Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.21.2
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured on a Recurring Basis The following table summarizes the conclusions reached as of September 30, 2021 and December 31, 2020 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)

 

September 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

$

173

 

 

$

173

 

 

 

 

 

 

 

Restricted cash

 

 

218

 

 

 

218

 

 

 

 

 

 

 

Money market funds

 

 

99,936

 

 

 

99,936

 

 

 

 

 

 

 

Total assets

 

$

100,327

 

 

$

100,327

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

$

15,335

 

 

 

 

 

 

 

 

$

15,335

 

Derivative liability

 

 

756

 

 

 

 

 

 

 

 

 

756

 

Total liabilities

 

$

16,091

 

 

 

 

 

 

 

 

$

16,091

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

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 – December 31, 2020

 

 

$

51,156

 

Loan Agreement warrants

 

 

 

362

 

Gain adjustment to fair value

 

 

 

(35,378

)

Settlement for December 2020 Public Offering - Series 1 warrant exercise

 

 

 

(805

)

Balance – September 30, 2021

 

 

$

15,335

 

 

 

 

 

 

 

 

 

 

Derivative Liabilities

 

Balance – December 31, 2020

 

 

$

5,954

 

Adjustment for conversion of April 2020 Notes

 

 

 

(3,426

)

Gain adjustment to fair value

 

 

 

(1,772

)

Balance – September 30, 2021

 

 

$

756