Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2016

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Fair Value Measurements for Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes fair value measurements at June 30, 2016 and September 30, 2015 for assets and liabilities measured at fair value on a recurring basis:

June 30, 2016:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	43,616,543	$	—	$	—	$	43,616,543
Derivative liabilities	$	—	$	—	$	1,068,552	$	1,068,552
Acquisition-related contingent consideration obligations	$	—	$	—	$	5,862,464	$	5,862,464

September 30, 2015:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	81,214,354	$	—	$	—	$	81,214,354
Derivative liabilities	$	—	$	—	$	1,301,604	$	1,301,604
Acquisition-related contingent consideration obligations	$	—	$	—	$	5,862,464	$	5,862,464

Change in Fair Value of Contingent Consideration Obligations

The following is a reconciliation of contingent consideration fair value.

Value at September 30, 2015	$	5,862,464
Purchase price contingent consideration		—
Contingent consideration payments		—
Change in fair value of contingent consideration		—
Value at June 30, 2016	$	5,862,464

Exchange rights

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Assumptions Used in Valuing Derivative Liabilities

The assumptions used in valuing the derivative liability were as follows:

	June 30, 2016	September 30,  2015
Risk-free interest rate	0.52%	1.00%
Expected life	1.6 Years	2.5 Years
Dividend yield	—	—
Volatility	89%	75%

Reconciliation of Derivative Liability

The following is a reconciliation of the derivative liability related to these exchange rights:

Value at September 30, 2015	$	28,802
Issuance of instruments		—
Change in value		(2,200	)
Net settlements		—
Value at June 30, 2016	$	26,602

Warrant

Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]

Assumptions Used in Valuing Derivative Liabilities

The assumptions used in valuing the derivative liability were as follows:

2012 Warrants	June 30, 2016	September 30, 2015
Risk-free interest rate	0.52%	0.6%
Expected life	1.5 Years	2.2 Years
Dividend yield	—	—
Volatility	89%	75%
2013 Warrants	June 30, 2016	September 30, 2015
Risk-free interest rate	0.52%	0.6%
Expected life	1.6 Years	2.3 Years
Dividend yield	—	—
Volatility	89%	75%

Reconciliation of Derivative Liability

The following is a reconciliation of the derivative liability related to these warrants:

Value at September 30, 2015	$	1,272,802
Issuance of instruments		—
Change in value		(230,852	)
Net settlements		—
Value at June 30, 2016	$	1,041,950