Fair Value Instruments (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019 in the fair value hierarchy:

	March 31, 2020
	Level 1		Level 2		Level 3		Total
Asset included in:
Cash and cash equivalents
Money market securities	$	9,727,973	$	—	$	—	$	9,727,973
Investments available-for-sale at fair value
U.S. Treasury securities		6,003,592		—		—		6,003,592
Corporate debt securities		—		15,550,726		—		15,550,726
Total	$	15,731,565	$	15,550,726	$	—	$	31,282,291
	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