v3.26.1
Fair Value Disclosures (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Assets Measured on Recurring Basis
The following table summarizes the Company's financial instruments measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025.
Fair Value Measurements at Reporting Date Using
Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs
As of June 30, 2026Total(Level 1)(Level 2)(Level 3)
Cash Equivalents:
Money Market Funds$1,958,477 $1,958,477 $— $— 
US Treasury Securities820,503 — 820,503 — 
Corporate Debt Securities161,816 — 161,816 — 
Total Cash Equivalents Measured at Fair Value$2,940,796 $1,958,477 $982,319 $— 
Short-term Investments:
US Treasury Securities$109,603 $— $109,603 $— 
Government Agency Securities6,065,314 — 6,065,314 — 
Corporate Debt Securities3,587,077 — 3,587,077 — 
Total Short-term Investments Measured at Fair Value$9,761,994 $— $9,761,994 $— 
Total Assets Measured at Fair Value$12,702,790 $1,958,477 $10,744,312 $— 
Fair Value Measurements at Reporting Date Using
Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs
As of December 31, 2025Total(Level 1)(Level 2)(Level 3)
Cash Equivalents:
Money Market Funds$6,797,446 $6,797,446 $— $— 
Total Cash Equivalents Measured at Fair Value$6,797,446 $6,797,446 $— $— 
Short-term Investments:
Government Agency Securities$5,176,040 $— $5,176,040 $— 
Corporate Debt Securities3,216,473 — 3,216,473 — 
Total Short-term Investments Measured at Fair Value$8,392,513 $— $8,392,513 $— 
Total Assets Measured at Fair Value$15,189,959 $6,797,446 $8,392,513 $— 
Schedule of Liabilities Measured on Recurring Basis The following table provides information for liabilities measured at fair value on a recurring basis using Level 3 inputs:
June 30, 2026December 31, 2025
Contingent Consideration:
Non-current$3,036,157 $2,939,316 
Total Contingent Consideration$3,036,157 $2,939,316 
Schedule of Unobservable Level 3 Inputs After the initial valuation, the Company generally uses its best estimate to measure contingent consideration at each subsequent reporting period using the following unobservable Level 3 inputs:
Valuation TechniqueUnobservable InputsJune 30, 2026December 31, 2025
Discounted cash flowPayment discount rate15.5 %14.3 %
BayonPayment period2027 - 20302027 - 2030
PanoptesPayment period2029 - 20312029 - 2031
BayonProbability of success for payment
25% - 45%
25% - 45%
PanoptesProbability of success for payment
30% - 33%
30% - 33%
Management completed, with the assistance of a third-party valuation firm, a quantitative assessment of in-process R&D as of December 31, 2025, the Company's annual impairment test date, which includes the following unobservable Level 3 inputs:
Valuation TechniqueUnobservable InputsDiscount Rate
KIO-104Multi-Period Excess Earnings MethodProbability of success for next development phase
17% to 36%
39.5%
KIO-301Multi-Period Excess Earnings MethodProbability of success for next development phase
23% to 43%
39.5%