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Balance Sheet Information | 9 Months Ended
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Sep. 30, 2025
Balance Sheet Related Disclosures [Abstract] |
Balance Sheet Information | Balance Sheet Information Cash, Cash Equivalents and Restricted Cash A summary of cash and cash equivalents and restricted cash is as follows:
| September 30, 2025 |  | December 31, 2024
Cash and Cash Equivalents | $ | 5,508,899 |  |  | $ | 3,792,322 |
Restricted Cash, Non-current | 4,520 |  |  | 4,057 |
Total Cash, Cash Equivalents and Restricted Cash | $ | 5,513,419 |  |  | $ | 3,796,379 |
Non-current restricted cash consists of deposits with financial institutions for corporate credit cards. Short-term Investments The following table summarizes short-term investments as of September 30, 2025 and December 31, 2024:
|  | As of September 30, 2025 |  |
|  |  |  | Unrealized |  |  |  |
|  | Amortized Cost |  | Gains |  | Losses |  | Estimated Fair Value |  |
Government Agency Securities |  | $ | 10,202,625 |  |  | $ | 6,514 |  |  | $ | — |  |  | $ | 10,209,139 |  |  |
Corporate Debt Securities |  | 3,650,202 |  |  | 7,206 |  |  | (1) |  |  | 3,657,407 |  |  |
Total Short-term Investments |  | $ | 13,852,827 |  |  | $ | 13,720 |  |  | $ | (1) |  |  | $ | 13,866,546 |  |  |
|  | As of December 31, 2024
|  |  |  | Unrealized |  |
|  | Amortized Cost |  | Gains |  | Losses |  | Estimated Fair Value
US Treasuries |  | $ | 92,273 |  |  | $ | 40 |  |  | $ | — |  |  | $ | 92,313 |
Government Agency Securities |  | 18,517,164 |  |  | 28,008 |  |  | (4,621) |  |  | 18,540,551 |
Corporate Debt Securities |  | 4,058,879 |  |  | 5,901 |  |  | (2,107) |  |  | 4,062,673 |
Asset Backed Securities |  | 301,844 |  |  | 2,379 |  |  | — |  |  | 304,223 |
Total Short-term Investments |  | $ | 22,970,160 |  |  | $ | 36,328 |  |  | $ | (6,728) |  |  | $ | 22,999,760 |
The following table summarizes the maturities of the Company's short-term investments at September 30, 2025 and December 31, 2024:
|  | As of September 30, 2025
|  | Amortized Cost |  | Estimated Fair Value
Due in one year or less |  | $ | 13,763,072 |  |  | $ | 13,776,261 |
Due in one to five years |  | 89,755 |  |  | 90,285 |
Total Short-term Investments |  | $ | 13,852,827 |  |  | $ | 13,866,546 |
|  | As of December 31, 2024
|  | Amortized Cost |  | Estimated Fair Value
Due in one year or less |  | $ | 21,659,580 |  |  | $ | 21,688,074 |
Due in one to five years |  | 1,310,580 |  |  | 1,311,686 |
Total Short-term Investments |  | $ | 22,970,160 |  |  | $ | 22,999,760 |
The following table shows the Company's available-for-sale investments' gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous loss position, at September 30, 2025 and December 31, 2024:
|  | As of September 30, 2025
|  | Less than 12 months |  |  |  |
|  | Count |  | Fair Value |  | Unrealized Losses |  |  |  |  |  |  |  |  |  |  |  |
Corporate Debt Securities |  | 1 |  |  | $ | 15,192 |  |  | $ | (1) |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | 1 |  |  | $ | 15,192 |  |  | $ | (1) |  |  |  |  |  |  |  |  |  |  |  |  |
|  | As of December 31, 2024
|  | Less than 12 months |  |  |  |
|  | Count |  | Fair Value |  | Unrealized Losses |  |  |  |  |  |  |  |  |  |  |  |
Government Agency Securities |  | 4 |  |  | $ | 3,369,962 |  |  | $ | (4,621) |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate Debt Securities |  | 9 |  |  | 801,149 |  |  | (2,107) |  |  |  |  |  |  |  |  |  |  |  |  |
Total |  | 13 |  |  | $ | 4,171,111 |  |  | $ | (6,728) |  |  |  |  |  |  |  |  |  |  |  |  |
The Company reviews its investments each quarter to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, any changes to the underlying credit risk of the investment, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The unrealized losses in the Company’s investments were caused by changes in interest rates resulting from changing economic conditions, and not from a decline in credit of their underlying issuers. The Company may be required to sell these investments prior to maturity to implement management strategies, however, it is not likely that the Company will sell these investments before recovery of their amortized cost basis. As such, the Company has classified these losses as temporary in nature. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following:
| September 30, 2025 |  | December 31, 2024
Prepaid Research and Development | $ | 444,742 |  |  | $ | 1,814,795 |
Prepaid General and Administrative | 129,758 |  |  | 131,550 |
Prepaid Insurance | 75,929 |  |  | 96,142 |
Total Prepaid Expenses and Other Current Assets | $ | 650,429 |  |  | $ | 2,042,487 |
Tax and Other Receivables Tax and other receivables consist of the following:
| September 30, 2025 |  | December 31, 2024
Income Tax Receivables | $ | 1,025,000 |  |  | $ | — |
Research and Development Tax Credit Receivables | 401,664 |  |  | 223,184 |
Other Tax Receivables | 28,092 |  |  | 47,063 |
Total Tax Receivables | $ | 1,454,756 |  |  | $ | 270,246 |
Accrued Expenses Accrued expenses consist of the following:
| September 30, 2025 |  | December 31, 2024
Payroll and Benefits | $ | 1,178,548 |  |  | $ | 1,169,618 |
Clinical Trials | 846,903 |  |  | 875,072 |
Professional Fees | 58,749 |  |  | 55,032 |
Income Tax | — |  |  | 2,328,042 |
Other | 69,706 |  |  | 160,893 |
Total Accrued Expenses | $ | 2,153,906 |  |  | $ | 4,588,657 |

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