Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2021 consisted of the following:

	Fair Value Measurement at March 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market funds	$	13,962,902	$	13,962,902	$	—	$	—
Short-term investments		76,574,768		—		76,574,768		—
Total		90,537,670		13,962,902		76,574,768		—
Liabilities:
Contingent consideration liability (see Note 8)		6,270,000		—		—		6,270,000
Total	$	6,270,000	$	—	$	—	$	6,270,000

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 March 31, 2021 as shown below:

	March 31, 2021
	Amortized Cost		Unrealized Gain (Loss)			Market Value
United States treasury securities	$	16,029,965	$	2,995		$	16,032,960
Commercial paper and corporate debt securities		33,412,043		(1,935	)		33,410,108
Asset backed securities		2,111,239		(278	)		2,110,961
Certificate of deposit		25,020,739		—			25,020,739
Total	$	76,573,986	$	782		$	76,574,768

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

	December 31, 2020
	Amortized Cost		Unrealized Gain (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 March 31, 2021 include the following significant unobservable inputs:

Unobservable input	Value or Range	Weighted Average
Expected volatility	117.4%	117.4%
Risk-free interest rate	0.09%	0.09%
Cost of capital	30%	30%
Discount for lack of marketability	16%-19%	18%
Probability of payment	63%	63%
Projected year of payment	2022	2022