v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Measurements [Abstract]  
Fair Value Measurements
(5) Fair Value Measurements
 
The Company’s cash, cash equivalents and marketable securities are stated at amortized cost, which approximate fair value. The carrying values of accounts receivable, other current assets, accounts payable, and accrued expenses approximate fair market value because of the short maturity of these financial instruments.
 
The Company’s cash equivalents are generally classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices.
 
All held-to-maturity securities as of March 31, 2026 and December 31, 2025 were U.S. Treasury securities. Investments in these government securities are based on quoted market prices in active markets, and are included in the Level 1 fair value hierarchy.
 
The tables below set forth the Company’s cash and cash equivalents, as well as marketable securities as of March 31, 2026 and December 31, 2025, respectively, which are measured at fair value on a recurring basis by level within the fair value hierarchy.
 
    March 31, 2026        
    Level 1     Level 2     Level 3     Total  
Cash and cash equivalents
$5,715,460  $ −   $ −   $5,715,460 
Held-to-maturity securities
  12,651,204     −      −     12,651,204 
   $18,366,664   $ −    $ −    $18,366,664 
 
    December 31, 2025        
    Level 1     Level 2     Level 3     Total  
                     
Cash and cash equivalents
$6,248,223  $ −   $ −   $6,248,223 
Held-to-maturity securities
  12,615,881     −      −     12,615,881 
   $18,864,104   $ −    $ −    $18,864,104 
 
The Company did not hold financial assets and liabilities which were recorded at fair value in the Level 2 or 3 categories as of March 31, 2026 or December 31, 2025, respectively.
 
The preceding methods may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.