Available for Sale Securities

9 Months Ended

Sep. 30, 2014

Investments Debt And Equity Securities [Abstract]

Available for Sale Securities

4. Available for sale securities

Available for sale securities at September 30, 2014 and December 31, 2013 consist of the following:

			Gross		Gross
			Unrealized		Unrealized
	Amortized Cost		Gains		Losses			Fair Value
September 30, 2014
Cash and cash equivalents:
Cash and money market account	$	49,667,984		—		—		$	49,667,984
Total cash and cash equivalents	$	49,667,984	$	—	$	—		$	49,667,984
Available for sale securities:
Certificates of deposit	$	10,014,977	—			—		$	10,014,977
U.S. Government debt securities		31,741,636		3,299		(25,976	)		31,718,959
Commercial paper		4,997,360		—		—			4,997,360
Corporate debt securities		21,967,553		—		(28,580	)		21,938,973
Total available for sale securities	$	68,721,526	$	3,299	$	(54,556	)	$	68,670,269
Total cash, cash equivalents, and available for sale    securities	$	118,389,510	$	3,299	$	(54,556	)	$	118,338,253

The estimated fair value of the Company’s available for sale securities balance at September 30, 2014, by contractual maturity, is as follows:

Due in one year or less	$	27,333,292
Due after one year		41,336,977
Total available for sale securities	$	68,670,269

			Gross		Gross
			Unrealized		Unrealized
	Amortized Cost		Gains		Losses		Fair Value
December 31, 2013
Cash and cash equivalents:
Cash and money market account	$	21,215,228	$	—	$	—	$	21,215,228
Total cash and cash equivalents	$	21,215,228	$	—	$	—	$	21,215,228
Available for sale securities:
Certificates of deposit	$	1,330,132	$	—	$	—	$	1,330,132
U.S. Government debt securities		7,506,951		2,418		—		7,509,369
Corporate debt securities		2,501,686		54		—		2,501,740
Total available for sale securities	$	11,338,769	$	2,472	$	—	$	11,341,241
Total cash, cash equivalents, and available for sale   securities	$	32,553,997	$	2,472	$	—	$	32,556,469