Fair Value (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table classifies the Company’s financial assets and liabilities measured at fair value on a recurring basis at December 31, 2019 and 2018, respectively, in the fair value hierarchy:

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Asset included in:
Cash and cash equivalents
Money market securities	$	7,217,096	$	—	$	—	$	7,217,096
Investments available-for-sale at fair value
U.S. Treasury securities		5,961,983		—		—		5,961,983
Corporate debt securities		—		19,448,239		—		19,448,239
Total	$	13,179,079	$	19,448,239	$	—	$	32,627,318
	December 31, 2018
	Level 1		Level 2		Level 3		Total
Asset included in:
Cash and cash equivalents
Money market securities	$	6,923,255	$	998,400	$	—	$	7,921,655
Investments available-for-sale at fair value
U.S. Treasury securities		6,031,515		—		—		6,031,515
Corporate debt securities		—		16,649,534		—		16,649,534
Total	$	12,954,770	$	17,647,934	$	—	$	30,602,704