Quarterly report [Sections 13 or 15(d)]

Fair Value of Financial Instruments

v3.25.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
4.
Fair Value of Financial Instruments

The Company’s marketable securities are all classified within Level 1 of the fair value hierarchy and are valued based on quoted prices in active markets. For cash, cash equivalents and accounts payable, the carrying amounts approximate fair value, because of the short maturity of these instruments, and therefore fair value information is not included in the table below. Contingent consideration related to the acquisition of CorHepta (see Note 10) is classified within Level 3 of the fair value hierarchy as the determination of fair value uses considerable judgment and represents the Company’s best estimate of an amount that could be realized in a market exchange for the asset or liability.

The following table summarizes cash equivalents, marketable securities and contingent consideration measured at their fair value on a recurring basis as of June 30, 2025 and December 31, 2024:

 

 

 

Fair Value Measurements as of June 30, 2025:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

   Money market funds

 

$

43,316,602

 

 

$

—

 

 

$

—

 

 

$

43,316,602

 

Total

 

$

43,316,602

 

 

$

—

 

 

$

—

 

 

$

43,316,602

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities, available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

   U.S. Treasury obligations

 

$

9,923,100

 

 

$

—

 

 

$

—

 

 

$

9,923,100

 

Total

 

$

9,923,100

 

 

$

—

 

 

$

—

 

 

$

9,923,100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration (see Note 10)

 

$

—

 

 

$

—

 

 

$

2,912,159

 

 

$

2,912,159

 

Total

 

$

—

 

 

$

—

 

 

$

2,912,159

 

 

$

2,912,159

 

 

 

 

 

Fair Value Measurements as of December 31, 2024:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

   Money market funds

 

$

11,238,598

 

 

$

—

 

 

$

—

 

 

$

11,238,598

 

Total

 

$

11,238,598

 

 

$

—

 

 

$

—

 

 

$

11,238,598

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities, available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

   U.S. Treasury obligations

 

$

41,052,949

 

 

$

—

 

 

$

—

 

 

$

41,052,949

 

Total

 

$

41,052,949

 

 

$

—

 

 

$

—

 

 

$

41,052,949

 

The following table provides a rollforward of the contingent consideration related to the acquisition of CorHepta (see Note 10):

 

 

 

Three months ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Balance, beginning

 

$

3,270,579

 

 

$

—

 

 

$

—

 

 

$

—

 

Additions

 

 

—

 

 

 

—

 

 

 

4,435,443

 

 

 

—

 

Payments

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Change in fair value

 

 

(358,420

)

 

 

—

 

 

 

(1,523,284

)

 

 

—

 

Balance, ending

 

$

2,912,159

 

 

$

—

 

 

$

2,912,159

 

 

$

—