Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020 consisted of the following:

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

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
Cash equivalents — money market fund	$	8,034,640	$	8,034,640	$	—	$	—
Short-term investments		28,277,386		—		28,277,386		—
Contingent consideration liability (see Note 8)		2,750,000		—		—		2,750,000
Warrant liability		10,000		—		—		10,000

Schedule of Short Term Investments

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

	As of December 31, 2020
	Amortized Cost		Unrealized Gain			Market Value
United States treasury securities	$	20,052,757	$	1,843		$	20,054,600
Asset-backed and corporate debt securities		54,935,963		(6,197	)		54,929,766
Certificates of deposit		25,021,192		—			25,021,192
Total	$	100,009,912	$	(4,354	)	$	100,005,558

Short-term investments with 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
Asset-backed and 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 of Contingent Payments

The assumptions used to estimate the fair value of contingent payments that were classified as a liability at December 31, 2020 include the following significant unobservable inputs:

Unobservable input	Value or Range	Weighted Average
Expected volatility	114.9%	114.9%
Risk-free interest rate	0.11%	0.11%
Cost of capital	30%	30%
Discount for lack of marketability	9%-15%	12%
Probability of payment	63%	63%
Projected year of payment	2022	2022

The assumptions used to estimate the fair value of contingent payments that were classified as a liability at December 31, 2019 include the following significant unobservable inputs:

Unobservable input	Value or Range	Weighted Average
Expected volatility	95.3%	95.3%
Risk-free interest rate	1.60%	1.60%
Cost of capital	30%	30%
Discount for lack of marketability	8%-12%	10%
Probability of payment	31%-50%	46%
Projected year of payment	2020-2022	2020