| Summery of Fair Value Assets Measured On Recurring Basis |
The following table summarizes cash equivalents and marketable securities measured at their fair value on a recurring basis as of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements as of December 31, 2025: |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
14,824,866 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
14,824,866 |
|
Total |
|
$ |
14,824,866 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
14,824,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketable securities, available-for-sale: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury obligations |
|
$ |
39,543,820 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
39,543,820 |
|
Total |
|
$ |
39,543,820 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
39,543,820 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration (see Note 7) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,061,501 |
|
|
$ |
3,061,501 |
|
Total |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3,061,501 |
|
|
$ |
3,061,501 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
| 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 7):
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Balance, beginning |
|
$ |
— |
|
|
$ |
— |
|
Additions |
|
|
4,435,443 |
|
|
|
— |
|
Payments |
|
|
— |
|
|
|
— |
|
Change in fair value |
|
|
(1,373,942 |
) |
|
|
— |
|
Balance, ending |
|
$ |
3,061,501 |
|
|
$ |
— |
|
|