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Marketable Securities and Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2015
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 June 30, 2015:
| Fair Value Measurements at
| June 30, 2015
| 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 | $ | 66,460,760 |  |  | $ | 66,460,760 |  |  | $ | — |  |  | $ | — |
Mutual funds | 58,235,791 |  |  | — |  |  | 58,235,791 |  |  | — |
US corporate debt securities | 25,955,991 |  |  | — |  |  | 25,955,991 |  |  | — |
Municipal bonds | 104,039 |  |  | — |  |  | 104,039 |  |  | — |
Investment in affiliated entity | 18,849,647 |  |  | 18,849,647 |  |  | — |  |  | — |
Common stock warrants | 186,500 |  |  | — |  |  | — |  |  | 186,500 |
Total Assets | $ | 169,792,728 |  |  | $ | 85,310,407 |  |  | $ | 84,295,821 |  |  | $ | 186,500 |
Liabilities: |  |  |  |  |  |  |
Common stock warrants | $ | 1,710,229 |  |  | $ | — |  |  | $ | — |  |  | 1,710,229 |
Total Liabilities | $ | 1,710,229 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,710,229 |
The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2014:
| Fair Value Measurements at
| December 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 | $ | 36,474,066 |  |  | $ | 36,474,066 |  |  | $ | — |  |  | $ | — |
Mutual funds | 29,273,635 |  |  | — |  |  | 29,273,635 |  |  | — |
US corporate debt securities | 23,802,339 |  |  | — |  |  | 23,802,339 |  |  | — |
Investment in affiliated entity | 12,340,811 |  |  | 12,340,811 |  |  | — |  |  | — |
Common stock warrants | 550,000 |  |  | — |  |  | — |  |  | 550,000 |
Total Assets | $ | 102,440,851 |  |  | $ | 48,814,877 |  |  | $ | 53,075,974 |  |  | $ | 550,000 |
Liabilities: |  |  |  |  |  |  |
Common stock warrants | $ | 2,022,729 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,022,729 |
Total Liabilities | $ | 2,022,729 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,022,729 |
Assumptions used to estimate the fair values of the common stock warrants | The assumptions used to estimate the fair value of common stock warrants at June 30, 2015 are presented below:
Risk-free interest rate | 1.01%
Expected volatility | 81%
Expected life in years | 3.25
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 six months ended June 30, 2015:
Balance at January 1, 2015 | $ | 550,000 |
Decrease in fair value included in change in fair value of common stock warrants | (363,500 | )
Balance at June 30, 2015 | $ | 186,500 |
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 six months ended June 30, 2015:
Balance at January 1, 2015 | $ | 2,022,729 |
Decrease in fair value included in change in fair value of common stock warrants | (312,500 | )
Balance at June 30, 2015 | $ | 1,710,229 |
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 June 30, 2015 are presented below:
Risk-free interest rate | 0.28-0.64%
Expected volatility | 90%
Expected life in years | 1.25-1.75
Dividend yield | —

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- 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 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: 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=36462937&loc=d3e19279-110258 + Details
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- 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=36462937&loc=d3e19190-110258 + Details
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