Available-for-Sale Securities

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Available-for-Sale Securities

Note 5. Available-for-Sale Securities

The Company’s portfolio of available-for-sale securities consists of U.S. Treasuries and high credit quality corporate debt securities. The following is a summary of the Company’s available-for-sale securities as of September 30, 2022 and December 31, 2021:

	September 30, 2022
			Gross		Gross			Fair Value
	Amortized		Unrealized		Unrealized			(Net Carrying
	Cost		Gains		Losses			Amount)
U.S. Treasury securities	$	3,021,943	$	—	$	(3,916	)	$	3,018,027
Corporate debt securities		299,600		—		—			299,600
Total available-for-sale securities	$	3,321,543	$	—	$	(3,916	)	$	3,317,627

	December 31, 2021
			Gross		Gross		Fair Value
	Amortized		Unrealized		Unrealized		(Net Carrying
	Cost		Gains		Losses		Amount)
Corporate debt securities	$	12,343,456	$	—	$	—	$	12,343,456
Total available-for-sale securities	$	12,343,456	$	—	$	—	$	12,343,456

The net adjustment to unrealized holding gains (losses) on short-term investments, net of tax in other comprehensive income totaled $8,298 and $(3,916) for the three and nine months ended September 30, 2022. All investments that are in a gross unrealized loss position have been in a continuous unrealized loss position for less than one year as of September 30, 2022.

Contractual maturities of all of the Company’s available-for-sale securities investments were less than one year as of September 30, 2022. Expected maturities may differ from contractual maturities where issuers of the securities have the right to prepay obligations without prepayment penalties.