Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Summary of major category of financial assets and financial liabilities measured at fair value on a recurring basis

	Level 1		Level 2		Level 3		Total
September 30, 2014
Assets
Money market funds (cash equivalents)	$	46,877,800	$	—	$	—	$	46,877,800
Total assets	$	46,877,800	$	—	$	—	$	46,877,800
December 31, 2013
Assets
Money market funds (cash equivalents)	$	9,250,663	$	—	$	—	$	9,250,663
Total assets	$	9,250,663	$	—	$	—	$	9,250,663
Liabilities
Warrant liability	$	—	$	—	$	1,191,514	$	1,191,514
Total liabilities	$	—	$	—	$	1,191,514	$	1,191,514

Summary of changes in the fair value of Level 3 preferred stock warrant liability

	Beginning of Period		Issuances		Exercises		Change in Fair Value			End of Period
Nine months ended September 30, 2013	$	1,344,200	$	—	$	—	$	(91,583	)	$	1,252,617
Nine months ended September 30, 2014	$	1,191,514	$	—	$	—	$	(1,191,514	)	$	—

- 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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