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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2022
Fair Value Measurements |
Fair Value Measurements | Note 7. Fair Value Measurements FASB ASC Section 820, Fair Value Measurements and Disclosures establishes a three-level hierarchy for fair value measurements which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows: Level 1: Quoted prices (unadjusted) or identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date; Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data; and Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions that market participants would use in pricing an asset or liability. Cash and cash equivalents, other current assets, accounts payable and other accrued liabilities are reflected in the condensed consolidated balance sheets at their approximate estimated fair values primarily due to their short-term nature. The fair values of securities available for sale is determined by relying on the securities’ relationship to other benchmark quoted securities and classified its investments as Level 2 items in both 2022 and 2021. There were no transfers of assets or liabilities between Level 1 and Level 2 and no transfers in or out of Level 3 during the nine-month period ended September 30, 2022 or during the year ended December 31, 2021. The change in Level 3 liabilities in the first quarter of 2022 was the result of a change in the fair value of the earn-out milestone liability which is included in earnings and in-process R&D. During the third quarter and first nine months of 2022, there was no change in the fair value of the earn-out milestone liability. The earnout milestone liability is valued using a risk-adjusted assessment of the probability of payment of each milestone, discounted to present value using an estimated time to achieve the milestone (see Note 13). Assets and liabilities measured at fair value are summarized below: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
|  | Total Fair Value |  |  | Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring items as of September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities, available for sale |  | $ | 10,414,395 |  |  | $ | – |  |  | $ | 10,414,395 |  |  | $ | – |
Non-recurring items as of September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In-process R&D (Note 8) |  | $ | 13,366,234 |  |  | $ | – |  |  | $ | – |  |  | $ | 13,366,234 |
Recurring items as of December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities, available for sale |  | $ | 29,803,095 |  |  | $ | – |  |  | $ | 29,803,095 |  |  | $ | – |
Non-recurring items as of December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
In-process R&D (Note 8) |  | $ | 13,366,234 |  |  | $ | – |  |  | $ | – |  |  | $ | 13,366,234 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring items as of September 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earn-out milestone liability (Note 13) |  | $ | 5,396,000 |  |  | $ | – |  |  | $ | – |  |  | $ | 5,396,000 |
Recurring items as of December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earn-out milestone liability (Note 13) |  | $ | 5,396,000 |  |  | $ | – |  |  | $ | – |  |  | $ | 5,396,000 |

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- Definition The entire disclosure for derivatives and fair value of assets and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI https://asc.fasb.org/topic&trid=2155941 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI https://asc.fasb.org/topic&trid=2229140 + Details
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