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Marketable Securities and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2016:

	Fair Value Measurements at
	September 30, 2016
	Total				Quoted Prices in Active Markets (Level 1)				Significant Other Unobservable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets:
Money market funds	$	13,778,470			$	13,778,470			$	—			$	—
Mutual funds	70,235,667				—				70,235,667				—
US corporate debt securities	26,199,918				—				26,199,918				—
Investments in affiliated entities	25,296,348				25,296,348				—				—
Total Assets	$	135,510,403			$	39,074,818			$	96,435,585			$	—
Liabilities:
Common stock warrants	$	1,812,502			$	—			$	—			1,812,502
Total Liabilities	$	1,812,502			$	—			$	—			$	1,812,502

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 September 30, 2016 are presented below:

Risk-free interest rate	0.73%
Expected volatility	60%
Expected life in years	2.0
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, 2016:

Balance at January 1, 2016	$	5,970
Decrease in fair value included in change in fair value of common stock warrants	(5,970		)
Balance at September 30, 2016	$	—

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, 2016:

Balance at January 1, 2016	$	1,301,138
Increase in fair value included in change in fair value of common stock warrants	511,364
Balance at September 30, 2016	$	1,812,502

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 warrant at September 30, 2016 are presented below:

Risk-free interest rate	0.43%
Expected volatility	88%
Expected life in years	0.5
Dividend yield	—

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