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Marketable Securities and Fair Value Measurements (Tables)

9 Months Ended

Sep. 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, and are determined using the following inputs as of September 30, 2015:

	Fair Value Measurements at
	September 30, 2015
	Total				Quoted Prices in Active Markets (Level 1)				Significant Other Unobservable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Money market funds	$	53,090,572			$	53,090,572			$	—			$	—
Mutual funds	58,235,334				—				58,235,334				—
US corporate debt securities	26,975,079				—				26,975,079				—
Municipal bonds	103,143				—				103,143				—
Investments in affiliated entities	25,321,361				25,321,361				—				—
Common stock warrants	88,900				—				—				88,900
Total Assets	$	163,814,389			$	78,411,933			$	85,313,556			$	88,900
Liabilities:
Common stock warrants	$	1,093,752			$	—			$	—			1,093,752
Total Liabilities	$	1,093,752			$	—			$	—			$	1,093,752

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis, and are determined using the following inputs as of December 31, 2014:

	Fair Value Measurements at
	December 31, 2014
	Total				Quoted Prices in Active Markets (Level 1)				Significant Other Unobservable Inputs (Level 2)				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 September 30, 2015 are presented below:

Risk-free interest rate	0.92%
Expected volatility	83%
Expected life in years	3.0
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, 2015:

Balance at January 1, 2015	$	550,000
Decrease in fair value included in change in fair value of common stock warrants	(461,100		)
Balance at September 30, 2015	$	88,900

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, 2015:

Balance at January 1, 2015	$	2,022,729
Decrease in fair value included in change in fair value of common stock warrants	(928,977		)
Balance at September 30, 2015	$	1,093,752

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, 2015 are presented below:

Risk-free interest rate	0.33-0.49%
Expected volatility	90%
Expected life in years	1.0-1.5
Dividend yield	—

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