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Fair Value Measurements (Tables)

12 Months Ended

Dec. 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 December 31, 2016:

	Fair Value Measurements at
	December 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	$	10,300,813			$	10,300,813			$	—			$	—
Mutual funds	60,589,746				—				60,589,746				—
US corporate debt securities	25,039,666				—				25,039,666				—
Investments in affiliated entities	19,829,575				19,829,575				—				—
Total Assets	$	115,759,800			$	30,130,388			$	85,629,412			$	—
Liabilities:
Common stock warrants	$	1,167,614			$	—			$	—			$	1,167,614
Total Liabilities	$	1,167,614			$	—			$	—			$	1,167,614

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

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 December 31, 2016 and 2015 are presented below:

	Year Ended December 31,
	2016		2015
Risk-free interest rate	1.1%		1.36%
Expected volatility	61%		81%
Expected life in years	1.70		2.70
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, 2016 and 2015:

	Year Ended December 31,
	2016				2015
Balance at beginning of year	$	5,970			$	550,000
Decrease in fair value included in change in fair value of common stock warrants	(5,970		)		(544,030		)
Balance at end of year	$	—			$	5,970

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, 2016 and 2015:

	Year Ended December 31,
	2016				2015
Balance at beginning of year	$	1,301,138			$	2,022,729
Decrease in fair value included in change in fair value of common stock warrants	(133,524		)		(721,591		)
Balance at end of year	$	1,167,614			$	1,301,138

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, 2016 and 2015 are presented below:

	Year Ended December 31,
	2016		2015
Risk-free interest rate	0.51%		0.64%
Expected volatility	88%		90%
Expected life in years	0.25		0.75-1.25
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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