Investments in Marketable Securities

3 Months Ended

Mar. 31, 2017

Investments Debt And Equity Securities [Abstract]

Investments in Marketable Securities

2. Investments in Marketable Securities

The Company’s investment strategy is focused on capital preservation. The Company invests in instruments that meet the credit quality standards outlined in the Company’s investment policy. This policy also limits the amount of credit exposure to any one issue or type of instrument. As of March 31, 2017 and December 31, 2016, the Company’s investments were in money market funds, certificates of deposit and corporate debt securities. There were no sales of available-for-sale securities during the three months ended March 31, 2017 or during the year ended December 31, 2016.

Investments classified as available-for-sale as of March 31, 2017 consisted of the following:

As of March 31, 2017	Amortized Cost		Gross Unrealized Gains  (1)		Gross Unrealized Losses  (1)			Aggregate Estimated Fair Value
Certificates of deposit  (2)	$	439,077	$	—	$	—		$	439,077
Corporate debt securities  (2)		7,522,662		43		(7,542	)		7,515,163
	$	7,961,739	$	43	$	(7,542	)	$	7,954,240

(1) Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At March 31, 2017, there were two securities in an unrealized gain position and there were 15 securities in an unrealized loss position. This unrealized gain was $43 in the aggregate.  These unrealized losses were less than $1,500 individually and $7,542 in the aggregate. These securities have not been in a continuous unrealized gain or loss position for more than 12 months. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.

(2) At March 31, 2017, none of these securities were classified as cash and cash equivalents on the Company’s balance sheet and none of these securities were scheduled to mature outside of one year.

Investments classified as available-for-sale as of December 31, 2016 consisted of the following:

As of December 31, 2016	Amortized Cost		Gross Unrealized Gains  (1)		Gross Unrealized Losses  (1)			Aggregate Estimated Fair Value
Corporate debt securities  (2)		10,081,950		—		(6,892	)		10,075,058

(1) Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At December 31, 2016, there were 25 securities in an unrealized loss position. These unrealized losses were less than $1,000 individually and $7,000 in the aggregate. These securities have not been in a continuous unrealized loss position for more than 12 months. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.  

(2) At December 31, 2016, none of these securities were classified as cash and cash equivalents on the Company’s balance sheet and none of these securities were scheduled to mature outside of one year.