Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

Fair Value Measurements

Schedule of information about each major category of financial assets and liabilities measured at fair value on a recurring basis

	Level 1		Level 2		Level 3		Total
December 31, 2014
Assets
Money market funds (cash equivalents)	$	10,468,570	$	—	$	—	$	10,468,570
Short-term investments		—		40,624,349		—		40,624,349
Total assets	$	10,468,570	$	40,624,349	$	—	$	51,092,919
Liabilities
Interest make-whole derivative		—		—	$	2,400,000	$	2,400,000
Shape contingent consideration		—		—		31,491,686		31,491,686
Common stock warrant liability		—		—		256,027		256,027
Total liabilities	$	—	$	—	$	34,147,713	$	34,147,713
December 31, 2015
Assets
Money market funds (cash equivalents)	$	12,243,104	$	—	$	—	$	12,243,104
Short-term investments		—		5,106,627		—		5,106,627
Total assets	$	12,243,104	$	5,106,627	$	—	$	17,349,731
Liabilities
Interest make-whole derivative		—		—	$	55,000	$	55,000
Shape contingent consideration		—		—		21,080,000		21,080,000
Common stock warrant liability		—		—		64,877		64,877
Total liabilities	$	—	$	—	$	21,199,877	$	21,199,877

Summary of changes in the fair value of Level 3 liabilities

	December 31,								Change in		December 31,
	2013		Additions		Deductions		Conversions		Fair Value		2014
Interest make-whole derivative	$	—	$	3,055,000		—		—	$	(655,000)	$	2,400,000
Shape contingent consideration		—		28,932,339	$	(12,653)		—		2,572,000		31,491,686
Common stock warrant liability		793,744		—		—	$	(119,519)		(418,198)		256,027
Total liabilities	$	793,744	$	32,298,339	$	(12,653)	$	(119,519)	$	1,498,802	$	34,147,713

	December 31,								Change in		December 31,
	2014		Additions		Deductions		Conversions		Fair Value		2015
Interest make-whole derivative	$	2,400,000		—		—	$	(165,957)	$	(2,179,043)	$	55,000
Shape contingent consideration		31,491,686		—		—		—		(10,411,686)		21,080,000
Common stock warrant liability		256,027		—		—		—		(191,150)		64,877
Total liabilities	$	34,147,713	$	—	$	—	$	(165,957)	$	(12,781,879)	$	21,199,877

Schedule of fair value and carrying value of our convertible debt

	Fair Value		Carrying Value		Face Value
8.00% convertible senior notes due June 15, 2019	$	11,366,000	$	28,278,875	$	43,750,000

^The fair value shown above represents the fair value of the total debt instrument, inclusive of both the liability and equity components, while the carrying value represents the carrying value of the liability