Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.19.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2019
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured on a Recurring Basis The following table summarizes the conclusions reached as of June 30, 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted cash

 

$

328

 

 

$

328

 

 

 

 

 

 

 

Money market funds

 

 

19,150

 

 

 

19,150

 

 

 

 

 

 

 

Total assets

 

$

19,478

 

 

$

19,478

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

5,459

 

 

 

 

 

 

 

 

$

5,459

 

Derivative liability

 

 

6,860

 

 

 

 

 

 

 

 

 

6,860

 

Total liabilities

 

$

12,319

 

 

 

 

 

 

 

 

$

12,319

 

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

 

 

 

4,473

 

Balance - June 30, 2019

 

 

$

5,459

 

 

 

 

 

 

 

 

 

 

Derivative Liability

 

Balance - January 1, 2019

 

 

$

 

Bifurcated embedded conversion option associated with Notes

 

 

 

6,960

 

Loss adjustment to fair value

 

 

 

1,556

 

Adjustment for April 2019 conversion of Notes

 

 

 

(1,656

)

Balance - June 30, 2019

 

 

$

6,860