Marketable Securities and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2014:



	Fair Value Measurements at
	September 30, 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	$	67,174,763	$	67,174,763	$	—	$	—
Mutual funds	29,457,773		—		29,457,773		—
Municipal bonds	801,512		—		801,512		—
Investment in affiliated entity	8,998,375		8,998,375		—		—
Common stock warrants	591,000		—		—		591,000
Total Assets	$	107,023,423	$	76,173,138	$	30,259,285	$	591,000
Liabilities:
Common stock warrants	$	2,207,388	$	—	$	—	$	2,207,388
Total Liabilities	$	2,207,388	$	—	$	—	$	2,207,388

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

September 30, 2014 are presented below:



Risk-free interest rate	1.43%
Expected volatility	78%
Expected life in years	4
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 nine months ended September 30, 2014:



Balance at January 1, 2014	$	717,500
Decrease in fair value included in change in fair value of common stock warrants	(126,500		)
Balance at September 30, 2014	$	591,000

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 nine months ended September 30, 2014:



Balance at January 1, 2014	$	19,540,583
Decrease in fair value included in change in fair value of common stock warrants	(330,984		)
Change in classification from liability to stockholders' equity due to warrant exercise	(17,002,211		)
Balance at September 30, 2014	$	2,207,388

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 September 30, 2014 are presented below:



Risk-free interest rate	0.58-0.83%
Expected volatility	85%
Expected life in years	2.00-2.50
Dividend yield	—

- 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.

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- 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.

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- 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.

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