Fair Value Disclosures (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets Measured on Recurring Basis

The following table summarizes the Company's financial instruments measured at fair value on a recurring basis as of September 30, 2024. There were no financial instruments measured at fair value as of December 31, 2023.

			Fair Value Measurements at Reporting Date Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
As of September 30, 2024
Cash Equivalents:
Money Market Funds	$	1,610,903	$	1,610,903	$	—	$	—
US Treasury Securities	57,825		—		57,825		—
Total Cash Equivalents Measured at Fair Value	$	1,668,728	$	1,610,903	$	57,825	$	—
Short-term Investments:
US Treasury Securities	$	143,815	$	—	$	143,815	$	—
Government Agency Securities	18,488,619		—		18,488,619		—
Corporate Debt Securities	4,462,892		—		4,462,892		—
Asset Backed Securities	302,690		—		302,690		—
Total Short-term Investments Measured at Fair Value	$	23,398,016	$	—	$	23,398,016	$	—
Total Assets Measured at Fair Value	$	25,066,744	$	1,610,903	$	23,455,841	$	—

Schedule of Liabilities Measured on Recurring Basis

The following table provides information for liabilities measured at fair value on a recurring basis using Level 3 inputs:

	September 30, 2024		December 31, 2023
Contingent Consideration:
Non-current	$	4,133,008	$	5,128,959
Total Contingent Consideration	$	4,133,008	$	5,128,959

Schedule of Unobservable Level 3 Inputs

After the initial valuation, the Company generally uses its best estimate to measure contingent consideration at each subsequent reporting period using the following unobservable Level 3 inputs:

	Valuation Technique	Unobservable Inputs	September 30, 2024		December 31, 2023
	Discounted cash flow	Payment discount rate	14.4	%	13.1	%
Bayon		Payment period	2027 - 2029		2025 - 2027
Panoptes		Payment period	2027 - 2028		2026 - 2028
Bayon		Probability of success for payment	48% - 77%		42% - 71%
Panoptes		Probability of success for payment	30% - 33%		30% - 33%

The Company engaged a third-party valuation firm to complete a quantitative assessment of in-process R&D as of August 31, 2024, which includes the following unobservable Level 3 inputs:

	Valuation Technique	Unobservable Inputs		Discount Rate
KIO-104	Multi-Period Excess Earnings Method	Probability of success for next development phase	17% to 36%	43	%
KIO-301	Multi-Period Excess Earnings Method	Probability of success for next development phase	23% to 43%	43	%