Annual report pursuant to Section 13 and 15(d)

Fair Value of Financial Instruments (Tables)

v3.3.1.900
Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2015
Fair Value of Financial Instruments  
Schedule of cash and available-for-sale securities' adjusted cost, gross unrealized gains, gross unrealized losses and fair values by significant investment category

                                                                                                                                                                                    

 

 

December 31, 2015

 

 

 

Adjusted Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

 

Cash and Cash
Equivalents

 

Marketable
Securities

 

Cash

 

$

20,672,737

 

$

 

$

 

$

20,672,737

 

$

20,672,737

 

$

 

Level 1(1):

 

 


 

 

 


 

 

 


 

 

 


 

 

 


 

 

 


 

 

Money market funds

 

 

4,100,829

 

 

 

 

 

 

4,100,829

 

 

4,100,829

 

 

 

U.S. Treasury securities

 

 

12,020,862

 

 

92

 

 

(1,434

)

 

12,019,520

 

 

 

 

12,019,520

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Subtotal

 

 

16,121,691

 

 

92

 

 

(1,434

)

 

16,120,349

 

 

4,100,829

 

 

12,019,520

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Level 2(2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase agreements

 

 

22,000,000

 

 

 

 

 

 

22,000,000

 

 

22,000,000

 

 

 

U.S. government agency securities

 

 

114,049,441

 

 

269

 

 

(204,783

)

 

113,844,927

 

 

 

 

113,844,927

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Subtotal

 

 

136,049,441

 

 

269

 

 

(204,783

)

 

135,844,927

 

 

22,000,000

 

 

113,844,927

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total

 

$

172,843,869

 

$

361

 

$

(206,217

)

$

172,638,013

 

$

46,773,566

 

$

125,864,447

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

                                                                                                                                                                                    

 

 

December 31, 2014

 

 

 

Adjusted Cost

 

Unrealized
Gains

 

Unrealized
Losses

 

Fair Value

 

Cash and Cash
Equivalents

 

Marketable
Securities

 

Cash

 

$

7,141,548

 

$

 

$

 

$

7,141,548

 

$

7,141,548

 

$

 

Level 1(1):

 

 


 

 

 


 

 

 


 

 

 


 

 

 


 

 

 


 

 

Money market funds

 

 

29,064,011

 

 

 

 

 

 

29,064,011

 

 

29,064,011

 

 

 

U.S. Treasury securities

 

 

70,717,422

 

 

258

 

 

(19,040

)

 

70,698,640

 

 

 

 

70,698,640

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Subtotal

 

 

99,781,433

 

 

258

 

 

(19,040

)

 

99,762,651

 

 

29,064,011

 

 

70,698,640

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total

 

$

106,922,981

 

$

258

 

$

(19,040

)

$

106,904,199

 

$

36,205,559

 

$

70,698,640

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  


 

 

 

(1)          

The fair value of Level 1 securities is estimated based on quoted prices in active markets for identical assets or liabilities.

(2)          

The fair value of Level 2 securities is estimated based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term on the assets or liabilities.

 

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

                                                                                                                                                                                    

 

 

Warrant Liability

 

Balance as of January 1, 2014

 

$

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

 

Amounts acquired or issued

 

 

 

Changes in estimated fair value

 

 

70,387

 

​  

​  

Balance as of December 31, 2015

 

$

153,238

 

​  

​  

​  

​  

 

Schedule of assumptions used for valuation of warrants

                                                                                                                                                                                     

 

 

December 31,

 

 

 

2015

 

2014

 

 

 

Common stock
warrant liability

 

Common stock
warrant liability

 

Estimated remaining term

 

 

6.3 years

 

 

7.3 years

 

Risk-free interest rate

 

 

2.0 

%

 

2.0 

%

Volatility

 

 

67.4 

%

 

71.8 

%

Dividend yield

 

 

%

 

%

Fair value of underlying instrument*

 

$

10.50 

 

$

5.98 

 

 


 

 

 

*          

Trevena, Inc. closing stock price.