XML 35 R22.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Marketable Securities and Fair Value Measurements (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Financial assets and liabilities measured at fair value on a recurring basis | The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2014:
| Fair Value Measurements at
| March 31, 2014
| Total |  | Using Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Using Significant Other Unobservable Inputs (Level 2) |  | Using Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Money market funds | $ | 86,804,628 |  |  | $ | 86,804,628 |  |  | $ | — |  |  | $ | — |
Mutual funds | 17,206,520 |  |  | — |  |  | 17,206,520 |  |  | — |
Municipal bonds | 804,972 |  |  | — |  |  | 804,972 |  |  | — |
Investment in affiliated entity | 9,287,624 |  |  | 9,287,624 |  |  | — |  |  | — |
Common stock warrants | 1,410,000 |  |  | — |  |  | — |  |  | 1,410,000 |
Total Assets | $ | 115,513,744 |  |  | $ | 96,092,252 |  |  | $ | 18,011,492 |  |  | $ | 1,410,000 |
Liabilities: |  |  |  |  |  |  |
Common stock warrants | $ | 6,045,903 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,045,903 |
Total Liabilities | $ | 6,045,903 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,045,903 |
The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2013
| Fair Value Measurements at
| December 31, 2013
| Total |  | Using Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Using Significant Other Unobservable Inputs (Level 2) |  | Using Significant Unobservable Inputs (Level 3)
Assets: |  |  |  |  |  |  |
Money market funds | $ | 26,852,560 |  |  | $ | 26,852,560 |  |  | $ | — |  |  | $ | — |
Mutual funds | 18,099,904 |  |  | — |  |  | 18,099,904 |  |  | — |
Municipal bonds | 805,704 |  |  | — |  |  | 805,704 |  |  | — |
Investment in affiliated entity | 9,664,587 |  |  | 9,664,587 |  |  | — |  |  | — |
Common stock warrants | 717,500 |  |  | — |  |  | — |  |  | 717,500 |
Total Assets | $ | 56,140,255 |  |  | $ | 36,517,147 |  |  | $ | 18,905,608 |  |  | $ | 717,500 |
Liabilities: |  |  |  |  |  |  |
Common stock warrants | $ | 19,540,583 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,540,583 |
Total Liabilities | $ | 19,540,583 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,540,583 |
Assumptions used to estimate the fair values of the common stock warrants | The range of assumptions used to estimate the fair values of common stock warrants at March 31, 2014 are presented below:
Risk-free interest rate | 0.05%-1.73%
Expected volatility | 76%-92%
Expected life in years | 0.25-4.45
Dividend yield | —
Change in fair value of the financial assets | The following table presents a summary of changes in fair value of the Company’s total Level 3 financial assets for the three months ended March 31, 2014:
Balance at January 1, 2014 | $ | 717,500 |
Increase in fair value included in change in fair value of common stock warrants | 692,500 |
Balance at March 31, 2014 | $ | 1,410,000 |
Changes in fair value of the financial liabilities | The following table presents the changes in fair value of the Company’s total Level 3 financial liabilities for the three months ended March 31, 2014:
Balance at January 1, 2014 | $ | 19,540,583 |
Increase in fair value included in change in fair value of common stock warrants | 1,198,426 |
Change in classification from liability to stockholders' equity due to warrant exercise | (14,693,106 | )
Balance at March 31, 2014 | $ | 6,045,903 |
OncoSec [Member] |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
Assumptions used to estimate the fair values of the common stock warrants | The assumptions used to estimate the fair values of the OncoSec common stock warrants at March 31, 2014 are presented below:
Risk-free interest rate | 0.9%
Expected volatility | 85%
Expected life in years | 2.5-3.0
Dividend yield | —

X
- Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13433-108611 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13467-108611 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=28364263&loc=d3e13476-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19279-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=25499696&loc=d3e19190-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration