v3.26.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2026
FAIR VALUE MEASUREMENTS  
FAIR VALUE MEASUREMENTS

2.            FAIR VALUE MEASUREMENTS

The Company measures certain assets and liabilities in accordance with ASC Topic 820, Fair Value Measurement. Assets and liabilities recorded at fair value in the balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair value. The categories are as follows:

Level Input:

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Input Definition:

 

 

 

Level I

 

Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date. 

Level II

 

Inputs, other than quoted prices included in Level I, that are observable for the asset or liability through corroboration with market data at the measurement date.

Level III

 

Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.

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The valuation techniques used to determine the fair value of the Company’s Level II financial instruments, which consist primarily of U.S. government agency securities, commercial papers, and corporate bonds, are based on quoted market prices for similar instruments or model-driven valuations utilizing significant inputs derived from or corroborated by observable market data.

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The following table summarizes the fair value measurements by level at March 31, 2026 and December 31, 2025 for assets and liabilities measured at fair value on a recurring basis:

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March 31, 2026

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  ​ ​ ​

Level I

  ​ ​ ​

Level II

  ​ ​ ​

Level III

  ​ ​ ​

Total

Cash equivalents

​

​

​

​

​

​

​

​

​

​

​

​

Money market funds

​

$

14,258,075

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$

—

​

$

—

​

$

14,258,075

U.S. treasuries

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​

7,977,770

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​

—

​

​

—

​

​

7,977,770

U.S. government agencies

​

​

—

​

​

1,992,780

​

​

—

​

​

1,992,780

Commercial papers

​

​

—

​

​

31,934,010

​

​

—

​

​

31,934,010

Marketable securities

​

​

​

​

​

​

​

​

​

​

​

​

U.S. treasuries

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​

54,389,145

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​

—

​

​

—

​

​

54,389,145

U.S. government agencies

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​

—

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​

41,066,671

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​

—

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​

41,066,671

Corporate bonds

​

​

—

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​

40,205,983

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​

—

​

​

40,205,983

Commercial papers

​

​

—

​

​

37,526,631

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​

—

​

​

37,526,631

Total financial assets

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$

76,624,990

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$

152,726,075

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$

—

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$

229,351,065

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December 31, 2025

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  ​ ​ ​

Level I

  ​ ​ ​

Level II

  ​ ​ ​

Level III

  ​ ​ ​

Total

Cash equivalents

​

​

​

​

​

​

​

​

​

​

​

​

Money market funds

​

$

12,907,814

​

$

—

​

$

—

​

$

12,907,814

Marketable securities

​

​

​

​

​

​

​

​

​

​

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U.S. treasuries

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​

30,281,603

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​

—

​

​

—

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​

30,281,603

Total financial assets

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$

43,189,417

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$

—

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$

—

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$

43,189,417

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Carrying amounts reported in the balance sheet of cash and cash equivalents, receivables, prepaid expenses and other current assets, accounts payable, accrued expenses, and deferred revenue approximate fair value due to their relatively short maturity. The carrying amounts of the Company’s marketable securities are based on market quotations from national exchanges at the balance sheet date. Interest and dividend income are recognized separately on the income statement based on classifications provided by the brokerage firm holding the investments. The fair value of borrowings is not considered to be significantly different from its carrying amount because the stated rates for such debt reflect current market rates and conditions.