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Marketable Securities and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2016

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 March 31, 2016:

	Fair Value Measurements at
	March 31, 2016
	Total				Quoted Prices in Active Markets (Level 1)				Significant Other Unobservable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Money market funds	$	36,207,995			$	36,207,995			$	—			$	—
Mutual funds	78,569,290				—				78,569,290				—
US corporate debt securities	26,493,360				—				26,493,360				—
Municipal bonds	100,732				—				100,732				—
Investments in affiliated entities	27,449,172				27,449,172				—				—
Common stock warrants	2,850				—				—				2,850
Total Assets	$	168,823,399			$	63,657,167			$	105,163,382			$	2,850
Liabilities:
Common stock warrants	$	1,707,387			$	—			$	—			1,707,387
Total Liabilities	$	1,707,387			$	—			$	—			$	1,707,387

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				—
Investment 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

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 March 31, 2016 are presented below:

Risk-free interest rate	0.8%
Expected volatility	66%
Expected life in years	2.5
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 three months ended March 31, 2016:

Balance at January 1, 2016	$	5,970
Decrease in fair value included in change in fair value of common stock warrants	(3,120		)
Balance at March 31, 2016	$	2,850

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 three months ended March 31, 2016:

Balance at January 1, 2016	1,301,138
Increase in fair value included in change in fair value of common stock warrants	406,249
Balance at March 31, 2016	$	1,707,387

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 March 31, 2016 are presented below:

Risk-free interest rate	0.39-0.59%
Expected volatility	88%
Expected life in years	0.5-1.0
Dividend yield	—

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