporting period, typically utilizing market observable data. The Company obtains the fair value of its Level 2 assets from a professional pricing service, which may use quoted market prices for identical or comparable instruments, or inputs other than quoted prices that are observable either directly or indirectly. The professional pricing service gathers quoted market prices and observable inputs from a variety of industry data providers. The valuation techniques used to measure the fair value of the Company's Level 2 financial instruments were derived from non-binding market consensus prices that are corroborated by observable market data, quoted market prices for similar instruments, or pricing models such as discounted cash flow techniques. The Company validates the quoted market prices provided by the primary pricing service by comparing the service's assessment of the fair values of the Company's investment portfolio balance against the fair values of the Company's investment portfolio balance obtained from an independent source. There were no Level 3 assets held as of June 30, 2024 or December 31, 2023.
Short-term Investments and Fair Value Measurements | Short-term Investments and Fair Value Measurements The following is a summary of available-for-sale securities as of June 30, 2024 and December 31, 2023:
|  |  | As of June 30, 2024
| Contractual Maturity (in years) | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
Mutual funds | --- |  | $ | 45,541,438 |  |  | $ | — |  |  | $ | (3,042,831) |  |  | $ | 42,498,607 |
U.S. treasury securities | Less than 1 |  | 29,676,056 |  |  | 517 |  |  | (2,473) |  |  | 29,674,100 |
Certificates of deposit | Less than 1 |  | 2,979,591 |  |  | 10,735 |  |  | (290) |  |  | 2,990,036 |
U.S. agency mortgage-backed securities | * |  | 1,301,822 |  |  | — |  |  | (435,449) |  |  | 866,373 |
|  |  | $ | 79,498,907 |  |  | $ | 11,252 |  |  | $ | (3,481,043) |  |  | $ | 76,029,116 |
|  |  | As of December 31, 2023
| Contractual Maturity (in years) | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
Mutual funds | --- |  | $ | 55,389,289 |  |  | $ | — |  |  | $ | (3,522,888) |  |  | $ | 51,866,401 |
U.S. treasury securities | Less than 1 |  | 75,164,782 |  |  | 24,938 |  |  | — |  |  | 75,189,720 |
Certificates of deposit | Less than 1 |  | 2,978,917 |  |  | 11,709 |  |  | (300) |  |  | 2,990,326 |
U.S. agency mortgage-backed securities | * |  | 1,340,439 |  |  | — |  |  | (403,973) |  |  | 936,466 |
|  |  | $ | 134,873,427 |  |  | $ | 36,647 |  |  | $ | (3,927,161) |  |  | $ | 130,982,913 |
*No single maturity date. During the three and six months ended June 30, 2024, the Company recorded gross realized gains on investments of $300 and $500, respectively, and gross realized losses on investments of $2,000 and $693,000, respectively. During the three and six months ended June 30, 2023, the Company recorded gross realized gains on investments of $200 and $500, respectively, and gross realized losses on investments of $1.5 million and $3.9 million, respectively. During the three and six months ended June 30, 2024, the Company recorded net unrealized (loss) gain on available-for-sale equity securities of $(21,000) and $480,000, respectively. During the three and six months ended June 30, 2023, the Company recorded net unrealized gain on available-for-sale equity securities of $923,000 and $4.1 million, respectively. No material balances were reclassified out of accumulated other comprehensive loss for the three and six months ended June 30, 2024 and 2023. Interest and dividends on investments classified as available-for-sale are included in interest income in the condensed consolidated statements of operations. As of June 30, 2024, the Company had 22 available-for-sale securities with an aggregate total unrealized loss of $3.5 million. Of these securities, 19 had been in a loss position for longer than 12 months as of June 30, 2024. The Company periodically reviews its portfolio of available-for-sale debt securities to determine if any investment is impaired due to credit loss or other potential valuation concerns. For the debt securities where the fair value of the investment is less than the amortized cost basis, the Company has assessed at the individual security level for various quantitative factors including, but not limited to, the nature of the investments, changes in credit ratings, interest rate fluctuations, industry analyst reports, and the severity of impairment. Unrealized losses on available-for-sale debt securities as of June 30, 2024 were primarily due to changes in interest rates, and not due to increased credit risks associated with specific securities. Based on the credit quality of the available-for-sale debt securities that are in an unrealized loss position, and the Company’s estimates of future cash flows to be collected from those securities, the Company believes the unrealized losses are not credit losses. Accordingly, at June 30, 2024, the Company has not recorded an allowance for credit losses related to its available-for-sale debt securities. 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 June 30, 2024:
| Fair Value Measurements at
| June 30, 2024
| Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Unobservable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Short-term investments |  |  |  |  |  |  |
Mutual funds | $ | 42,498,607 |  |  | $ | 42,498,607 |  |  | $ | — |  |  | $ | — |
U.S. treasury securities | 29,674,100 |  |  | 29,674,100 |  |  | — |  |  | — |
Certificates of deposit | 2,990,036 |  |  | — |  |  | 2,990,036 |  |  | — |
U.S. agency mortgage-backed securities | 866,373 |  |  | — |  |  | 866,373 |  |  | — |
Total short-term investments | 76,029,116 |  |  | 72,172,707 |  |  | 3,856,409 |  |  | — |
Investment in affiliated entity | 2,319,975 |  |  | 2,319,975 |  |  | — |  |  | — |
Total assets measured at fair value | $ | 78,349,091 |  |  | $ | 74,492,682 |  |  | $ | 3,856,409 |  |  | $ | — |
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, 2023:
| Fair Value Measurements at
| December 31, 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 | $ | 51,866,401 |  |  | $ | 51,866,401 |  |  | $ | — |  |  | $ | — |
U.S. treasury securities | 75,189,720 |  |  | 75,189,720 |  |  | — |  |  | — |
Certificates of deposit | 2,990,326 |  |  | — |  |  | 2,990,326 |  |  | — |
U.S. agency mortgage-backed securities | 936,466 |  |  | — |  |  | 936,466 |  |  | — |
Total short-term investments | 130,982,913 |  |  | 127,056,121 |  |  | 3,926,792 |  |  | — |
Investment in affiliated entity | 2,780,287 |  |  | 2,780,287 |  |  | — |  |  | — |
Total assets measured at fair value | $ | 133,763,200 |  |  | $ | 129,836,408 |  |  | $ | 3,926,792 |  |  | $ | — |
Level 1 assets at June 30, 2024 consisted of mutual funds and U.S. treasury securities held by the Company that are valued at quoted market prices, as well as the Company’s investment in its affiliated entity, PLS. The Company accounts for its investment in 597,808 common shares of PLS based on the closing price of the shares on the Korea New Exchange Market on the applicable balance sheet date. Unrealized gains and losses on the Company's equity securities are reported in the consolidated statement of operations as unrealized gain or loss on available-for-sale equity securities or as a gain or loss on investment in affiliated entity. Level 2 assets at June 30, 2024 consisted of certificates of deposit and U.S. agency mortgage-backed securities held by the Company that are initially valued at the transaction price and subsequently valued, at the end of each reporting period, typically utilizing market observable data. The Company obtains the fair value of its Level 2 assets from a professional pricing service, which may use quoted market prices for identical or comparable instruments, or inputs other than quoted prices that are observable either directly or indirectly. The professional pricing service gathers quoted market prices and observable inputs from a variety of industry data providers. The valuation techniques used to measure the fair value of the Company's Level 2 financial instruments were derived from non-binding market consensus prices that are corroborated by observable market data, quoted market prices for similar instruments, or pricing models such as discounted cash flow techniques. The Company validates the quoted market prices provided by the primary pricing service by comparing the service's assessment of the fair values of the Company's investment portfolio balance against the fair values of the Company's investment portfolio balance obtained from an independent source. There were no Level 3 assets held as of June 30, 2024 or December 31, 2023.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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