Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.20.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured on a Recurring Basis The following table summarizes the conclusions reached as of June 30, 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)

 

June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

247

 

 

$

247

 

 

 

 

 

 

 

Restricted cash

 

 

273

 

 

 

273

 

 

 

 

 

 

 

Money market funds

 

 

33,774

 

 

 

33,774

 

 

 

 

 

 

 

Total assets

 

$

34,294

 

 

$

34,294

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

10,067

 

 

 

 

 

 

 

 

$

10,067

 

Derivative liabilities

 

 

7,896

 

 

 

 

 

 

 

 

 

7,896

 

Total liabilities

 

$

17,963

 

 

 

 

 

 

 

 

$

17,963

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

(8,329

)

Balance – June 30, 2020

 

 

$

10,067

 

 

 

 

 

 

 

 

 

 

Derivative Liabilities

 

Balance – December 31, 2019

 

 

$

3,192

 

Bifurcated embedded conversion option associated with April 2020 Notes

 

 

 

8,110

 

Adjustment for partial conversion of April 2020 Notes

 

 

 

(1,612

)

Gain adjustment to fair value

 

 

 

(1,794

)

Balance – June 30, 2020

 

 

$

7,896