Investments (Tables)

9 Months Ended

Sep. 30, 2016

Investments, Debt and Equity Securities [Abstract]

Schedule Of Cash And Cash Equivalents And Short Term Investments [Table Text Block]

The following table summarizes the fair value of cash and cash equivalents and investments as of December 31, 2015:

							Fair Value
Description	Cost		Level 1		Level 2		(Carrying Value)
Cash
Cash	$	5,154,191	$	5,154,191	$	—	$	5,154,191
Cash equivalents
FDIC insured deposits and money market funds		10,277,431		10,277,431		—		10,277,431
Cash and cash equivalents	$	15,431,622	$	15,431,622	$	—	$	15,431,622
Short-term investments (due within 1 year)
U.S. government treasury obligations	$	73,593,081	$	73,560,085	$	—	$	73,560,085
U.S. government agency obligations		55,702,099		55,670,043		—		55,670,043
Corporate obligations		28,953,051		—		28,938,704		28,938,704
Total short-term investments	$	158,248,231	$	129,230,128	$	28,938,704	$	158,168,832

The following table summarizes the fair value of cash and cash equivalents and investments as of September 30, 2016:

							Fair Value
Description	Cost		Level 1		Level 2		(Carrying Value)
Cash
Cash	$	7,441,394	$	7,441,394	$	—	$	7,441,394
Cash equivalents
FDIC insured deposits and money market funds		27,291,388		27,291,388		—		27,291,388
Cash and cash equivalents	$	34,732,782	$	34,732,782	$	—	$	34,732,782
Short-term investments (due within 1 year)
U.S. government treasury obligations	$	79,555,312	$	79,590,040	$	—	$	79,590,040
U.S. government agency obligations		8,026,091		8,027,400		—		8,027,400
Corporate obligations		24,370,746		—		24,366,349		24,366,349
Total short-term investments	$	111,952,149	$	87,617,440	$	24,366,349	$	111,983,789