| 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, 2025 and December 31, 2024:
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Fair Value Measurements as of June 30, 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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$ |
43,316,602 |
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$ |
— |
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|
$ |
— |
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|
$ |
43,316,602 |
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Total |
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$ |
43,316,602 |
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$ |
— |
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$ |
— |
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$ |
43,316,602 |
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Marketable securities, available-for-sale: |
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U.S. Treasury obligations |
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$ |
9,923,100 |
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$ |
— |
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$ |
— |
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|
$ |
9,923,100 |
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Total |
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$ |
9,923,100 |
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$ |
— |
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$ |
— |
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|
$ |
9,923,100 |
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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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$ |
2,912,159 |
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|
$ |
2,912,159 |
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Total |
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$ |
— |
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$ |
— |
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|
$ |
2,912,159 |
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|
$ |
2,912,159 |
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Fair Value Measurements as of December 31, 2024: |
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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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$ |
11,238,598 |
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$ |
— |
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$ |
— |
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|
$ |
11,238,598 |
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Total |
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$ |
11,238,598 |
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$ |
— |
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$ |
— |
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$ |
11,238,598 |
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Marketable securities, available-for-sale: |
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U.S. Treasury obligations |
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$ |
41,052,949 |
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$ |
— |
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$ |
— |
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$ |
41,052,949 |
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Total |
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$ |
41,052,949 |
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$ |
— |
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$ |
— |
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$ |
41,052,949 |
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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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2025 |
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2024 |
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2025 |
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2024 |
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Balance, beginning |
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$ |
3,270,579 |
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$ |
— |
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$ |
— |
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$ |
— |
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Additions |
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— |
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— |
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4,435,443 |
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— |
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Payments |
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— |
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— |
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— |
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— |
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Change in fair value |
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(358,420 |
) |
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— |
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(1,523,284 |
) |
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— |
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Balance, ending |
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$ |
2,912,159 |
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$ |
— |
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$ |
2,912,159 |
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$ |
— |
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|