Financial Instruments

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

FINANCIAL INSTRUMENTS

Cash, Cash Equivalents, and Marketable Securities (Available for Sale)

The Company has appointed a leading national bank for custody services with respect to investment securities. Investments comply with the Company’s revised investment strategy policy, designed to preserve capital, minimize investment risks, and maximize returns.

The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of March 31, 2025:


	Adjusted Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cash and Cash Equivalents		Current Marketable Securities (1)
Cash and cash equivalents	$	6,623,346	$	—	$	—	$	6,623,346	$	6,623,346	$	—
Level 1 (2)
Commercial paper			—		—		—		—		—
Money market funds	43,989,002		—		—		43,989,002		43,989,002		—
US Treasury securities	1,010,252		—		(1,685)		1,008,567		—		1,008,567
Subtotal	44,999,254		—		(1,685)		44,997,569		43,989,002		1,008,567
Level 2 (3)
Asset back securities	—		—		—		—		—		—
Corporate debt securities	563,675		—		(9)		563,666		—		563,666
Subtotal	563,675		—		(9)		563,666		—		563,666
Total	$	52,186,275	$	—	$	(1,694)	$	52,184,581	$	50,612,348	$	1,572,233

(1) Current Marketable Securities have a holding period under one year.

(2) Level 1 fair value estimates are based on quoted prices in active markets for identical assets and liabilities.

(3) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets and liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets and liabilities.

The Company records the fair value of cash equivalents and marketable securities on the balance sheet. The adjusted cost, which includes unrealized gains and losses, reflects settlement amounts if all investments are held to maturity. The Company recognized a gain of $23,799 for the three months ended March 31, 2025, and recognized a gain of $810 for the three months ended March 31, 2024, respectively. Realized gains and losses are a component of other income (expense), net. Unrealized gains and losses are a component of other comprehensive income (loss) (“OCI”).

The following table summarizes the estimated fair value of investments in marketable debt securities by stated contractual maturity dates:


	March 31, 2025		December 31, 2024
Due in 1 year or less	$	1,572,233	$	6,427,488

Total	$	1,572,233	$	6,427,488

The following table presents fair values and net unrealized gains (losses) recorded to OCI, aggregated by investment category:


	March 31, 2025				December 31, 2024
	Fair Value		Net Unrealized Gain (Loss)		Fair Value		Net Unrealized Gain (Loss)
Cash and cash equivalents	$	50,612,348	$	—	$	44,644,468	$	—
Government bonds	1,008,567		(1,685)		998,070		(5,103)
Corporate debt securities	563,666		(9)		4,430,539		(5,180)
Asset backed securities	—		—		998,879		22,492
Total	$	52,184,581	$	(1,694)	$	51,071,956	$	12,209

During the three months ended March 31, 2025, the Company did not recognize any credit losses and had no ending allowance balance for credit losses.