v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company records cash equivalents and marketable securities at fair value. ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company's own assumptions (unobservable inputs). The hierarchy consists of three levels:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, directly or indirectly, for substantially the full term of the asset or liability.
Level 3 – Unobservable inputs that reflect the Company's own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date.
Cash equivalents and marketable securities have been initially valued at the transaction price and subsequently, at the end of each reporting period, valued utilizing third-party pricing services or other observable market data. The pricing services utilize industry standard valuation models, including both income and market-based approaches, and observable market inputs to determine value. After completing its valuation procedures, the Company did not adjust or override any fair value measurements provided by the pricing services as of June 30, 2026 and December 31, 2025.
The following table summarizes the Company's cash equivalents measured at fair value on a recurring basis as of June 30, 2026:
Level 1Level 2Level 3Total
Assets:
Cash equivalents
Money market$39,079,937 $— $— $39,079,937 
U.S. Treasuries1,990,240 — — 1,990,240 
Total cash equivalents$41,070,177 $— $— $41,070,177 
Marketable securities:
U.S. Treasuries$96,540,539 $— $— $96,540,539 
Government securities— 8,963,230 — 8,963,230 
Debt securities— 10,069,395 — 10,069,395 
Commercial paper— 25,775,952 — 25,775,952 
Total marketable securities96,540,539 44,808,577 — 141,349,116 
Total cash equivalents and marketable securities$137,610,716 $44,808,577 $— $182,419,293 
The following table summarizes the Company's cash equivalents measured at fair value on a recurring basis as of December 31, 2025:
Level 1Level 2Level 3Total
Assets:
Cash equivalents
Money market$105,330,208 $— $— $105,330,208 
U.S. Treasuries1,992,340 — — 1,992,340 
Government securities— 9,222,990 — 9,222,990 
Commercial paper— 11,827,667 — 11,827,667 
Total cash equivalents$107,322,548 $21,050,657 $— $128,373,205 
Marketable securities:
U.S. Treasuries$44,276,965 $— $— $44,276,965 
Government securities— 11,945,540 — 11,945,540 
Debt securities— 10,038,420 — 10,038,420 
Commercial paper— 22,108,505 — 22,108,505 
Total marketable securities44,276,965 44,092,465 — 88,369,430 
Total cash equivalents and marketable securities$151,599,513 $65,143,122 $— $216,742,635 
There have been no changes to the valuation methods during the six months ended June 30, 2026. There were no transfers between Level 1 and Level 2 in either of the periods and the Company had no financial assets or liabilities that were classified as Level 3 at any point during the six months ended June 30, 2026.