| Financial Assets or Liabilities Measured at Fair Value on Recurring Basis |
In accordance with the fair value hierarchy, the following table
shows the fair value as of March 31, 2014 and
December 31, 2013 of those financial assets and liabilities
that are measured at fair value on a recurring basis, according to
the valuation techniques the Company used to determine their fair
value. No financial assets or liabilities are measured at fair
value on a nonrecurring basis at March 31, 2014 and
December 31, 2013.
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Quoted Prices in
Active Markets
(Level 1) |
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Other Observable
Inputs
(Level 2) |
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Unobservable
Inputs (Level 3) |
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Fair Value |
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As of March 31, 2014:
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Cash equivalents
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Money market funds
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$ |
3,707,423 |
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$ |
— |
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$ |
— |
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$ |
3,707,423 |
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Municipal bonds
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— |
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1,100,000 |
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— |
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1,100,000 |
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Short- and long-term investments
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US government obligations
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— |
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500,239 |
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— |
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500,239 |
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Corporate commercial paper, stock, bonds and notes
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25,919,865 |
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28,514,690 |
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— |
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54,434,555 |
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Total assets at fair value
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$ |
29,627,288 |
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$ |
30,114,929 |
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$ |
— |
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$ |
59,742,217 |
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Warrant liability
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— |
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— |
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625,163 |
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625,163 |
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Total liabilities at fair value
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$ |
— |
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$ |
— |
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$ |
625,163 |
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$ |
625,163 |
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Quoted Prices in
Active Markets
(Level 1) |
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Other Observable
Inputs (Level 2) |
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Unobservable
Inputs (Level 3) |
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Fair Value |
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As of December 31, 2013:
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Cash equivalents
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Money market funds
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$ |
5,535,716 |
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$ |
— |
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$ |
— |
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$ |
5,535,716 |
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Corporate commercial paper, bonds and notes
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— |
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1,749,983 |
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— |
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1,749,983 |
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Municipal bonds
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— |
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1,110,000 |
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— |
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1,110,000 |
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Short- and long-term investments
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US government obligations
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— |
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1,151,932 |
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— |
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1,151,932 |
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Corporate commercial paper, stock, bonds and notes
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20,176,154 |
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36,984,932 |
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— |
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57,161,086 |
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Total assets at fair value
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$ |
25,711,870 |
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$ |
40,996,847 |
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$ |
— |
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$ |
66,708,717 |
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Warrant liability
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— |
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— |
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716,786 |
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716,786 |
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Total liabilities at fair value
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$ |
— |
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$ |
— |
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$ |
716,786 |
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$ |
716,786 |
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| Fair Value of Warrant Liability |
The following table rolls forward the fair value of the
Company’s warrant liability, the fair value of which is
determined by Level 3 inputs for the three months ended
March 31, 2014 and 2013:
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Balance at December 31, 2013
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$ |
716,786 |
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Change in fair value for the three months ended March 31,
2014
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(91,623 |
) |
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Balance at March 31, 2014
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$ |
625,163 |
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Balance at December 31, 2012
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$ |
1,488,179 |
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Change in fair value for the three months ended March 31,
2013
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(301,260 |
) |
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Balance at March 31, 2013
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$ |
1,186,919 |
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