Fair Value Measurements (Tables)

9 Months Ended

Sep. 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
September 30, 2016
Assets
Money market funds (cash equivalents)	$	5,431,977	$	—	$	—	$	5,431,977
Total assets	$	5,431,977	$	—	$	—	$	5,431,977
Liabilities
Interest make-whole derivative		—		—	$	22,000	$	22,000
Shape contingent consideration		—		—		24,406,000		24,406,000
Common stock warrant liability		—		—		1,235		1,235
Total liabilities	$	—	$	—	$	24,429,235	$	24,429,235

Summary of changes in the fair value of Level 3 liabilities

	December 31,								Change in		September 30,
	2014		Additions		Deductions		Conversions		Fair Value		2015
Interest make-whole derivative	$	2,400,000	$	—		—		(165,957)	$	(1,889,043)	$	345,000
Shape contingent consideration		31,491,686		—	$	—		—		3,252,000		34,743,686
Common stock warrant liability		256,027		—		—	$	—		(184,538)		71,489
Total liabilities	$	34,147,713	$	—	$	—	$	—	$	1,178,419	$	35,160,175

	December 31,								Change in		September 30,
	2015		Additions		Deductions		Conversions		Fair Value		2016
Interest make-whole derivative	$	55,000		—		—	$	—	$	(33,000)	$	22,000
Shape contingent consideration		21,080,000		—		—		—		3,326,000		24,406,000
Common stock warrant liability		64,877		—		—		—		(63,642)		1,235
Total liabilities	$	21,199,877	$	—	$	—	$	—	$	3,229,358	$	24,429,235

Schedule of fair value and carrying value of our convertible debt

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

	Fair Value		Carrying Value		Face Value
8.00% convertible 8% notes due June 15, 2019	$	11,366,000	$	30,809,129	$	43,750,000