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Derivative Financial Instruments - Warrants (Tables) - Black Scholes Option Pricing Method | 9 Months Ended
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Sep. 30, 2020
Derivative financial instruments |
Schedule of Assumptions Used to Determine the Fair Value of the Warrants | The range of assumptions and weighted averages used to determine the fair value of the warrants valued using the Black-Scholes option pricing model during the periods indicated were:
| Nine Months Ended September 30,
| 2020 |  | 2019
Range: |  |  |
Estimated fair value of Cardiff Oncology common stock | $1.01 - $14.19 |  | $1.51 - $3.75
Expected warrant term | 2.3 - 3.1 years |  | 3.3 - 4.1 years
Risk-free interest rate | 0.14 - 1.62% |  | 1.56 - 2.49%
Expected volatility of Cardiff Oncology common stock | 110 - 118% |  | 102 - 106%
Dividend yield | 0 | % |  | 0 | %
| As of September 30, 2020 |  |
Weighted Average(1)(2): |  |  |
Fair value of Cardiff Oncology common stock | $14.19 |  |
Expected warrant term | 2.3 years |  |
Risk-free interest rate | 0.14 | % |  |
Expected volatility of Cardiff Oncology common stock | 110 | % |  |
Dividend yield | 0 | % |  |
(1) Weighted average is only disclosed for periods after January 1, 2020 under the adoption of ASU 2018-13. (2) The weighted average was calculated using the relative fair value method.
Schedule of Components of Changes in the Company’s Derivative Financial Instruments Liability Balance | The following table sets forth the components of changes in the Company’s derivative financial instruments—warrants liability balance, valued using the Black-Scholes option pricing method, for the periods indicated.
Date |  | Description |  | Number of Warrants |  | Derivative Instrument Liability
December 31, 2019 |  | Balance of derivative financial instruments—warrants liability |  | 64,496 |  |  | $ | 4,127 |
|  | Change in fair value of derivative financial instruments—warrants during the period recognized as a loss in the condensed statements of operations |  | — |  |  | 186,072 |
September 30, 2020 |  | Balance of derivative financial instruments—warrants liability |  | 64,496 |  |  | $ | 190,199 |

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- 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
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