| 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.
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Fair Value Measurements at Reporting Date Using |
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Quoted Prices in Active Markets for Identical Assets |
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Significant Other Observable Inputs |
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Significant Unobservable Inputs |
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Total |
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(Level 1) |
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(Level 2) |
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(Level 3) |
| As of September 30, 2024 |
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| Cash Equivalents: |
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| Money Market Funds |
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$ |
1,610,903 |
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$ |
1,610,903 |
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$ |
— |
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$ |
— |
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| US Treasury Securities |
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57,825 |
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— |
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57,825 |
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— |
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| Total Cash Equivalents Measured at Fair Value |
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$ |
1,668,728 |
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$ |
1,610,903 |
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$ |
57,825 |
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$ |
— |
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| Short-term Investments: |
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| US Treasury Securities |
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$ |
143,815 |
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$ |
— |
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$ |
143,815 |
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$ |
— |
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| Government Agency Securities |
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18,488,619 |
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— |
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18,488,619 |
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— |
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| Corporate Debt Securities |
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4,462,892 |
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— |
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4,462,892 |
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— |
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| Asset Backed Securities |
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302,690 |
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— |
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302,690 |
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— |
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| Total Short-term Investments Measured at Fair Value |
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$ |
23,398,016 |
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$ |
— |
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$ |
23,398,016 |
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$ |
— |
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| Total Assets Measured at Fair Value |
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$ |
25,066,744 |
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$ |
1,610,903 |
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$ |
23,455,841 |
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$ |
— |
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| 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:
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September 30, 2024 |
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December 31, 2023 |
| Contingent Consideration: |
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| Non-current |
$ |
4,133,008 |
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$ |
5,128,959 |
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| Total Contingent Consideration |
$ |
4,133,008 |
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$ |
5,128,959 |
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| 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:
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Valuation Technique |
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Unobservable Inputs |
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September 30, 2024 |
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December 31, 2023 |
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Discounted cash flow |
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Payment discount rate |
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14.4 |
% |
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13.1 |
% |
| Bayon |
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Payment period |
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2027 - 2029 |
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2025 - 2027 |
| Panoptes |
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Payment period |
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2027 - 2028 |
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2026 - 2028 |
| Bayon |
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Probability of success for payment |
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48% - 77% |
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42% - 71% |
| Panoptes |
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Probability of success for payment |
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30% - 33% |
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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:
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Valuation Technique |
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Unobservable Inputs |
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Discount Rate |
| KIO-104 |
Multi-Period Excess Earnings Method |
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Probability of success for next development phase |
17% to 36% |
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43 |
% |
| KIO-301 |
Multi-Period Excess Earnings Method |
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Probability of success for next development phase |
23% to 43% |
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43 |
% |
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