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Short-term Investments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024 and December 31, 2023:

									As of September 30, 2024
			Contractual Maturity (in years)						Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Market Value
Mutual funds			---						$	36,127,635					$	—					$	(1,712,020)					$	34,415,615
U.S. treasury securities			Less than 1						24,812,301						16,999						—						24,829,300
Certificates of deposit			Less than 1						2,979,932						10,242						(285)						2,989,889
U.S. agency mortgage-backed securities			*						1,270,330						—						(387,846)						882,484
									$	65,190,198					$	27,241					$	(2,100,151)					$	63,117,288

									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.

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, 2024:

			Fair Value Measurements at
			September 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			$	34,415,615					$	34,415,615					$	—					$	—
U.S. treasury securities			24,829,300						24,829,300						—						—
Certificates of deposit			2,989,889						—						2,989,889						—
U.S. agency mortgage-backed securities			882,484						—						882,484						—
Total short-term investments			63,117,288						59,244,915						3,872,373						—
Investment in affiliated entity			2,644,226						2,644,226						—						—
Total assets measured at fair value			$	65,761,514					$	61,889,141					$	3,872,373					$	—

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					$	—

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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

No definition available.

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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/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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

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