Investments (Tables)

9 Months Ended

Sep. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Schedule of the fair value 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 (original maturity of 3 months or less)
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 September 30, 2017:

							Fair Value
Description	Cost		Level 1		Level 2		(Carrying Value)
Cash
Cash	$	6,110,170	$	6,110,170	$	—	$	6,110,170
Cash equivalents (original maturity of 3 months or less)
Repurchase agreements		15,000,000		—		15,000,000		15,000,000
Money market funds		14,573,254		14,573,254		—		14,573,254
U.S. government treasury obligations		9,495,984		9,496,720		—		9,496,720
Corporate obligations		1,998,361		—		1,998,361		1,998,361
Cash and cash equivalents	$	47,177,769	$	30,180,144	$	16,998,361	$	47,178,505
Short-term investments (due within 1 year)
U.S. government treasury obligations	$	36,957,883	$	36,953,105	$	—	$	36,953,105
Corporate obligations		18,949,143		—		18,948,624		18,948,624
Total short-term investments	$	55,907,026	$	36,953,105	$	18,948,624	$	55,901,729