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Marketable Securities and Fair Value Measurements (Tables)

6 Months Ended

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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