Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.10.0.1
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured on a Recurring Basis

The following table summarizes the conclusions reached as of September 30, 2018 and December 31, 2017 for financial instruments measured at fair value on a recurring basis (in thousands):

 

 

 

 

 

 

 

Fair Value Hierarchy Classification

 

 

 

Balance

 

 

Quoted

Prices in

Active

Markets for

Identical

Assets

(Level 1)

 

 

Significant

Other

Observable

Inputs

(Level 2)

 

 

Significant

Unobservable

Inputs (Level 3)

 

December 31, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash on deposit

 

$

1,316

 

 

$

1,316

 

 

 

 

 

 

 

Money market funds

 

 

10,153

 

 

 

10,153

 

 

 

 

 

 

 

Total assets

 

$

11,469

 

 

$

11,469

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liability

 

$

3,872

 

 

 

 

 

 

 

 

$

3,872

 

Total liabilities

 

$

3,872

 

 

 

 

 

 

 

 

$

3,872

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

97

 

 

$

97

 

 

 

 

 

 

 

Restricted cash

 

 

328

 

 

 

328

 

 

 

 

 

 

 

Money market funds

 

 

15,983

 

 

 

15,983

 

 

 

 

 

 

 

Total assets

 

$

16,408

 

 

$

16,408

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

5,242

 

 

 

 

 

 

 

 

$

5,242

 

Total liabilities

 

$

5,242

 

 

 

 

 

 

 

 

$

5,242

 

 

Reconciliation of liabilities using level 3 inputs

A reconciliation of the beginning and ending balances for liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows (in thousands):

Balance - January 1, 2018

 

$

3,872

 

March 2018 Public Offering - Series 1 Warrants

 

 

3,481

 

March 2018 Public Offering - Series 2 Warrants

 

 

5,500

 

Gain adjustment to fair value

 

 

(7,611

)

Balance - September 30, 2018

 

$

5,242