Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements

v3.26.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value of Financial Instruments
4.
Fair Value Measurements

The Company’s U.S. Treasury bills are 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. Contingent consideration related to the acquisition of CorHepta (see Note 9) 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 September 30, 2026 and December 31, 2025:

 

 

 

Fair Value Measurements as of September 30, 2026:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

   Money market funds

 

$

9,357,405

 

 

$

—

 

 

$

—

 

 

$

9,357,405

 

Total

 

$

9,357,405

 

 

$

—

 

 

$

—

 

 

$

9,357,405

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marketable securities, available-for-sale:

 

 

 

 

 

 

 

 

 

 

 

 

   U.S. Treasury obligations

 

$

141,619,768

 

 

$

-

 

 

$

-

 

 

$

141,619,768

 

Total

 

$

141,619,768

 

 

$

—

 

 

$

—

 

 

$

141,619,768

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 9)

 

$

—

 

 

$

—

 

 

$

3,061,501

 

 

$

3,061,501

 

Total

 

$

—

 

 

$

—

 

 

$

3,061,501

 

 

$

3,061,501