| CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES |
3. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES The following table summarizes the Company’s cash, cash equivalents and marketable securities as of March 31, 2026 and December 31, 2025, respectively: | | | | | | | | | | | | | | | March 31, 2026 | | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | Cash and money market funds | | $ | 63,516,924 | | $ | — | | $ | — | | $ | 63,516,924 | U.S. treasuries | | | 62,416,903 | | | — | | | (49,988) | | | 62,366,915 | U.S. government agencies | | | 43,104,514 | | | — | | | (45,063) | | | 43,059,451 | Corporate bonds | | | 40,311,933 | | | — | | | (105,950) | | | 40,205,983 | Commercial papers | | | 69,513,367 | | | — | | | (52,726) | | | 69,460,641 | Total cash, cash equivalents and marketable securities | | $ | 278,863,641 | | $ | — | | $ | (253,727) | | $ | 278,609,914 | | | | | | | | | | | | | | Classified as: | | | | | | | | | | | | | Cash and cash equivalents | | | | | | | | | | | $ | 105,421,484 | Short-term marketable securities | | | | | | | | | | | | 173,188,430 | Long-term marketable securities | | | | | | | | | | | | — | Total cash, cash equivalents and marketable securities | | | | | | | | | | | $ | 278,609,914 |
| | | | | | | | | | | | | | | December 31, 2025 | | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | Cash and money market funds | | $ | 287,847,312 | | $ | — | | $ | — | | $ | 287,847,312 | U.S. treasuries | | | 29,998,449 | | | 283,154 | | | — | | | 30,281,603 | Total cash, cash equivalents and marketable securities | | $ | 317,845,761 | | $ | 283,154 | | $ | — | | $ | 318,128,915 | | | | | | | | | | | | | | Classified as: | | | | | | | | | | | | | Cash and cash equivalents | | | | | | | | | | | $ | 287,847,312 | Short-term investments | | | | | | | | | | | | 30,281,603 | Long-term investments | | | | | | | | | | | | — | Total cash, cash equivalents and marketable securities | | | | | | | | | | | $ | 318,128,915 |
The contractual maturities of the Company's available-for-sale securities at March 31, 2026 were up to approximately two years. The Company does not intend to sell these investments for the purpose of realizing losses; however, the securities are classified as available-for-sale and may be sold in response to changes in market interest rates, liquidity needs, or other factors. The Company believes it is more likely than not that it will not be required to sell the investments before recovery of their amortized cost basis. Accordingly, the Company has determined that the available-for-sale securities that were in an unrealized loss position did not have any credit loss impairment as of March 31, 2026.
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