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Fair Value Instruments (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2016 and December 31, 2015, respectively in the fair value hierarchy:

 

 

Balance at June 30, 2016

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Asset included in:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market securities

 

$

6,881,027

 

 

$

—

 

 

$

—

 

 

$

6,881,027

 

Investments available-for-sale at fair value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government obligations

 

$

3,306,298

 

 

$

—

 

 

$

—

 

 

$

3,306,298

 

U.S. government agency obligations

 

$

—

 

 

$

5,899,598

 

 

$

—

 

 

$

5,899,598

 

Corporate debt securities

 

$

—

 

 

$

6,199,518

 

 

$

—

 

 

$

6,199,518

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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