Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

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, 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
June 30, 2016
Assets
Money market funds (cash equivalents)	$	7,429,658	$	—	$	—	$	7,429,658
Total assets	$	7,429,658	$	—	$	—	$	7,429,658
Liabilities
Interest make-whole derivative		—		—	$	42,000	$	42,000
Shape contingent consideration		—		—		23,242,000		23,242,000
Common stock warrant liability		—		—		4,716		4,716
Total liabilities	$	—	$	—	$	23,288,716	$	23,288,716

Summary of changes in the fair value of Level 3 liabilities

	December 31,								Change in		June 30,
	2014		Additions		Deductions		Conversions		Fair Value		2015
Interest make-whole derivative	$	2,400,000	$	—		—		(165,957)	$	(1,484,043)	$	750,000
Shape contingent consideration		31,491,686		—	$	—		—		2,129,000		33,620,686
Common stock warrant liability		256,027		—		—	$	—		(158,180)		97,847
Total liabilities	$	34,147,713	$	—	$	—	$	—	$	486,777	$	34,468,533

	December 31,								Change in		June 30,
	2015		Additions		Deductions		Conversions		Fair Value		2016
Interest make-whole derivative	$	55,000		—		—	$	—	$	(13,000)	$	42,000
Shape contingent consideration		21,080,000		—		—		—		2,162,000		23,242,000
Common stock warrant liability		64,877		—		—		—		(60,161)		4,716
Total liabilities	$	21,199,877	$	—	$	—	$	—	$	2,088,839	$	23,288,716

Schedule of fair value and carrying value of our convertible debt

As of June 30, 2016, the fair value and carrying value of our convertible debt was as follows:

	Fair Value		Carrying Value		Face Value
8.00% convertible senior notes due June 15, 2019	$	11,366,000	$	29,925,203	$	43,750,000