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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2015:

	Fair Value Measurements at
	December 31, 2015
	Total				Quoted Prices in Active Markets (Level 1)				Significant Other Unobservable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Money market funds	$	54,474,609			$	54,474,609			$	—			$	—
Mutual funds	78,385,992				—				78,385,992				—
US corporate debt securities	26,869,403				—				26,869,403				—
Municipal bonds	101,882				—				101,882				—
Investments in affiliated entities	19,987,192				19,987,192				—				—
Common stock warrants	5,970				—				—				5,970
Total Assets	$	179,825,048			$	74,461,801			$	105,357,277			$	5,970
Liabilities:
Common stock warrants	$	1,301,138			$	—			$	—			$	1,301,138
Total Liabilities	$	1,301,138			$	—			$	—			$	1,301,138

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 values of common stock warrants at December 31, 2015 and 2014 are presented below:

	Year Ended December 31,
	2015		2014
Risk-free interest rate	1.36%		1.1%
Expected volatility	81%		81%
Expected life in years	2.70		3.70
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 years ended December 31, 2015 and 2014:

	Year Ended December 31,
	2015				2014
Balance at beginning of year	$	550,000			$	717,500
Decrease in fair value included in change in fair value of common stock warrants	(544,030		)		(167,500		)
Balance at end of year	$	5,970			$	550,000

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 years ended December 31, 2015 and 2014:

	Year Ended December 31,
	2015				2014
Balance at beginning of year	$	2,022,729			$	19,540,583
Decrease in fair value included in change in fair value of common stock warrants	(721,591		)		(515,643		)
Change in classification from liability to stockholders' equity due to warrant exercises	—				(17,002,211		)
Balance at end of year	$	1,301,138			$	2,022,729

OncoSec

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 December 31, 2015 and 2014 are presented below:

	Year Ended December 31,
	2015		2014
Risk-free interest rate	0.64%		0.67%
Expected volatility	90%		90%
Expected life in years	0.75-1.25		1.75-2.25
Dividend yield	—		—

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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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