Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2014

Investments in Debt Securities

Investments in debt securities consisted of the following at December 31, 2014:

	December 31, 2014
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Marketable securities:
U.S. Government and agency securities	$	12,716,167	$	2,174	$	(2,072	)	$	12,716,269
Corporate and other debt securities		10,373,332		4,229		(3,621	)		10,373,940
		23,089,499		6,403		(5,693	)		23,090,209
Long-term marketable securities:
U.S. Government and agency securities		1,227,843		—		(207	)		1,227,636
Corporate and other debt securities		2,326,066		—		(3,492	)		2,322,574
		3,553,909		—		(3,699	)		3,550,210
Total	$	26,643,408	$	6,403	$	(9,392	)	$	26,640,419

At December 31, 2014, the Company’s investments included forty-one debt securities in unrealized loss positions with a total unrealized loss of approximately $9,400 and a total fair market value of approximately $23,666,285. All investments with gross unrealized losses have been in unrealized loss positions for less than 12 months. The unrealized losses were caused primarily by current economic and market conditions. There was no change in the credit risk of the securities. The Company does not intend to sell any investments in an unrealized loss position and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. There were no realized gains or losses on the investments for the fiscal years ended December 31, 2014, 2013 and 2012.

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

Contractual Maturities of Debt Securities

The contractual maturities of debt securities at December 31, 2014 were as follows:

	Amortized Cost		Fair Value
Due in 1 year or less	$	23,089,499	$	23,090,209
Due in 1 to 2 years		3,553,909		3,550,210
	$	26,643,408	$	26,640,419

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, 2014:

	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	$	4,889,153	$	—	$	—	$	4,889,153
U.S. Government and agency securities		7,263,624		6,680,281		—		13,943,905
Corporate and other debt securities		—		12,696,514		—		12,696,514
Total	$	12,152,777	$	19,376,795	$	—	$	31,529,572

Quantitative Information Associated with Fair Value Measurement of Contingent Consideration Related to Refine Using Level 3 Inputs

The following tables provide quantitative information associated with the fair value measurement of the Company’s contingent consideration related to Refine using Level 3 inputs:

	Contingent Consideration
	Refine
Fair value as of December 31, 2014	$3,321,000
Valuation technique	Probability-adjusted discounted cash flow
Periods in which milestones can be achieved	2014 – 2016

	Fixed Earn-out		Variable Earn-out		Accrued Balance
2014	$	1,000,000		—	$	1,000,000
2015		3,500,000		850,000		2,219,000
2016		4,250,000		1,250,000		102,000

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, 2013	$	1,648,928
Additions		1,370,000
Payments		(1,246,348	)
Changes in fair value		2,071,994
Balance at December 31, 2014	$	3,844,574

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, 2014		December 31, 2013
Raw Materials	$	5,373,860	$	4,557,870
Work-in-process		2,256,265		4,285,648
Finished products		4,753,508		2,955,120
Total	$	12,383,633	$	11,798,638

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 to eight years

Reconciliation of Basic and Diluted Shares Amounts

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

	Years ended December 31,
	2014		2013		2012
Numerator:
Net income	$	8,170,214	$	16,093,155	$	14,156,037
Denominator:
Basic weighted average common shares outstanding		32,497,657		31,667,015		30,914,424
Weighted average common stock equivalents from assumed exercise of stock options and restricted stock awards		766,010		739,626		339,010
Diluted weighted average common shares outstanding		33,263,667		32,406,641		31,253,434
Basic net income per common share	$	0.25	$	0.51	$	0.46
Diluted net income per common share	$	0.25	$	0.50	$	0.45

Total Assets by Geographic Area

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

	December 31, 2014		December 31, 2013
United States	$	83,784,971	$	73,557,001
Sweden		44,508,263		45,087,903
Total	$	128,293,234	$	118,644,904

Long Lived Assets by Geographic Area

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

	December 31, 2014		December 31, 2013
United States	$	38,694,687	$	19,858,691
Sweden		8,652,905		12,435,614
Total	$	47,347,592	$	32,294,305

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,
	2014			2013			2012
Orencia® Royalties from Bristol		—			27	%		24	%
GE Healthcare		38	%		35	%		42	%
Bioprocessing Customer B		20	%		12	%		10	%
Bioprocessing Customer C		13	%		13	%		10	%

Intangible assets

Intangible assets consisted of the following at December 31, 2014:

	Gross Carrying Amount		Accumulated Amortization			Weighted Average Useful Life (in years)
Technology – developed	$	3,337,658	$	(750,066	)		12
In process research and development		1,600,000		—			—
Patents		240,000		(147,500	)		8
Customer relationships		12,202,219		(2,546,004	)		9
Trademark/ tradename		700,000		—			—
Total intangible assets	$	18,079,877	$	(3,443,570	)		10

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

Schedule of Amortization Expense for Amortized Intangible Assets

As of December 31, 2014, the Company expects to record the approximate amortization expense:

Years Ending	Amortization Expense
December 31, 2015	$	1,697,000
December 31, 2016		1,759,000
December 31, 2017		1,759,000
December 31, 2018		1,595,000
December 31, 2019		1,580,000

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,
	2014			2013			2012
Sweden		38	%		35	%		42	%
United States		33	%		51	%		46	%
United Kingdom		20	%		12	%		9	%
Other		9	%		2	%		3	%
Total		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, 2014			December 31, 2013
GE Healthcare		29	%		42	%
Customer D		11	%		0	%