Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The Company’s assets and liabilities measured at fair value on a recurring basis at June 30, 2021 consisted of the following:

	Fair Value Measurement at June 30, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market funds	$	46,865,390	$	46,865,390	$	—	$	—
Short-term investments		43,723,840		—		43,723,840		—
Total		90,589,230		46,865,390		43,723,840		—
Liabilities:
Contingent consideration liability (see Note 8)		5,270,000		—		—		5,270,000
Total	$	5,270,000	$	—	$	—	$	5,270,000

The Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2020 consisted of the following:

	Fair Value Measurement at December 31, 2020
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market funds	$	90,389,473	$	90,389,473	$	—	$	—
Short-term investments		100,005,558		—		100,005,558		—
Total		190,395,031		90,389,473		100,005,558		—
Liabilities:
Contingent consideration liability (see Note 8)		5,390,000		—		—		5,390,000
Warrant liability		10,000		—		—		10,000
Total	$	5,400,000	$	—	$	—	$	5,400,000

Schedule of Short Term Investments

Short-term investments had quoted prices at June 30, 2021 as shown below:

	June 30, 2021
			Unrealized Gain
	Amortized Cost		(Loss)		Market Value
United States treasury securities	$	8,005,129	$	431	$	8,005,560
Commercial paper and corporate debt securities		8,599,717		1,290		8,601,007
Asset backed securities		2,096,332		202		2,096,534
Certificate of deposit		25,020,739		—		25,020,739
Total	$	43,721,917	$	1,923	$	43,723,840

Short-term investments had quoted prices at December 31, 2020 as shown below:

	December 31, 2020
			Unrealized Gain
	Amortized Cost		(Loss)		Market Value
United States treasury securities	$	20,052,757	$	1,843	$	20,054,600
Commercial paper and corporate debt securities		47,521,344		(5,440)		47,515,904
Asset backed securities		7,414,619		(757)		7,413,862
Certificate of deposit		25,021,192		—		25,021,192
Total	$	100,009,912	$	(4,354)	$	100,005,558

Summary of Assumptions Used to Estimate Fair Value of Contingent Payments

The assumptions used to estimate the fair value of contingent payments that are classified as a liability at June 30, 2021 include the following significant unobservable inputs:

Unobservable input	Value or Range	Weighted Average
Expected volatility	94.6%	94.6%
Risk-free interest rate	0.07%	0.07%
Cost of capital	30%	30%
Discount for lack of marketability	11%‑15%	13%
Probability of payment	72%	72%
Projected year of payment	2022	2022