Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.1.9
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2014
Summary of Significant Accounting Policies  
Schedule of major category of financial assets and liabilities measured at fair value on a recurring basis

 

                                                                                                                                                                                    

 

 

Quoted Prices in
Active Markets
for Identical
Items (Level 1)

 

Significant Other
Observable Inputs
(Level 2)

 

Significant
Unobservable Inputs
(Level 3)

 

Total

 

December 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market mutual funds

 

$

29,064,011 

 

$

 

$

 

$

29,064,011 

 

U.S. Treasury Bonds

 

 

70,698,640 

 

 

 

 

 

 

 

 

70,698,640 

 

Restricted cash

 

 

112,410 

 

 

 

 

 

 

112,410 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total assets

 

$

99,875,061 

 

$

 

$

 

$

99,875,061 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants to purchase common stock

 

$

 

$

 

$

82,851 

 

$

82,851 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total liabilities

 

$

 

$

 

$

82,851 

 

$

82,851 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury Bills

 

$

35,551,000 

 

 

 

 

 

$

35,551,000 

 

Restricted cash

 

 

112,000 

 

 

 

 

 

 

112,000 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total assets

 

$

35,663,000 

 

$

 

$

 

$

35,663,000 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrants to purchase redeemable preferred stock

 

$

 

$

 

$

350,519 

 

$

350,519 

 

​  

​  

​  

​  

​  

​  

​  

​  

Total liabilities

 

$

 

$

 

$

350,519 

 

$

350,519 

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of changes in the fair value of the Company's preferred warrant liability representing a recurring measurement classified within Level 3, wherein fair value is estimated using significant unobservable inputs

 

                                                                                                                                                                                    

 

 

Warrant Liability

 

Balance as of December 31, 2012

 

1,393,674

 

Amounts acquired or issued

 

 

(801,677

)

Changes in estimated fair value

 

 

(241,478

)

​  

​  

Balance as of December 31, 2013

 

 

350,519

 

Amounts acquired or issued

 

 

 

Changes in estimated fair value

 

 

(122,412

)

Amounts reclassified to additional paid-in capital

 

 

(145,256

)

​  

​  

Balance as of December 31, 2014

 

$

82,851

 

​  

​  

​  

​  

​  

 

Schedule of assumptions used for valuation of warrants

 

                                                                                                                                                                                    

 

 

December 31,
2014

 

December 31, 2013

 

 

 

Common stock
warrant liability

 

Series B-1
preferred stock
warrant liability

 

Series B
preferred stock
warrant liability

 

Estimated remaining term

 

 

7.34 years

 

 

0.25 years

 

 

8.4 years

 

Dividend yield

 

 

0.00 

%

 

0.00 

%

 

0.00 

%

Risk-free interest rate

 

 

1.99 

%

 

0.38 

%

 

2.75 

%

Fair value of underlying instrument

 

$

5.98 

 

$

7.00 

 

$

7.00 

 

Volatility

 

 

72 

%

 

71 

%

 

70 

%