Short-term Investments and Fair Value Measurements (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Summary of Investments |
The following is a summary of available-for-sale securities as of March 31, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2026 | | | Contractual
Maturity (in years) | Cost | | Gross Unrealized
Gains | | Gross Unrealized
Losses | | Fair Market Value | | Mutual funds | --- | | $ | 7,120,324 | | | $ | — | | | $ | (251,848) | | | $ | 6,868,476 | | | U.S. treasury securities | Less than 1 | | 1,986,267 | | | — | | | (47) | | | 1,986,220 | | | | | | | | | | | | | Certificates of deposit | Less than 1 | | 2,000,000 | | | 7,314 | | | — | | | 2,007,314 | | | U.S. agency mortgage-backed securities | * | | 927,983 | | | — | | | (380,386) | | | 547,597 | | | | | $ | 12,034,574 | | | $ | 7,314 | | | $ | (632,281) | | | $ | 11,409,607 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | Contractual
Maturity (in years) | Cost | | Gross Unrealized
Gains | | Gross Unrealized
Losses | | Fair Market Value | | Mutual funds | --- | | $ | 10,771,176 | | | $ | — | | | $ | (330,925) | | | $ | 10,440,251 | | | | | | | | | | | | | | | | | | | | | | | Certificates of deposit | Less than 1 | | 2,981,626 | | | 7,796 | | | (261) | | | 2,989,161 | | | U.S. agency mortgage-backed securities | * | | 1,198,722 | | | — | | | (388,989) | | | 809,733 | | | | | $ | 14,951,524 | | | $ | 7,796 | | | $ | (720,175) | | | $ | 14,239,145 | |
*No single maturity date.
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following table presents the Company’s assets and liabilities that were measured at fair value on a recurring basis, determined using the following inputs as of March 31, 2026:
| | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at | | | March 31, 2026 | | | 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 | $ | 6,868,476 | | | $ | 6,868,476 | | | $ | — | | | $ | — | | | U.S. treasury securities | 1,986,220 | | | 1,986,220 | | | — | | | — | | | | | | | | | | | Certificates of deposit | 2,007,314 | | | — | | | 2,007,314 | | | — | | | U.S. agency mortgage-backed securities | 547,597 | | | — | | | 547,597 | | | — | | | Total short-term investments | 11,409,607 | | | 8,854,696 | | | 2,554,911 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Liabilities: | | | | | | | | | Common stock warrant liabilities | 24,929,459 | | | $ | — | | | $ | — | | | 24,929,459 | | | Total liabilities | $ | 24,929,459 | | | $ | — | | | $ | — | | | $ | 24,929,459 | |
The following table presents the Company’s assets and liabilities that were measured at fair value on a recurring basis, determined using the following inputs as of December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements at | | | December 31, 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 | $ | 10,440,251 | | | $ | 10,440,251 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | | | Certificates of deposit | 2,989,161 | | | — | | | 2,989,161 | | | — | | | U.S. agency mortgage-backed securities | 809,733 | | | — | | | 809,733 | | | — | | | Total short-term investments | 14,239,145 | | | 10,440,251 | | | 3,798,894 | | | — | | | | | | | | | | | Investment in affiliated entity | 2,103,688 | | | 2,103,688 | | | — | | | — | | | Total assets measured at fair value | $ | 16,342,833 | | | $ | 12,543,939 | | | $ | 3,798,894 | | | $ | — | | | | | | | | | | | Liabilities: | | | | | | | | | Common stock warrant liabilities | 29,067,162 | | | — | | | — | | | 29,067,162 | | | Total liabilities | $ | 29,067,162 | | | $ | — | | | $ | — | | | $ | 29,067,162 | |
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| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
The following table presents the changes in the Company's Level 3 assets for the three months ended March 31, 2026: | | | | | | | Level 3 Assets | | Balance at December 31, 2025 | $ | — | | | Transfer from Level 1 to Level 3 | 2,103,688 | | Decrease in fair value recorded as a loss on investment in affiliated entity | (2,103,688) | | | Balance at March 31, 2026 | $ | — | |
The following table presents the change in fair value of the Company’s total Level 3 financial liabilities for the three months ended March 31, 2026: | | | | | | | Common Stock Warrant Liabilities | | Balance at December 31, 2025 | $ | 29,067,162 | | | Expiration of 2025 Series A common stock warrants issued in July 2025 | (3,294,975) | | | Decrease in fair value of 2025 Series B common stock warrants issued in July 2025 | (180,130) | | | Decrease in fair value of common stock warrants issued in December 2024 | (662,598) | | | | | Balance at March 31, 2026 | $ | 24,929,459 | |
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| Fair Value Measurement Inputs and Valuation Techniques |
The following assumptions were used to estimate the fair value of the warrant liability of the July 2025 Series B warrants:
| | | | | | | | | | | | | December 31, 2025 | | March 31, 2026 | | Risk-free interest rate | 3.7% | | 3.8% | | Expected volatility | 88% | | 89% | | Expected life in years | 4.5 | | 4.3 | | Dividend yield | — | | — |
The following assumptions were used to estimate the fair value of the warrant liability of the December 2024 warrants:
| | | | | | | | | | | | | December 31, 2025 | | March 31, 2026 | | Risk-free interest rate | 3.6% | | 3.8% | | Expected volatility | 91% | | 89% | | Expected life in years | 4 | | 4 | | Dividend yield | — | | — |
The following assumptions were used to estimate the fair value of the warrant liability of the July 2025 Series A warrants on December 31, 2025, which expired on March 31, 2026:
| | | | | | | | | December 31, 2025 | | | | Risk-free interest rate | 3.7% | | | | Expected volatility | 127% | | | | Expected life in years | 0.08 | | | | Dividend yield | — | | |
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