Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value of Financial Instruments

Schedule of fair value inputs

	March 31, 2022			December 31, 2021
Current stock price	$	3.06		$	3.04
Estimated volatility of future stock price		85.81	%		133.13	%
Risk free interest rate		1.89	%		0.55	%
Contractual term		1.66	years		1.90	years

The following table presents quantitative information about the inputs and valuation methodologies used for the Company’s fair value measurements of contingent consideration classified as Level 3 as of March 31, 2022 and December 31, 2021:

	As of March 31, 2022
	Valuation	Significant	Weighted Average
	Methodology	Unobservable Input	(range, if applicable)
Contingent Consideration	Probability weighted income approach	Milestone dates	2022-2032
		Discount rate	8.23%
		Probability of occurrence	4.9% to 75%

	As of December 31, 2021
	Valuation	Significant	Weighted Average
	Methodology	Unobservable Input	(range, if applicable)
Contingent Consideration	Probability weighted income approach	Milestone dates	2022-2031
		Discount rate	7.51%
		Probability of occurrence	4.9% to 75%

Schedule of fair value of financial instruments measured on a recurring basis

The fair value of financial instruments measured on a recurring basis is as follows:

	As of March 31, 2022
Description	Total		Level 1		Level 2	Level 3
Assets:
Short-term investments	$	69,528,419	$	69,528,419	—		—
Liabilities:
Contingent consideration	$	3,321,515		—	—	$	3,321,515
Warrant liability	$	3,241		—	—	$	3,241

	As of December 31, 2021
Description	Total			Level 1	Level 2	Level 3
Assets:
Short-term investments	$	88,324,922	$	88,324,922	—		—
Liabilities:
Contingent consideration	$	3,342,515		—	—	$	3,342,515
Warrant liability	$	11,020		—	—	$	11,020

Schedule of change in fair value, as determined by Level 3 inputs, for all assets and liabilities using unobservable Level 3 inputs

The following tables summarize the change in fair value, as determined by Level 3 inputs, for all assets and liabilities using unobservable Level 3 inputs for the three months ended March 31, 2022 and 2021:

	Contingent		Warrant
	Consideration		Liability
Balance at December 31, 2021	$	3,342,515	$	11,020
Change in fair value		(21,000)		(7,779)
Balance at March 31, 2022	$	3,321,515	$	3,241

	Contingent		Warrant
	Consideration		Liability
Balance at December 31, 2020	$	2,912,515	$	33,779
Change in fair value		6,000		8,702
Balance at March 31, 2021	$	2,918,515	$	42,481