Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.19.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured on a Recurring Basis The following table summarizes the conclusions reached as of March 31, 2019 and December 31, 2018 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, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

213

 

 

$

213

 

 

 

 

 

 

 

Restricted cash

 

 

328

 

 

 

328

 

 

 

 

 

 

 

Money market funds

 

 

11,226

 

 

 

11,226

 

 

 

 

 

 

 

Total assets

 

$

11,767

 

 

$

11,767

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

986

 

 

 

 

 

 

 

 

$

986

 

Total liabilities

 

$

986

 

 

 

 

 

 

 

 

$

986

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted cash

 

$

328

 

 

$

328

 

 

 

 

 

 

 

Money market funds

 

 

12,950

 

 

 

12,950

 

 

 

 

 

 

 

Total assets

 

$

13,278

 

 

$

13,278

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

7,508

 

 

 

 

 

 

 

 

$

7,508

 

Derivative liability

 

$

9,840

 

 

 

 

 

 

 

 

$

9,840

 

Total liabilities

 

$

17,348

 

 

 

 

 

 

 

 

$

17,348

 

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):

 

 

 

Warrant Liabilities

 

Balance - January 1, 2019

 

 

$

986

 

Loss adjustment to fair value

 

 

 

6,522

 

Balance - March 31, 2019

 

 

$

7,508

 

 

 

 

 

 

 

 

 

 

Derivative Liability

 

Balance - January 1, 2019

 

 

$

 

Bifurcated embedded conversion option associated with Notes

 

 

 

6,960

 

Loss adjustment to fair value

 

 

 

2,880

 

Balance - March 31, 2019

 

 

$

9,840