XML 44 R35.htm IDEA: XBRL DOCUMENT
v3.26.1

Investments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract] |
Schedule of fair value and amortized cost of 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 |
Schedule of Amortized Cost and Estimated Fair Value by Maturity of Investment Securities | 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 |
Schedule of gross unrealized losses and fair value of available-for-sale securities | 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 |
Summary of Gross Realized gains and Losses on 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 |  |  | $ | — |
Schedule of unrealized and realized gains (losses) recognized on equity securities |
|  | 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 |

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the proceeds from sales of available-for-sale securities and the gross realized gains and gross realized losses that have been included in earnings as a result of those sales. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 + Details
Name: | us-gaap_ScheduleOfRealizedGainLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in net income (trading) and investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6B + Details
Name: | us-gaap_TradingSecuritiesAndCertainTradingAssetsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration