Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2019

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 December 31, 2019 consisted of the following:

	Fair Value Measurement at December 31, 2019
	Total		Level 1		Level 2		Level 3
Recurring fair value measurements
Cash equivalents - money market funds	$	8,034,640	$	8,034,640	$	—	$	—
Short-term investments		28,277,386		—		28,277,386		—
Contingent consideration		2,750,000		—		—		2,750,000
Warrant liability		10,000		—		—		10,000

The Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2018 consisted of the following:

	Fair Value Measurement at December 31, 2018
	Total		Level 1		Level 2		Level 3
Recurring fair value measurements
Cash equivalents — money market fund	$	29,375,509	$	29,375,509	$	—	$	—
Warrant liability		65,000		—		—		65,000

Schedule of Short Term Investments

Short-term investments had quoted prices at December 31, 2019 as shown below:

	As of December 31, 2019
	Amortized Cost		Unrealized Gain		Market Value
United States treasury securities	$	3,394,579	$	3,228	$	3,397,807
Corporate debt securities		24,862,800		16,779		24,879,579
Total	$	28,257,379	$	20,007	$	28,277,386

Summary of Assumptions Used to Estimate Fair Value

The fair value of contingent payments classified as a liability was estimated using the Monte Carlo simulation valuation model with Level 3 inputs. The assumptions used to estimate the fair value of contingent payments that were classified as a liability at December 31, 2019 were as follows:

Expected volatility	95.3	%
Risk-free interest rate	1.6	%
Cost of capital	30.0	%