Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of Short Term Investments

Short-term investments had quoted prices at September 30, 2019 as shown below:

	September 30, 2019
	Amortized Cost		Unrealized Gain		Market Value
United States treasury securities	$	3,388,492	$	2,872	$	3,391,364
Financial and corporate debt securities		24,818,581		16,081		24,834,662
Total	$	28,207,073	$	18,953	$	28,226,026

Summary of Assumptions Used to Estimate Fair Value of Contingent Payments

The fair value of contingent payments classified as a liability was estimated using the Monte Carlo simulation valuation model with Level 3 inputs. The assumptions used to estimate the fair value of contingent payments that were classified as a liability at September 30, 2019 were as follows:

Expected volatility	95.3	%
Risk-free interest rate	1.6	%
Cost of capital	30.0	%

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The Company’s assets and liabilities measured at fair value on a recurring basis at September 30, 2019 consisted of the following:

	Fair Value Measurement at September 30, 2019
	Total		Level 1		Level 2		Level 3
Recurring fair value measurements
Cash equivalents - money market funds	$	10,620,192	$	10,620,192	$	—	$	—
Short-term investments		28,226,026		3,391,364		24,834,662		—
Contingent consideration		2,750,000		—		—		2,750,000
Warrant liability		10,000		—		—		10,000

The Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2018 consisted of the following:

	Fair Value Measurement at December 31, 2018
	Total		Level 1		Level 2		Level 3
Recurring fair value measurements
Cash equivalents - money market funds	$	29,375,509	$	29,375,509	$	—	$	—
Warrant liability		65,000		—		—		65,000