| 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 March 31, 2026 and December 31, 2025:
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Fair Value Measurements as of March 31, 2026: |
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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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|
|
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Money market funds |
|
$ |
16,622,966 |
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|
$ |
— |
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|
$ |
— |
|
|
$ |
16,622,966 |
|
Commercial paper |
|
|
— |
|
|
|
6,979,418 |
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|
|
— |
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|
|
6,979,418 |
|
U.S. Treasury obligations |
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|
13,959,554 |
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|
|
— |
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|
|
— |
|
|
|
13,959,554 |
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Total |
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$ |
30,582,520 |
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|
$ |
6,979,418 |
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|
$ |
— |
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|
$ |
37,561,938 |
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Marketable securities, available-for-sale: |
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Commercial paper |
|
$ |
— |
|
|
$ |
27,748,033 |
|
|
$ |
— |
|
|
$ |
27,748,033 |
|
U.S. Treasury obligations |
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|
93,047,202 |
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|
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— |
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|
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— |
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|
93,047,202 |
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Total |
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$ |
93,047,202 |
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|
$ |
27,748,033 |
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|
$ |
— |
|
|
$ |
120,795,235 |
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|
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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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|
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|
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Money market funds |
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$ |
14,824,866 |
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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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|
$ |
— |
|
|
$ |
— |
|
|
$ |
14,824,866 |
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|
|
|
|
|
|
|
|
|
|
|
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Marketable securities, available-for-sale: |
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|
|
|
|
|
|
|
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U.S. Treasury obligations |
|
$ |
39,543,820 |
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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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|
$ |
— |
|
|
$ |
39,543,820 |
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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 March 31, |
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2026 |
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2025 |
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Balance, beginning |
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$ |
3,061,501 |
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|
$ |
— |
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Additions |
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— |
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|
|
4,435,443 |
|
Issuance of common stock |
|
|
(2,688,147 |
) |
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|
— |
|
Change in fair value |
|
|
(373,354 |
) |
|
|
(1,164,864 |
) |
Balance, ending |
|
$ |
— |
|
|
$ |
3,270,579 |
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|