Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2013

Investments in Debt Securities

Investments in debt securities consisted of the following at December 31, 2013:

	December 31, 2013
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Marketable securities:
U.S. Government and agency securities	$	8,165,464	$	435	$	(630	)	$	8,165,269
Corporate and other debt securities		13,626,690		3,636		(2,045	)		13,628,281
		21,792,154		4,071		(2,675	)		21,793,550
Long-term marketable securities:
U.S. Government and agency securities		11,599,415		466		(7,034	)		11,592,847
Corporate and other debt securities		625,882		100		(227	)		625,755
		12,225,297		566		(7,261	)		12,218,602
Total	$	34,017,451	$	4,637	$	(9,936	)	$	34,012,152

Investments in debt securities consisted of the following at December 31, 2012:

	December 31, 2012
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Marketable securities:
U.S. Government and agency securities	$	2,000,897	$	353	$	(7	)	$	2,001,243
Corporate and other debt securities		8,835,098		8,854		—			8,843,952
		10,835,995		9,207		(7	)		10,845,195
Long-term marketable securities:
U.S. Government and agency securities		5,198,264		2,747		—			5,201,011
Corporate and other debt securities		4,711,679		3,525		(1,360	)		4,713,844
		9,909,943		6,272		(1,360	)		9,914,855
Total	$	20,745,938	$	15,479	$	(1,367	)	$	20,760,050

Contractual Maturities of Debt Securities

The contractual maturities of debt securities at December 31, 2013 were as follows:

	Amortized Cost		Fair Value
Due in 1 year or less	$	21,792,154	$	21,793,550
Due in 1 to 2 years		12,225,297		12,218,602
	$	34,017,451	$	34,012,152

Assets Measured at Fair Value on Recurring Basis

The following fair value hierarchy table presents information about each major category of the Company’s assets measured at fair value on a recurring basis as of December 31, 2013:

	Fair value measurement at reporting date using:
	Quoted prices in active  markets for identical assets (Level 1)		Significant other  observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Money market funds	$	8,265,089	$	—	$	—	$	8,265,089
U.S. Government and agency securities		9,792,141		9,965,975		—		19,758,116
Corporate and other debt securities		—		14,254,036		—		14,254,036
Total	$	18,057,230	$	24,220,011	$	—	$	42,277,241

Roll Forward of Fair Value of Contingent Consideration

The following table provides a roll forward of the fair value of the contingent consideration:

Balance at December 31, 2012	$	2,899,076
Additions		—
Payments		(1,341,339	)
Changes in fair value		91,191
Balance at December 31, 2013	$	1,648,928

Schedule of Inventories

Work-in-process and finished products inventories consist of material, labor, outside processing costs and manufacturing overhead. Inventories consist of the following:

	December 31, 2013		December 31, 2012
Raw Materials	$	4,557,870	$	4,064,317
Work-in-process		4,285,648		4,112,478
Finished products		2,955,120		2,966,900
Total	$	11,798,638	$	11,143,695

Estimated Useful Life of Assets

Depreciation is calculated using the straight-line method over the estimated useful life of the asset as follows:

Classification	Estimated Useful Life
Leasehold improvements	Shorter of the term of the lease or estimated useful life
Equipment	Three to eight years
Furniture and fixtures	Three years

Reconciliation of Basic and Diluted Shares Amounts

A reconciliation of basic and diluted share amounts is as follows:

	Years ended December 31,				Nine Months ended December 31,
	2013		2012		2011			2010 (unaudited)
Numerator:
Net income (loss)	$	16,093,155	$	14,156,037	$	(1,612,625	)	$	1,987,178
Denominator:
Basic weighted average common shares outstanding		31,667,015		30,914,424		30,774,467			30,778,430
Weighted average common stock equivalents from assumed exercise of stock options and restricted stock awards		739,626		339,010		—			170,834
Diluted weighted average common shares outstanding		32,406,641		31,253,434		30,774,467			30,949,264
Basic net income (loss) per common share	$	0.51	$	0.46	$	(0.05	)	$	0.06
Diluted net income (loss) per common share	$	0.50	$	0.45	$	(0.05	)	$	0.06

Total Assets by Geographic Area

The following table represents the Company’s total assets by geographic area:

	December 31, 2013		December 31, 2012
United States	$	73,557,001	$	58,356,697
Sweden		45,087,903		38,653,466
Total	$	118,644,904	$	97,010,163

Long Lived Assets by Geographic Area

The following table represents the Company’s long-lived assets by geographic area:

	December 31, 2013		December 31, 2012
United States	$	19,858,691	$	16,537,804
Sweden		12,435,614		14,262,908
Total	$	32,294,305	$	30,800,712

Percentage of Revenue from Significant Customers

Revenue from significant customers as a percentage of the Company’s total revenue is as follows:

	Years ended December 31,						Nine Months ended December 31,
	2013			2012			2011			2010
Orencia® Royalties from Bristol		27	%		24	%		37	%		37	%
Bioprocessing Customer A		35	%		42	%		44	%		45	%
Bioprocessing Customer B		12	%		10	%		5	%		5	%
Bioprocessing Customer C		13	%		10	%		—			—

Intangible assets

Intangible assets consisted of the following at December 31, 2013:

	Gross Carrying Amount		Accumulated Amortization			Weighted Average Useful Life (in years)
Technology – developed	$	1,455,382	$	(537,589	)		8
Patents		240,000		(117,500	)		8
Customer relationships		6,897,052		(1,749,713	)		8
Total intangible assets	$	8,592,434	$	(2,404,802	)		8

Intangible assets consisted of the following at December 31, 2012:

	Gross Carrying Amount		Accumulated Amortization			Weighted Average Useful Life (in years)
Technology – developed	$	1,452,729	$	(360,748	)		8
Patents		240,000		(87,500	)		8
Customer relationships		6,872,383		(934,852	)		8
Total intangible assets	$	8,565,112	$	(1,383,100	)		8

Total Revenue

Percentage by Geographic Area or Significant Customers

The following table represents the Company’s total revenue by geographic area (based on the location of the customer):

	Years ended December 31,						Nine Months ended December 31,
	2013			2012			2011			2010
United States		51	%		46	%		48	%		48	%
Sweden		35	%		42	%		44	%		45	%
United Kingdom		12	%		9	%		3	%		4	%
Other		2	%		3	%		5	%		3	%
Total		100	%		100	%		100	%		100	%

Accounts Receivable

Percentage by Geographic Area or Significant Customers

Significant accounts receivable balances as a percentage of the Company’s total trade accounts receivable and royalties and other receivable balances are as follows:

	December 31, 2013			December 31, 2012
Orencia® Royalties from Bristol		42	%		31	%
Bioprocessing Customer A		17	%		21	%
Bioprocessing Customer C		8	%		5	%
Tenant improvement allowance due from landlord		15	%		—
Pfizer		—			38	%