Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

Schedule of financial instruments measured at fair value by level within fair value hierarchy

	Level 1		Level 2		Level 3
March 31, 2015
Assets:
Cash and cash equivalents	$	53,807,863	$	—	$	—
Total assets at fair value	$	53,807,863	$	—	$	—
Liabilities:
Common stock warrants	$	—	$	—	$	396,892
Total liabilities at fair value	$	—	$	—	$	396,892

	Level 1		Level 2		Level 3
December 31, 2014
Assets:
Cash and cash equivalents	$	40,135,102	$	—	$	—
Total assets at fair value	$	40,135,102	$	—	$	—
Liabilities:
Common stock warrants	—		—		296,048
Total liabilities at fair value	$	—	$	—	$	296,048

Schedule of rollforward of fair value of Level 3 warrants

Beginning balance at December 31, 2014	$	296,048
Change in fair value	100,844
Ending balance at March 31, 2015	$	396,892

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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