Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Information

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Balance Sheet Information
 6 Months Ended
Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Information Balance Sheet Information
Cash, Cash Equivalents and Restricted Cash
A summary of cash and cash equivalents and restricted cash is as follows:
June 30, 2024 December 31, 2023
Cash and Cash Equivalents $ 6,575,394  $ 2,454,684 
Restricted Cash, Non-current 4,179  4,267 
Total Cash, Cash Equivalents and Restricted Cash $ 6,579,573  $ 2,458,951 
Non-current restricted cash consists of deposits with financial institutions for corporate credit cards.

Short-term Investments
The following table summarizes short-term investments:
As of June 30, 2024
Unrealized
Amortized Cost
Gains
Losses
Estimated Fair Value
US Treasuries $ 3,272,169  $ —  $ (320) $ 3,271,849 
Government Agency Securities 13,359,394  805  (3,391) 13,356,808 
Corporate Debt Securities 4,181,391  740  (1,980) 4,180,151 
Asset Backed Securities 432,590  1,288  (15) 433,863 
Total Short-term Investments $ 21,245,544  $ 2,833  $ (5,706) $ 21,242,671 
The following table summarizes the maturities of the Company's short-term investments at June 30, 2024:
Amortized Cost Estimated Fair Value
Due in one year or less $ 20,812,954  $ 20,808,808 
Due in one to five years 432,590  433,863 
Total Short-term Investments $ 21,245,544  $ 21,242,671 
The following table shows the Company's available-for-sale investments' gross unrealized losses and fair value aggregated by investment category and length of time that individual securities have been in a continuous loss position, at June 30, 2024:
As of June 30, 2024
Less than 12 months
Count
Fair Value
Unrealized Losses
US Treasuries 2  $ 3,271,849  $ (320)
Government Agency Securities 12  10,091,878  (3,391)
Corporate Debt Securities 27  3,148,969  (1,980)
Asset Backed Securities 1  98,384  (15)
Total 42  $ 16,611,080  $ (5,706)
The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary
include the length of time and extent to which fair value has been less than the cost basis, any changes to the underlying credit risk of the investment, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. The unrealized losses in the Company’s investments were caused by changes in interest rates resulting from changing economic conditions, and not from a decline in credit of their underlying issuers. The Company may be required to sell these investments prior to maturity to implement management strategies, however, it is not likely that the Company will sell these investments before recovery of their amortized cost basis. As such, the Company has classified these losses as temporary in nature.
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following:
June 30, 2024 December 31, 2023
Prepaid Research and Development $ 143,824  $ 23,066 
Prepaid General and Administrative 115,566  73,109 
Prepaid Insurance 80,256  123,807 
Other —  13,400 
Total Prepaid Expenses and Other Current Assets $ 339,646  $ 233,382 
Tax and Other Receivables
Tax and other receivables consist of the following:
June 30, 2024 December 31, 2023
Research Tax Credits $ 1,610,570  $ 1,899,880 
Other Tax Receivables 136,593  150,085 
Vendor Credits 336,114  — 
Accrued Collaboration Credit 248,520  $ — 
Total Tax and Other Receivables $ 2,331,797  $ 2,049,965 
Accrued Expenses
Accrued expenses consist of the following:
June 30, 2024 December 31, 2023
Payroll and Benefits $ 677,598  $ 875,254 
Professional Fees 93,679  43,387 
Clinical Trials 412,153  397,465 
Taxes 100,000  — 
Other 61,762  64,560 
Total Accrued Expenses $ 1,345,192  $ 1,380,666