Marketable securities consisted of the following as of:


March 31, 2025	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
Marketable securities, available-for-sale:
U.S. Treasury obligations	$	19,739,867	$	—	$	(967	)	$	19,738,900
Total	$	19,739,867	$	—	$	(967	)	$	19,738,900


December 31, 2024	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
Marketable securities, available-for-sale:
U.S. Treasury obligations	$	41,090,197	$	—	$	(37,248	)	$	41,052,949
Total	$	41,090,197	$	—	$	(37,248	)	$	41,052,949

As of March 31, 2025, the Company held two U.S. Treasury debt securities that were in an unrealized loss position totaling $967. As of December 31, 2024, the Company held seven U.S. Treasury debt securities that were in an unrealized loss position totaling

$37,248. All U.S. Treasury obligations were due to mature in less than one year for the period and year ended March 31, 2025 and December 31, 2024, respectively.

The Company received proceeds of $21.5 million from maturities of marketable securities for the three months ended March 31, 2025. The Company received proceeds of $23.5 million from maturities of marketable securities for the year ended December 31, 2024. The Company did not realize any gains or losses from maturities of marketable securities for the period ended March 31, 2025 or the year ended December 31, 2024.