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Short-term Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Summary of Investments

The following is a summary of available-for-sale securities as of March 31, 2025 and December 31, 2024:

									As of March 31, 2025
			Contractual Maturity (in years)						Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Market Value
Mutual funds			---						$	25,926,415					$	—					$	(1,305,472)					$	24,620,943
Certificates of deposit			Less than 1						2,980,607						9,268						(276)						2,989,599
U.S. agency mortgage-backed securities			*						1,243,914						—						(407,359)						836,555
									$	30,150,936					$	9,268					$	(1,713,107)					$	28,447,097

									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

*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 March 31, 2025:

			Fair Value Measurements at
			March 31, 2025
			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			$	24,620,943					$	24,620,943					$	—					$	—
Certificates of deposit			2,989,599						—						2,989,599						—
U.S. agency mortgage-backed securities			836,555						—						836,555						—
Total short-term investments			28,447,097						24,620,943						3,826,154						—
Investment in affiliated entity			2,308,975						2,308,975						—						—
Total assets measured at fair value			$	30,756,072					$	26,929,918					$	3,826,154					$	—
Liabilities:
Common stock warrant liability			9,542,316						$	—					$	—					9,542,316
Total liabilities			$	9,542,316					$	—					$	—					$	9,542,316

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, 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

Fair Value Measurement Inputs and Valuation Techniques

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

			March 31, 2025						December 31, 2024
Risk-free interest rate			4.0%						4.4%
Expected volatility			94%						111%
Expected life in years			4.7						5
Dividend yield			—						—

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

The following table presents the change in fair value of the Company’s total Level 3 financial liabilities for the three months ended March 31, 2025:

			Common Stock Warrant Liability
Balance at December 31, 2024			13,255,188
Decrease in fair value of liability			(3,712,872)
Balance at March 31, 2025			$	9,542,316

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- Definition

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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