Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2017

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, 2017 and September 30, 2016 for assets and liabilities measured at fair value on a recurring basis:

June 30, 2017:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	38,383,135	$	—	$	—	$	38,383,135
Short-term investments	$	36,451,134	$	—	$	—	$	36,451,134
Derivative liabilities	$	—	$	—	$	83,113	$	83,113

September 30, 2016:

	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	85,366,448	$	—	$	—	$	85,366,448
Short-term investments	$	—	$	—	$	—	$	—
Derivative liabilities	$	—	$	—	$	1,602,626	$	1,602,626

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, 2017	September 30, 2016
Risk-free interest rate	1.14%	0.68%
Expected life	0.7 Years	1.5 Years
Dividend yield	—	—
Volatility	79%	89%

Reconciliation of Derivative Liability

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

Value at September 30, 2016	$	36,752
Issuance of instruments		—
Change in value		(28,650	)
Net settlements		—
Value at June 30, 2017	$	8,102

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, 2017	September 30, 2016
Risk-free interest rate	1.14%	0.68%
Expected life	0.5 Years	1.2 Years
Dividend yield	—	—
Volatility	79%	89%
2013 Warrants	June 30, 2017	September 30, 2016
Risk-free interest rate	1.14%	0.68%
Expected life	0.6 Years	1.3 Years
Dividend yield	—	—
Volatility	79%	89%

Reconciliation of Derivative Liability

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

Value at September 30, 2016	$	1,565,874
Issuance of instruments		—
Change in value		(1,490,863	)
Net settlements		—
Value at June 30, 2017	$	75,011