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Fair Value Measurement

3 Months Ended

Mar. 31, 2024

Fair value measurement

Fair value measurement

12. Fair Value Measurement

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability.

The carrying amounts of the Company’s cash and cash equivalents, including money market funds, restricted cash and financial liabilities are considered to be representative of their respective fair values because of the short-term nature and the contractual terms of those instruments. The fair values of money market funds are based upon the quoted prices in active markets provided by the holding financial institution, which are considered Level 1 inputs in the fair value hierarchy

according to ASC 820. There have been no changes to the valuation methods utilized by the Company, nor were there transfers between levels of the fair value hierarchy.

​

​	​	​	​	​	​	​	​	​	​
​	​	Fair value measurement at reporting date
​	​	Quoted prices in active market for identical assets		​	​	Significant other observable inputs	​	​	Significant unobservable inputs
​		(level 1)			​	(level 2)		​	(level 3)
March 31, 2024:	​	​	​	​	​	​	​	​	​
Assets	​	​	​	​	​	​	​	​	​
Marketable securities available for sale	​	​	​	​	​	​	​	​	​
Debt securities - U.S. government treasury securities, current	​	​	2,019,414	​	​	—	​	​	—
Total marketable securities available for sale	​	$	2,019,414	​	$	—	​	$	—
​	​	​	​	​	​	​	​	​	​
Cash equivalents:	​	​	​	​	​	​	​	​	​
Money market funds	​	​	5,156,955	​	​	—	​	​	—
Total cash equivalents	​	$	5,156,955	​	$	—	​	$	—
​	​	​	​	​	​	​	​	​	​
Total financial assets	​	$	7,176,369	​	$	—	​	$	—
​	​	​	​	​	​	​	​	​	​
December 31, 2023:	​	​	​	​	​	​	​	​	​
Assets	​	​	​	​	​	​	​	​	​
Marketable securities available for sale	​	​	​	​	​	​	​	​	​
Debt securities - U.S. government treasury securities, current	​	​	4,999,704	​	​	—	​	​	—
Total marketable securities available for sale	​	$	4,999,704	​	$	—	​	$	—
​	​	​	​	​	​	​	​	​	​
Cash equivalents:	​	​	​	​	​	​	​	​	​
Money market funds	​	​	6,767,291	​	​	—	​	​	—
Total cash equivalents	​	$	6,767,291	​	$	—	​	$	—
​	​	​	​	​	​	​	​	​	​
Total financial assets	​	$	11,766,995	​	$	—	​	$	—
​	​	​	​	​	​	​	​	​	​

​

The carrying amounts of prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair value due to their short-term maturities.

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- References

No definition available.

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- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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