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Investments | 3 Months Ended
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Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract] |
Investments | (12) Investments Available-For-Sale Debt Securities At March 31, 2026, the fair value and amortized cost of the Company’s available-for-sale debt securities, summarized by type of security, consisted of the following:
|  | As of March 31, 2026 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Short-term: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 75,470,377 |  |  | $ | 18,342 |  |  | $ | (32,219 | ) |  | $ | 75,456,500 |
Long-term: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 110,582,343 |  |  | $ | 34,909 |  |  | $ | (381,712 | ) |  | $ | 110,235,540 |
At December 31, 2025, the fair value and amortized cost of the Company’s available-for-sale debt securities, summarized by type of security, consisted of the following:
|  | As of December 31, 2025 |
|  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Fair Value |
Short-term: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 23,993,821 |  |  | $ | 33,439 |  |  | $ | — |  |  | $ | 24,027,260 |
Corporate Bonds |  |  | 2,923,265 |  |  |  | 9,677 |  |  |  | (32 | ) |  |  | 2,932,910 |
Total |  |  | 26,917,086 |  |  |  | 43,116 |  |  |  | (32 | ) |  |  | 26,960,170 |
Long-term: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  | $ | 42,651,824 |  |  | $ | 143,223 |  |  | $ | (11,058 | ) |  | $ | 42,783,989 |
Corporate Bonds |  |  | 4,098,031 |  |  |  | 11,698 |  |  |  | (836 | ) |  |  | 4,108,893 |
Total |  |  | 46,749,855 |  |  |  | 154,921 |  |  |  | (11,894 | ) |  |  | 46,892,882 |
The amortized cost and estimated fair value by maturity or next repricing date of investment securities at March 31, 2026 are shown in the following table. Fixed rate securities are classified according to their contractual maturities without consideration of principal amortization, potential prepayments or call options. Accordingly, actual maturities may differ from contractual maturities.
|  | As of March 31, 2026 |
|  | Amortized Cost |  |  | Fair Value |
Within one year or less |  | $ | 75,470,377 |  |  | $ | 75,456,500 |
One through five years |  |  | 110,582,343 |  |  |  | 110,235,540 |
Total |  | $ | 186,052,720 |  |  | $ | 185,692,040 |
The following table shows gross unrealized losses and fair values of available-for-sale securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of March 31, 2026:
|  | Unrealized losses less than 12 months |  |  | Unrealized losses 12 months or greater |  |  | Total |
|  | Number of Individual Securities |  |  | Fair Value |  |  | Unrealized Loss |  |  | Number of Individual Securities |  |  | Fair Value |  |  | Unrealized Loss |  |  | Number of Individual Securities |  |  | Fair Value |  |  | Unrealized Loss |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 92 |  |  | $ | 115,840,233 |  |  | $ | 413,931 |  |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | 92 |  |  | $ | 115,840,233 |  |  | $ | 413,931 |
Total |  |  | 92 |  |  | $ | 115,840,233 |  |  | $ | 413,931 |  |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | 92 |  |  | $ | 115,840,233 |  |  | $ | 413,931 |
The following table shows gross unrealized losses and fair values of available-for-sale securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous loss position as of December 31, 2025:
|  | Unrealized losses less than 12 months |  |  | Unrealized losses 12 months or greater |  |  | Total |
|  | Number of Individual Securities |  |  | Fair Value |  |  | Unrealized Loss |  |  | Number of Individual Securities |  |  | Fair Value |  |  | Unrealized Loss |  |  | Number of Individual Securities |  |  | Fair Value |  |  | Unrealized Loss |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 4 |  |  | $ | 7,802,140 |  |  | $ | 11,058 |  |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | 4 |  |  | $ | 7,802,140 |  |  | $ | 11,058 |
Corporate Bonds |  |  | 8 |  |  |  | 771,767 |  |  |  | 868 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8 |  |  |  | 771,767 |  |  |  | 868 |
Total |  |  | 12 |  |  | $ | 8,573,907 |  |  | $ | 11,926 |  |  |  | — |  |  | $ | — |  |  | $ | — |  |  |  | 12 |  |  | $ | 8,573,907 |  |  | $ | 11,926 |
The unrealized losses on the Company’s available-for-sale debt securities as of March 31, 2026 and December 31, 2025 were caused by fluctuations in market value and interest rates as a result of the economic environment. The Company concluded that an allowance for credit losses was unnecessary as of March 31, 2026 and December 31, 2025 because the decline in the market value was attributable to changes in market conditions and not credit quality, and that it is neither management’s intention to sell nor is it more likely than not that the Company will be required to sell these investments prior to recovery. Gross realized gains and losses on the sale of short-term and long-term investments are included in other income in the Company’s condensed consolidated statements of operations and comprehensive loss. Net realized gains for the three months ended March 31, 2026, include $47 thousand reclassified from accumulated comprehensive income (loss), representing unrealized gains previously recognized in other comprehensive income that were realized upon the sale of available-for-sale debt securities. The following table summarizes the Company’s gross realized gains and losses on the sale of available-for-sale debt securities:
|  | For The Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Gross realized gains |  | $ | 49,652 |  |  | $ | — |
Gross realized losses |  |  | (2,563 | ) |  |  | — |
Net realized gains |  | $ | 47,089 |  |  | $ | — |
Accrued interest receivable related to the above investment securities was $1.6 million and $0.9 million at March 31, 2026 and December 31, 2025, respectively, and is included within accrued interest receivable on the condensed consolidated balance sheets. Equity Securities The Company holds investments in mutual funds that are classified as equity securities, primarily representing diversified portfolios of publicly traded equity instruments managed by third-party investment advisors. As of March 31, 2026 and December 31, 2025, the Company had $11.4 million and $59.1 million, respectively, of equity securities included within short-term investments on the condensed consolidated balance sheets. The following is a summary of unrealized and realized gains (losses) recognized on equity securities included in other income (expense) in the condensed consolidated statements of operations and comprehensive loss.
|  | For The Three Months Ended March 31, |
|  | 2026 |  |  | 2025 |
Net gains (losses) recognized during the period |  | $ | (9,587 | ) |  | $ | 961 |
Less: Realized net gains (losses) recognized on equity securities sold |  |  | 2,549 |  |  |  | (6,934 | )
Unrealized net gains (losses) recognized on equity securities held |  | $ | (12,136 | ) |  | $ | 7,895 |

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