Short-term Investments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

The following is a summary of available-for-sale securities as of June 30, 2025 and December 31, 2024:


		As of June 30, 2025
	Contractual Maturity (in years)	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Mutual funds	---	$	14,984,750	$	—	$	(546,183)	$	14,438,567
U.S. treasury securities	Less than 1	4,956,858		692		—		4,957,550

Certificates of deposit	Less than 1	2,980,944		8,781		(271)		2,989,454
U.S. agency mortgage-backed securities	*	1,220,459		—		(407,947)		812,512
		$	24,143,011	$	9,473	$	(954,401)	$	23,198,083


		As of December 31, 2024
	Contractual Maturity (in years)	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Mutual funds	---	$	25,926,415	$	—	$	(1,445,706)	$	24,480,709


Certificates of deposit	Less than 1	2,980,273		9,750		(281)		2,989,742
U.S. agency mortgage-backed securities	*	1,260,745		—		(430,964)		829,781
		$	30,167,433	$	9,750	$	(1,876,951)	$	28,300,232

*No single maturity date.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the Company’s assets that were measured at fair value on a recurring basis, determined using the following inputs as of June 30, 2025:


	Fair Value Measurements at
	June 30, 2025
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Unobservable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments
Mutual funds	$	14,438,567	$	14,438,567	$	—	$	—
U.S. treasury securities	4,957,550		4,957,550		—		—

Certificates of deposit	2,989,454		—		2,989,454		—
U.S. agency mortgage-backed securities	812,512		—		812,512		—
Total short-term investments	23,198,083		19,396,117		3,801,966		—

Investment in affiliated entity	3,085,348		3,085,348		—		—
Total assets measured at fair value	$	26,283,431	$	22,481,465	$	3,801,966	$	—

Liabilities:
Common stock warrant liability	11,420,326		$	—	$	—	11,420,326
Total liabilities	$	11,420,326	$	—	$	—	$	11,420,326

The following table presents the Company’s assets that were measured at fair value on a recurring basis, determined using the following inputs as of December 31, 2024:


	Fair Value Measurements at
	December 31, 2024
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Unobservable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments
Mutual funds	$	24,480,709	$	24,480,709	$	—	$	—


Certificates of deposit	2,989,742		—		2,989,742		—
U.S. agency mortgage-backed securities	829,781		—		829,781		—
Total short-term investments	28,300,232		24,480,709		3,819,523		—

Investment in affiliated entity	1,613,844		1,613,844		—		—
Total assets measured at fair value	$	29,914,076	$	26,094,553	$	3,819,523	$	—

Liabilities:
Common stock warrant liability	13,255,188		—		—		13,255,188
Total liabilities	$	13,255,188	$	—	$	—	$	13,255,188

Fair Value Measurement Inputs and Valuation Techniques

The following assumptions were used to estimate the fair value of the warrant liability:


	June 30, 2025	December 31, 2024
Risk-free interest rate	3.7%	4.4%
Expected volatility	87%	111%
Expected life in years	4.5	5
Dividend yield	—	—

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the change in fair value of the Company’s total Level 3 financial liabilities for the six months ended June 30, 2025:


	Common Stock Warrant Liability
Balance at December 31, 2024	13,255,188
Decrease in fair value of liability	(1,834,862)
Balance at June 30, 2025	$	11,420,326