v3.25.1
Cash, cash equivalents, and marketable securities
 3 Months Ended
Mar. 31, 2025
Cash and Cash Equivalents [Abstract]  
Cash, cash equivalents, and marketable securities

Note 4 - Cash, cash equivalents, and marketable securities

 

Cash, cash equivalents, and marketable securities consisted of the following at March 31, 2025 and December 31, 2024:

          
   March 31,
2025		   December 31,
2024		 
Cash and cash equivalents:          
Cash  $375,222   $3,210,556 
Money market funds   8,523,796    3,706,990 
Total cash and cash equivalents  $8,899,018   $6,917,546 
Marketable securities, short-term:          
Asset backed securities  $2,002,677   $2,002,957 
Commercial paper   1,172,838    1,156,709 
Corporate bonds   17,405,461    23,951,700 
US Treasury securities   18,387,428    26,635,045 
Total marketable securities, short-term  $38,968,404   $53,746,411 
Marketable securities, long-term:          
Asset backed securities  $2,318,822   $2,305,317 
Corporate bonds   -    2,386,774 
US Treasury securities   -    611,859 
Total marketable securities, long-term  $2,318,822   $5,303,950 
Total cash, cash equivalents, and marketable securities  $50,186,244   $65,967,907 

 

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our condensed consolidated balance sheets as of March 31, 2025 and March 31, 2024, to the total of such amounts as presented in the condensed consolidated statements of cash flows:

          
   March 31,
2025		   March 31,
2024		 
Cash and cash equivalents  $8,899,018   $7,726,063 
Restricted cash, noncurrent   2,603,568    - 
Total cash, cash equivalents, and restricted cash  $11,502,586   $7,726,063 

 

During the three-month period ended March 31, 2025, marketable securities were sold or matured for proceeds of $17,966,613 with a realized gain of $8,265. During the three-month period ended March 31, 2024, marketable securities were sold or matured for proceeds of $11,985,474 with no gain or loss realized. See Note 5, “Fair value measurements” for additional information regarding the fair value of cash equivalents and marketable securities.

 

The following tables summarizes the unrealized gains and losses related to the Company’s available-for-sale marketable securities, by major security type, as of March 31, 2025 and December 31, 2024:

                    
   As of March 31, 2025 
   Amortized
Cost		   Unrealized
Gains		   Unrealized
(losses)		   Fair Value 
Marketable securities                    
Asset backed securities  $4,321,067   $474   $(42)  $4,321,499 
Commercial paper   1,174,057    -    (1,219)   1,172,838 
Corporate bonds   17,407,124    3,953    (5,616)   17,405,461 
US Treasury securities   18,388,034    8,771    (9,377)   18,387,428 
Total marketable securities  $41,290,282   $13,198   $(16,254)  $41,287,226 

 

   As of December 31, 2024 
   Amortized
Cost		   Unrealized
Gains		   Unrealized
(losses)		   Fair Value 
Marketable securities                    
Asset backed securities  $4,304,662   $3,612   $-   $4,308,274 
Commercial paper   1,161,157    -    (4,448)   1,156,709 
Corporate bonds   26,341,019    19,868    (22,413)   26,338,474 
US Treasury securities   27,235,916    26,291    (15,303)   27,246,904 
Total marketable securities  $59,042,754   $49,771   $(42,164)  $59,050,361 

 

The following table shows the unrealized losses and fair values for those marketable securities that were in an unrealized loss position as of March 31, 2025 and December 31, 2024, aggregated by major security type and the length of time the marketable securities have been in a continuous loss position:

   
   As of March 31, 2025 
   In Loss Position for Less
Than 12 Months		   In Loss Position for 12
Months or Greater		   Total 
   Fair Value   Unrealized
Losses		   Fair Value   Unrealized
Losses		   Fair Value   Unrealized
Losses		 
Asset backed securities  $998,362   $(42)  $     -   $     -   $998,362   $(42)
Commercial paper   1,172,838    (1,219)   -    -    1,172,838    (1,219)
Corporate bonds   8,479,628    (5,616)   -    -    8,479,628    (5,616)
US Treasury Securities   11,085,747    (9,377)   -    -    11,085,747    (9,377)
Total  $21,736,575   $(16,254)  $-   $-   $21,736,575   $(16,254)

 

   As of December 31, 2024 
   In Loss Position for Less
Than 12 Months		   In Loss Position for 12
Months or Greater		   Total 
   Fair Value   Unrealized
Losses		   Fair Value   Unrealized
Losses		   Fair Value   Unrealized
Losses		 
Commercial paper  $1,156,709   $(4,448)  $     -   $     -   $1,156,709   $(4,448)
Corporate bonds   13,839,116    (22,413)   -    -    13,839,116    (22,413)
US Treasury Securities   14,094,715    (15,303)   -    -    14,094,715    (15,303)
Total  $29,090,540   $(42,164)  $-   $-   $29,090,540   $(42,164)

 

The contractual maturities of the Company’s marketable securities as of March 31, 2025, were as follows:

     
   Fair Value 
One year or less  $38,968,404 
Two years to three years   2,318,822 
Total minimum payments  $41,287,226