Fair Value

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value

3. Fair Value

The Company accounts for its financial assets and liabilities using fair value measurements. The authoritative accounting guidance defines fair value, establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. 

The following table presents information about the Company’s assets that are measured at fair value on a recurring basis as of December 31, 2020 and 2019 and indicate the level of the fair value hierarchy utilized to determine such fair value:

	Fair Value Measurements as of December 31, 2020
	Level 1		Level 2		Level 3		Fair Value
Cash equivalents	$	72,943,275	$	—	$	—	$	72,943,275
Marketable securities		—		10,002,550		—		10,002,550
Total	$	72,943,275	$	10,002,550	$	—	$	82,945,825
	Fair Value Measurements as of December 31, 2019
	Level 1		Level 2		Level 3		Fair Value
Cash equivalents	$	39,303,609	$	—	$	—	$	39,303,609
Marketable securities		—		15,119,925		—		15,119,925
Total	$	39,303,609	$	15,119,925	$	—	$	54,423,534

As of December 31, 2020 and 2019, the Company’s cash equivalents that are invested in money market funds valued using Level 1 inputs for identical securities.  The Company measures the fair value of marketable securities that are invested in United States Treasury securities using Level 2 inputs and primarily relies on quoted prices in active markets for similar marketable securities. During the year ended December 31, 2020 and 2019, there were no transfers between Level 2 and Level 3.