CASH EQUIVALENTS AND MARKETABLE SECURITIES

6 Months Ended

Jun. 30, 2026

Cash and Cash Equivalents [Abstract]

CASH EQUIVALENTS AND MARKETABLE SECURITIES

NOTE 4 – CASH EQUIVALENTS AND MARKETABLE SECURITIES

The Company invests primarily in U.S. Treasury securities and U.S. government agency securities. The following tables present the Company’s cash equivalents and marketable securities by significant investment category as of June 30, 2026:


											Reported As
Assets	Pricing Category	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value		Cash Equivalents		Marketable Securities
Money Market Funds	Level 1		218,396		—		—			218,396		218,396		—
U.S. Treasury Securities	Level 2		51,843,362		—		(32,488	)		51,810,874		16,942,860		34,868,014
U.S. Agency Securities	Level 2		17,828,933		—		(16,413	)		17,812,520		3,978,720		13,833,800
Total			69,890,691		—		(48,901	)		69,841,790		21,139,976		48,701,814

Accrued interest receivable of $254,288 is excluded from the amortized cost basis of the available-for-sale debt securities and is included in prepaid expenses and other current assets in the accompanying balance sheet.

As of June 30, 2026, all available-for-sale marketable securities were in unrealized loss positions; however, the Company concluded that the unrealized losses were attributable to changes in market interest rates and not to credit-related factors. Accordingly, no allowance for credit losses was recorded as of June 30, 2026. In addition, none of the securities had been in a continuous unrealized loss position for more than 12 months.

As of June 30, 2026, all of the Company’s available-for-sale marketable securities had contractual maturities of less than one year. The Company did not hold any marketable securities or cash equivalents classified as available-for-sale debt securities as of December 31, 2025.