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Redeemable Convertible Preferred Stock (Tables)
12 Months Ended
Dec. 31, 2018
Preferred Stock and Warrants  
Temporary Equity [Line Items]  
Warrants Calculated Using the Black Scholes Merton Pricing Model

The preferred stock and warrants were issued for a total of $5.0 million. This amount was allocated to the preferred stock and warrants based on their relative fair values. The fair value of the warrants was calculated using the Black Scholes-Merton pricing model using the following weighted average assumptions, at the grant date:

 

Number of warrants

 

325,000

 

Exercise price

$

6.62

 

Expected volatility of underlying stock

 

74

%

Risk-free interest rate

 

1.62

%

Dividend yield

 

0

%

Expected life of warrants

 

8 years

 

Weighted-average fair value of warrants

$

3.11

 

Expiration date

 

May 2, 2020