XML 62 R22.htm IDEA: XBRL DOCUMENT
v3.19.3

Fair Value Measurements (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2019
Fair Value Disclosures [Abstract] |
Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table represents the fair value hierarchy for our financial assets (cash equivalents and marketable securities) and liabilities measured at fair value on a recurring basis (in thousands):
| Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
September 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 33,732 |  |  | $ | - |  |  | $ | - |  |  | $ | 33,732 |
U.S. treasuries |  | - |  |  |  | 1,497 |  |  |  | - |  |  |  | 1,497 |
U.S. government agency securities |  | - |  |  |  | 58,719 |  |  |  | - |  |  |  | 58,719 |
Corporate debt securities |  | - |  |  |  | 77,433 |  |  |  | - |  |  |  | 77,433 |
Total assets | $ | 33,732 |  |  | $ | 137,649 |  |  | $ | - |  |  | $ | 171,381 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability | $ | - |  |  | $ | - |  |  | $ | 7,594 |  |  | $ | 7,594 |
Sublicense liability |  | - |  |  |  | - |  |  |  | 6,791 |  |  |  | 6,791 |
Total liabilities | $ | - |  |  | $ | - |  |  | $ | 14,385 |  |  | $ | 14,385 |
| Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds | $ | 44,002 |  |  | $ | - |  |  | $ | - |  |  | $ | 44,002 |
U.S. treasuries |  | - |  |  |  | 14,724 |  |  |  | - |  |  |  | 14,724 |
U.S. government agency securities |  | - |  |  |  | 42,372 |  |  |  | - |  |  |  | 42,372 |
Corporate debt securities |  | - |  |  |  | 41,291 |  |  |  | - |  |  |  | 41,291 |
Total assets | $ | 44,002 |  |  | $ | 98,387 |  |  | $ | - |  |  | $ | 142,389 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sublicense liability | $ | - |  |  | $ | - |  |  | $ | 6,320 |  |  | $ | 6,320 |
Summary of Assumptions to Estimate the Fair Value of Warrant Liability | As of September 30, 2019, we used the following key assumptions to estimate the fair value of warrant liability:
Number of shares |  |  | 5,841,250 |
Expected term |  | 2.4 years |
Expected volatility |  |  | 0.7 |
Risk-free interest rate |  |  | 1.6 | %
Dividend yield |  |  | 0 | %
Summary of Changes in Fair Value Warrant liability | The following table provides a summary of changes in the fair value warrant liability for nine month ended September 30, 2019 (in thousands):
Balance at December 31, 2018 |  |  | $ | - |
Fair value of warrant liability at issuance date |  |  |  | 7,360 |
Increase in estimated fair value of warrant liability upon revaluation |  |  |  | 234 |
Balance at September 30, 2019 |  |  | $ | 7,594 |

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration