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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.

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-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

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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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