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Financial Instruments

9 Months Ended

Sep. 30, 2019

3. Financial Instruments

The following is a summary of our financial instruments measured at fair value on a recurring basis (in thousands):



September 30, 2019	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	1,466	$	--	$	--	$	1,466
Restricted securities:
Money market funds		492		--		--		492
Endospan Loan		--		--		358		358
Total assets	$	1,958	$	--	$	358	$	2,316


December 31, 2018	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	1,445	$	--	$	--	$	1,445
Restricted securities:
Money market funds		747		--		--		747
Total assets	$	2,192	$	--	$	--	$	2,192

We used prices quoted from our investment advisors to determine the Level 1 valuation of our investments in money market funds. We recorded the Endospan Loan, classified as Level 3, as a result of an agreement with Endospan in September 2019. See Note 2 for further discussion of the Endospan Loan. Changes in fair value of Level 3 assets are listed in the table below (in thousands):


		Endospan Loan
Balance as of December 31, 2018	$	--
Initial value of Endospan Loan		358
Change in valuation of Endospan Loan		--
Balance as of September 30, 2019	$	358

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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