Fair Value Instruments (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table classifies the Company’s financial assets and liabilities measured at fair value on a recurring basis at March 31, 2016 and December 31, 2015, respectively into the fair value hierarchy:

	Balance at March 31, 2016
	Level 1		Level 2		Level 3		Total
Asset included in:
Cash and cash equivalents
Money market securities	$	4,922,696	$	—	$	—	$	4,922,696
Investments available-for-sale at fair value
U.S. government obligations	$	3,304,461	$	—	$	—	$	3,304,461
U.S. government agency obligations	$	—	$	14,601,971	$	—	$	14,601,971
Corporate debt securities	$	—	$	9,945,614	$	—	$	9,945,614
	Balance at December 31, 2015
	Level 1		Level 2		Level 3		Total
Asset included in:
Cash and cash equivalents
Money market securities	$	3,290,490	$	—	$	—	$	3,290,490
Investments available-for-sale at fair value
U.S. government obligations	$	3,298,014	$	—	$	—	$	3,298,014
U.S. government agency obligations	$	—	$	14,589,378	$	—	$	14,589,378
Corporate debt securities	$	—	$	12,918,016	$	—	$	12,918,016