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Investments | 9 Months Ended
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Sep. 30, 2016
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Investments consist of mutual funds, United States corporate debt securities, municipal bonds and an equity investment in the Company's affiliated entity Plumbline Life Sciences, Inc. ("PLS") at September 30, 2016 and December 31, 2015. The Company classifies all investments as available-for-sale, as the sale of such investments may be required prior to maturity to implement management strategies. Available-for-sale securities are recorded at fair value, based on current market valuations. Unrealized gains and losses on available-for-sale securities are excluded from earnings and are reported as a separate component of other comprehensive income (loss) until realized. Realized gains and losses are included in non-operating other income (expense) on the condensed consolidated statement of operations and are derived using the specific identification method for determining the cost of the securities sold. During the three and nine months ended September 30, 2016 and 2015, a minimal amount of net realized gain (loss) on investments was recorded. The Company assessed each of its investments on an individual basis to determine if any decline in fair value was other-than-temporary. Interest and dividends on investments classified as available-for-sale are included in interest and other income, net, in the condensed consolidated statements of operations. As of September 30, 2016, the Company had 37 available-for-sale securities in a gross unrealized loss position of which 8 with a total unrealized loss of $8,000 were in such position for longer than 12 months. The following is a summary of available-for-sale securities as of September 30, 2016 and December 31, 2015:
|  |  | As of September 30, 2016
| Contractual Maturity (in years) | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
Mutual funds | --- |  | $ | 70,053,356 |  |  | $ | 244,865 |  |  | $ | (62,554 | ) |  | $ | 70,235,667 |
US corporate debt securities | Less than 2 |  | 26,221,990 |  |  | 15,380 |  |  | (37,452 | ) |  | 26,199,918 |
Investment in affiliated entity (PLS) | --- |  | — |  |  | 4,537,761 |  |  | — |  |  | 4,537,761 |
Total investments |  |  | $ | 96,275,346 |  |  | $ | 4,798,006 |  |  | $ | (100,006 | ) |  | $ | 100,973,346 |
|  |  | As of December 31, 2015
| Contractual Maturity (in years) | Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Market Value
Mutual funds | --- |  | $ | 78,571,294 |  |  | $ | 435 |  |  | $ | (185,737 | ) |  | $ | 78,385,992 |
US corporate debt securities | Less than 2 |  | 26,923,855 |  |  | — |  |  | (54,452 | ) |  | 26,869,403 |
Municipal bonds | Less than 1 |  | 101,936 |  |  | — |  |  | (54 | ) |  | 101,882 |
Investment in affiliated entity (PLS) | --- |  | — |  |  | 5,045,915 |  |  | — |  |  | 5,045,915 |
Total investments |  |  | $ | 105,597,085 |  |  | $ | 5,046,350 |  |  | $ | (240,243 | ) |  | $ | 110,403,192 |

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