Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.21.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured on a Recurring Basis The following table summarizes the conclusions reached as of December 31, 2020 and 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)

 

December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

117

 

 

$

117

 

 

 

 

 

 

 

Restricted cash

 

 

273

 

 

 

273

 

 

 

 

 

 

 

Money market funds

 

 

92,924

 

 

 

92,924

 

 

 

 

 

 

 

Total assets

 

$

93,314

 

 

$

93,314

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

51,156

 

 

 

 

 

 

 

 

$

51,156

 

Derivative liabilities

 

 

5,954

 

 

 

 

 

 

 

 

 

5,954

 

Total liabilities

 

$

57,110

 

 

 

 

 

 

 

 

$

57,110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Summary of Reconciliation of Beginning and Ending Balances for Liabilities Measured at Fair Value on Recurring Basis

 

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, 2020

 

 

$

18,396

 

December 2020 Public Offering

 

 

 

29,478

 

Loss adjustment to fair value

 

 

 

3,282

 

Balance – December 31, 2020

 

 

$

51,156

 

 

 

 

 

 

 

 

 

 

Derivative Liabilities

 

Balance – January 1, 2020

 

 

$

3,192

 

Bifurcated embedded conversion option associated with April 2020 Notes

 

 

 

8,110

 

Adjustment for partial conversion of April 2020 Notes

 

 

 

(2,690

)

Gain adjustment to fair value

 

 

 

(2,658

)

Balance – December 31, 2020

 

 

$

5,954