| Fair Value of Financial Instruments |
4. Fair Value of Financial Instruments
The following table summarizes cash equivalents and marketable securities measured at their fair value on a recurring basis as of:
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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 7) |
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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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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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The following table provides a rollforward of the contingent consideration related to the acquisition of CorHepta (see Note 7):
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Year ended December 31, |
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2025 |
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2024 |
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Balance, beginning |
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$ |
— |
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$ |
— |
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Additions |
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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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Change in fair value |
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(1,373,942 |
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— |
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Balance, ending |
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$ |
3,061,501 |
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$ |
— |
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