Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value of Financial Instruments [Abstract]

	Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets (Level 1)		Quoted Prices in Inactive Markets (Level 2)		Significant Unobservable Inputs (Level 3)
As of December 31, 2016:
Cash and cash equivalents	$	106,398,919	$	106,398,919	$	-	$	-

As of December 31, 2015:
Cash and cash equivalents	$	130,189,421	$	130,189,421	$	-	$	-

Significant Unobservable Input Reconciliation

Prior to our IPO, which closed on October 6, 2015, Level 3 instruments consisted of the Company’s Series C and Series C-1 convertible preferred stock warrant liability and common stock warrant liability. The fair values of the outstanding warrants were measured using the Black-Scholes option-pricing model (Note 7). Inputs used to determine estimated fair value of the warrant liabilities include the estimated fair value of the underlying stock at the valuation date, the estimated term of the warrants, risk-free interest rates, expected dividends and the expected volatility of the underlying stock. The significant unobservable inputs used in the fair value measurement of the warrant liabilities were the fair value of the underlying stock at the valuation date and the estimated term of the warrants. Generally, increases (decreases) in the fair value of the underlying stock and estimated term would result in a directionally similar impact to the fair value measurement. After the IPO, the warrants were no longer liability classified and were no longer considered Level 3 instruments.

	Warrant Liability
Fair value as of December 31, 2014	$	1,671,106
Fair value of warrants issued		175,114
Change in fair value		1,879,823
Reclassification to additional paid in capital at IPO		(3,726,043	)
Fair value as of December 31, 2015		-
Fair value as of December 31, 2016	$	-