Marketable securities consisted of the following as of:


June 30, 2026	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
Marketable securities, available-for-sale:
Commercial paper	$	13,972,292	$	—	$	(7,404	)	$	13,964,888
U.S. Treasury obligations		113,912,602		—		(65,350	)		113,847,252
Total	$	127,884,894	$	—	$	(72,754	)	$	127,812,140


December 31, 2025	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
Marketable securities, available-for-sale:
U.S. Treasury obligations	$	39,522,018	$	21,802	$	—	$	39,543,820
Total	$	39,522,018	$	21,802	$	—	$	39,543,820

As of June 30, 2026, the Company held fifteen U.S. Treasury debt securities and two commercial paper securities that were in an unrealized loss position totaling $72,754, and no U.S. Treasury debt securities or commercial paper securities in an unrealized gain position. As of December 31, 2025, the Company held seven U.S. Treasury debt securities that were in an unrealized gain position totaling $21,802 and held no securities that were in an unrealized loss position. All U.S. Treasury obligations were due to mature in less than one year for the period and year ended June 30, 2026 and December 31, 2025, respectively.

The Company received proceeds of $59.2 million from maturities of marketable securities for the six months ended June 30, 2026. The Company received proceeds of $31.4 million from maturities of marketable securities for the six months ended June 30, 2025. The Company did not realize any gains or losses from maturities of marketable securities for the period ended June 30, 2026 or the year ended December 31, 2025.