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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities
The following table shows the Company’s cash, cash equivalents, and marketable securities by significant investment category as of March 31, 2025:
Adjusted CostUnrealized GainsUnrealized LossesFair ValueCash 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 funds43,989,002 — — 43,989,002 43,989,002 — 
US Treasury securities1,010,252 — (1,685)1,008,567 — 1,008,567 
Subtotal44,999,254 — (1,685)44,997,569 43,989,002 1,008,567 
Level 2 (3)
Asset back securities— — — — — — 
Corporate debt securities563,675 — (9)563,666 — 563,666 
Subtotal563,675 — (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.
Fair Value of Investments in Marketable Debt Securities
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 
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)
The following table presents fair values and net unrealized gains (losses) recorded to OCI, aggregated by investment category:
March 31, 2025December 31, 2024
Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
Cash and cash equivalents$50,612,348 $— $44,644,468 $— 
Government bonds1,008,567 (1,685)998,070 (5,103)
Corporate debt securities563,666 (9)4,430,539 (5,180)
Asset backed securities— — 998,879 22,492 
Total$52,184,581 $(1,694)$51,071,956 $12,209