Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.20.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured on a Recurring Basis The following table summarizes the conclusions reached as of March 31, 2020 and December 31, 2019 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)

 

March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

195

 

 

$

195

 

 

 

 

 

 

 

Restricted cash

 

 

273

 

 

 

273

 

 

 

 

 

 

 

Money market funds

 

 

20,058

 

 

 

20,058

 

 

 

 

 

 

 

Total assets

 

$

20,526

 

 

$

20,526

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

13,628

 

 

 

 

 

 

 

 

$

13,628

 

Derivative liability

 

 

2,492

 

 

 

 

 

 

 

 

 

2,492

 

Total liabilities

 

$

16,120

 

 

 

 

 

 

 

 

$

16,120

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

23

 

 

$

23

 

 

 

 

 

 

 

Restricted cash

 

 

273

 

 

 

273

 

 

 

 

 

 

 

Money market funds

 

 

41,897

 

 

 

41,897

 

 

 

 

 

 

 

Total assets

 

$

42,193

 

 

$

42,193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

18,396

 

 

 

 

 

 

 

 

$

18,396

 

Derivative liability

 

 

3,192

 

 

 

 

 

 

 

 

 

3,192

 

Total liabilities

 

$

21,588

 

 

 

 

 

 

 

 

$

21,588

 

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 – December 31, 2019

 

 

$

18,396

 

Gain adjustment to fair value

 

 

 

(4,768

)

Balance – March 31, 2020

 

 

$

13,628

 

 

 

 

 

 

 

 

 

 

Derivative Liability

 

Balance – December 31, 2019

 

 

$

3,192

 

Gain adjustment to fair value

 

 

 

(700

)

Balance – March 31, 2020

 

 

$

2,492