Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Information

v3.24.3
Balance Sheet Information
 9 Months Ended
Sep. 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:
September 30, 2024 December 31, 2023
Cash and Cash Equivalents $ 5,637,019  $ 2,454,684 
Restricted Cash, Non-current 4,520  4,267 
Total Cash, Cash Equivalents and Restricted Cash $ 5,641,539  $ 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 September 30, 2024. There were no short-term investments as of December 31, 2023:
Unrealized
Amortized Cost
Gains
Losses
Estimated Fair Value
US Treasuries $ 143,661  $ 154  $ —  $ 143,815 
Government Agency Securities 18,436,082  54,100  (1,563) 18,488,619 
Corporate Debt Securities 4,444,433  18,816  (357) 4,462,892 
Asset Backed Securities 300,235  2,455  —  302,690 
Total Short-term Investments $ 23,324,411  $ 75,525  $ (1,920) $ 23,398,016 


The following table summarizes the maturities of the Company's short-term investments at September 30, 2024:
Amortized Cost Estimated Fair Value
Due in one year or less $ 20,490,004  $ 20,545,614 
Due in one to five years 2,834,407  2,852,402 
Total Short-term Investments $ 23,324,411  $ 23,398,016 
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 September 30, 2024:
Less than 12 months
Count Fair Value Unrealized Losses
Government Agency Securities 3  1,690,344  (1,563)
Corporate Debt Securities 4  322,517  (357)
Total 7  $ 2,012,861  $ (1,920)
The Company reviews its investments each quarter 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:
September 30, 2024 December 31, 2023
Prepaid Research and Development $ 294,642  $ 23,066 
Prepaid General and Administrative 88,393  73,109 
Prepaid Insurance 87,389  123,807 
Other —  13,400 
Total Prepaid Expenses and Other Current Assets $ 470,424  $ 233,382 
Tax and Other Receivables
Tax and other receivables consist of the following:
September 30, 2024 December 31, 2023
Research Tax Credits $ 223,063  $ 1,899,880 
Other Tax Receivables 140,643  150,085 
Total Tax and Other Receivables $ 363,706  $ 2,049,965 
Accrued Expenses
Accrued expenses consist of the following:
September 30, 2024 December 31, 2023
Payroll and Benefits $ 1,030,630  $ 875,254 
Professional Fees 123,318  43,387 
Clinical Trials 403,204  397,465 
Taxes 150,003  — 
Other 7,056  64,560 
Total Accrued Expenses $ 1,714,211  $ 1,380,666