| Summery of Fair Value Assets Measured On Recurring Basis |
The following table summarizes cash equivalents, marketable securities and contingent consideration measured at their fair value on a recurring basis as of June 30, 2026 and December 31, 2025:
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Fair Value Measurements as of June 30, 2026: |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Cash equivalents: |
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Money market funds |
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$ |
7,906,381 |
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$ |
— |
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$ |
— |
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$ |
7,906,381 |
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Commercial paper |
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— |
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13,957,296 |
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— |
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13,957,296 |
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Total |
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$ |
7,906,381 |
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$ |
13,957,296 |
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$ |
— |
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$ |
21,863,677 |
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Marketable securities, available-for-sale: |
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Commercial paper |
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$ |
— |
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$ |
13,964,888 |
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$ |
— |
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$ |
13,964,888 |
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U.S. Treasury obligations |
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113,847,252 |
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— |
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— |
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113,847,252 |
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Total |
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$ |
113,847,252 |
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$ |
13,964,888 |
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$ |
— |
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$ |
127,812,140 |
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Fair Value Measurements as of December 31, 2025: |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Cash equivalents: |
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Money market funds |
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$ |
14,824,866 |
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$ |
— |
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$ |
— |
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$ |
14,824,866 |
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Total |
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$ |
14,824,866 |
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$ |
— |
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$ |
— |
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$ |
14,824,866 |
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Marketable securities, available-for-sale: |
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U.S. Treasury obligations |
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$ |
39,543,820 |
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$ |
— |
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$ |
— |
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$ |
39,543,820 |
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Total |
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$ |
39,543,820 |
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$ |
— |
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$ |
— |
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$ |
39,543,820 |
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Other current liabilities: |
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Contingent consideration (see Note 10) |
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$ |
— |
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$ |
— |
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$ |
3,061,501 |
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$ |
3,061,501 |
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Total |
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$ |
— |
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$ |
— |
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$ |
3,061,501 |
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$ |
3,061,501 |
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| Summary of contingent consideration related to acquisition |
The following table provides a rollforward of the contingent consideration related to the acquisition of CorHepta (see Note 10):
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Three months ended June 30, |
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Six months ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Balance, beginning |
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$ |
— |
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$ |
3,270,579 |
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$ |
3,061,501 |
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$ |
— |
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Additions |
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— |
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— |
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— |
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4,435,443 |
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Issuance of common stock |
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— |
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— |
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(2,688,147 |
) |
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— |
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Change in fair value |
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— |
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(358,420 |
) |
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(373,354 |
) |
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(1,523,284 |
) |
Balance, ending |
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$ |
— |
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$ |
2,912,159 |
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$ |
— |
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$ |
2,912,159 |
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