| 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, 2021 consisted of the following: | | | | | | | | | | | | | | | Fair Value Measurement at December 31, 2021 | | | Total | | Level 1 | | Level 2 | | Level 3 | Assets: | | | | | | | | | | | | | Cash equivalents - money market funds | | $ | 65,634,137 | | $ | 65,634,137 | | $ | — | | $ | — | Total | | | 65,634,137 | | | 65,634,137 | | | — | | | — | Liabilities: | | | | | | | | | | | | | Contingent consideration liability (see Note 8) | | | 6,090,000 | | | — | | | — | | | 6,090,000 | Total | | $ | 6,090,000 | | $ | — | | $ | — | | $ | 6,090,000 |
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 |
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| Schedule of Short Term Investments |
Short-term investments with 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 |
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| 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, 2021 include the following significant unobservable inputs: | | | | | Unobservable input | | Value or Range | | Weighted-Average | Expected volatility | | 80.1% | | 80.1% | Risk-free interest rate | | 0.26% | | 0.26% | Cost of capital | | 30% | | 30% | Discount for lack of marketability | | 8%‑13% | | 11% | Probability of payment | | 88% | | 88% | 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, 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 |
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