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Short-term Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities

The following is a summary of available-for-sale securities as of December 31, 2024 and 2023:

									As of December 31, 2024
			Contractual Maturity (in years)						Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Market Value
Mutual funds			---						$	25,926,415					$	—					$	(1,445,706)					$	24,480,709
Certificates of deposit			Less than 1						2,980,273						9,750						(281)						2,989,742
U.S. agency mortgage-backed securities			*						1,260,745						—						(430,964)						829,781
									$	30,167,433					$	9,750					$	(1,876,951)					$	28,300,232

									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 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the Company’s assets and liabilities that were measured at fair value on a recurring basis, determined using the following inputs as of December 31, 2024:

			Fair Value Measurements at
			December 31, 2024
			Total						Quoted Prices in Active Markets (Level 1)						Significant Other Unobservable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments
Mutual funds			$	24,480,709					$	24,480,709					$	—					$	—
Certificates of deposit			2,989,742						—						2,989,742						—
U.S. agency mortgage-backed securities			829,781						—						829,781						—
Total short-term investments			28,300,232						24,480,709						3,819,523						—
Investment in affiliated entity			1,613,844						1,613,844						—						—
Total assets measured at fair value			$	29,914,076					$	26,094,553					$	3,819,523					$	—
Liabilities:
Common stock warrant liability			$	13,255,188					$	—					$	—					$	13,255,188
Total liabilities			$	13,255,188					$	—					$	—					$	13,255,188

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						—
Investments in affiliated entity			2,780,287						2,780,287						—						—
Total assets measured at fair value			$	133,763,200					$	129,836,408					$	3,926,792					$	—

Fair Value Measurement Inputs and Valuation Techniques

The following assumptions were used to estimate the fair value of the warrant liability:

			On Issuance Date						December 31, 2024
Risk-free interest rate			4.3%						4.4%
Expected volatility			111%						111%
Expected life in years			5						5
Dividend yield			—						—

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the changes in fair value of the Company’s total Level 3 financial liabilities for the year ended December 31, 2024:

			Common Stock Warrant Liability
Balance at December 31, 2023			—
Issuance of common stock warrants in December 2024			16,063,796
Decrease in fair value of liability			(2,808,608)
Balance at December 31, 2024			$	13,255,188

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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