XML 38 R25.htm IDEA: XBRL DOCUMENT
v3.25.2

Short-term Investments and Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Summary of Investments | The following is a summary of available-for-sale securities as of June 30, 2025 and December 31, 2024:
|  |  | As of June 30, 2025
| Contractual Maturity (in years) | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
Mutual funds | --- |  | $ | 14,984,750 |  |  | $ | — |  |  | $ | (546,183) |  |  | $ | 14,438,567 |
U.S. treasury securities | Less than 1 |  | 4,956,858 |  |  | 692 |  |  | — |  |  | 4,957,550 |
Certificates of deposit | Less than 1 |  | 2,980,944 |  |  | 8,781 |  |  | (271) |  |  | 2,989,454 |
U.S. agency mortgage-backed securities | * |  | 1,220,459 |  |  | — |  |  | (407,947) |  |  | 812,512 |
|  |  | $ | 24,143,011 |  |  | $ | 9,473 |  |  | $ | (954,401) |  |  | $ | 23,198,083 |
|  |  | 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 June 30, 2025:
| Fair Value Measurements at
| June 30, 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 | $ | 14,438,567 |  |  | $ | 14,438,567 |  |  | $ | — |  |  | $ | — |
U.S. treasury securities | 4,957,550 |  |  | 4,957,550 |  |  | — |  |  | — |
Certificates of deposit | 2,989,454 |  |  | — |  |  | 2,989,454 |  |  | — |
U.S. agency mortgage-backed securities | 812,512 |  |  | — |  |  | 812,512 |  |  | — |
Total short-term investments | 23,198,083 |  |  | 19,396,117 |  |  | 3,801,966 |  |  | — |
Investment in affiliated entity | 3,085,348 |  |  | 3,085,348 |  |  | — |  |  | — |
Total assets measured at fair value | $ | 26,283,431 |  |  | $ | 22,481,465 |  |  | $ | 3,801,966 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Common stock warrant liability | 11,420,326 |  |  | $ | — |  |  | $ | — |  |  | 11,420,326 |
Total liabilities | $ | 11,420,326 |  |  | $ | — |  |  | $ | — |  |  | $ | 11,420,326 |
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:
| June 30, 2025 |  | December 31, 2024
Risk-free interest rate | 3.7% |  | 4.4%
Expected volatility | 87% |  | 111%
Expected life in years | 4.5 |  | 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 six months ended June 30, 2025:
| Common Stock Warrant Liability
Balance at December 31, 2024 | 13,255,188 |
Decrease in fair value of liability | (1,834,862) |
Balance at June 30, 2025 | $ | 11,420,326 |

X
- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration