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FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS
Cash, Cash Equivalents, and Marketable Securities (Available for Sale)
The Company utilizes a leading national bank for the custody of its investment securities, in accordance with its updated investment policy focused on capital preservation, risk mitigation, and return optimization.
As of September 30, 2025, the Company held $51.4 million in cash and cash equivalents, all classified as Level 1 financial instruments.
Cash equivalents and marketable securities are recorded on the balance sheet at fair value. The adjusted cost basis, which includes unrealized gains and losses, approximates settlement value when held to maturity. No gains or losses were recognized during the three months ended September 30, 2025. The Company recognized a gain of $1,802 during the three months ended September 30, 2024. The Company recognized a gain of $23,799 and a loss of $3,257 for nine months ended September 30, 2025 and 2024, respectively.
Realized gains and losses are a component of other income (expense), net. Unrealized gains and losses are a component of other comprehensive income (loss) (“OCI”).
The following table summarizes the estimated fair value of investments in marketable debt securities by stated contractual maturity dates:
September 30, 2025
December 31, 2024
Due in 1 year or less$— $6,427,488 
Total$— $6,427,488 
The following table presents fair values and net unrealized gains (losses) recorded to OCI, aggregated by investment category:
September 30, 2025December 31, 2024
Fair ValueNet Unrealized Gain (Loss)Fair ValueNet Unrealized Gain (Loss)
Cash and cash equivalents$51,390,884 $— $44,644,468 $— 
Government bonds— — 998,070 (5,103)
Corporate debt securities— — 4,430,539 (5,180)
Asset backed securities— — 998,879 22,492 
Total$51,390,884 $— $51,071,956 $12,209 
During the three and nine months September 30, 2025, the Company did not recognize any credit losses and had no ending allowance balance for credit losses.