Investments (Tables)

3 Months Ended

Mar. 31, 2017

Investments, Debt and Equity Securities [Abstract]

Schedule of cash and cash equivalents and investments

The following table summarizes the fair value of cash and cash equivalents and investments as of December 31, 2016:

							Fair Value
Description	Cost		Level 1		Level 2		(Carrying Value)
Cash
Cash	$	6,249,703	$	6,249,703	$	—	$	6,249,703
Cash equivalents
FDIC insured deposits and money market funds		24,978,489		24,978,489		—		24,978,489
Cash and cash equivalents	$	31,228,192	$	31,228,192	$	—	$	31,228,192
Short-term investments (due within 1 year)
U.S. government treasury obligations	$	86,078,622	$	86,053,755	$	—	$	86,053,755
Corporate obligations		20,941,799		—		20,925,469		20,925,469
Total short-term investments	$	107,020,420	$	86,053,755	$	20,925,469	$	106,979,224

The following table summarizes the fair value of cash and cash equivalents and investments as of March 31, 2017:

							Fair Value
Description	Cost		Level 1		Level 2		(Carrying Value)
Cash
Cash	$	4,947,113	$	4,947,113	$	—	$	4,947,113
Cash equivalents
FDIC insured deposits and money market funds		28,713,805		28,713,805		—		28,713,805
Cash and cash equivalents	$	33,660,918	$	33,660,918	$	—	$	33,660,918
Short-term investments (due within 1 year)
U.S. government treasury obligations	$	70,047,072	$	69,996,135	$	—	$	69,996,135
Corporate obligations		23,908,041		—		23,905,101		23,905,101
Total short-term investments	$	93,955,113	$	69,996,135	$	23,905,101	$	93,901,236