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Earn-out Milestone Liability | 3 Months Ended
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Mar. 31, 2021
Hercules Warrant [Member] |
Earn-out Milestone Liability | Note 13. Earn-Out Milestone Liability On March 28, 2019, the Company and EGWU, Inc, entered into an amendment to its purchase agreement (“Amended Asset Purchase Agreement”), whereby payment of the earnout milestone liability related to the Ovarian Cancer Indication of $12.4 million had been modified. The Company has the option to make the payment as follows:
a) | $7.0 million in cash within 10 business days of achieving the milestone; or
b) | $12.4 million in cash, common stock of the Company, or a combination of either, within one year of achieving the milestone.
As of March 31, 2021, and December 31, 2020, the Company fair valued the earn-out milestone liability at $7.2 million and $7.0 million, respectively, and recognized a non-cash charge of $0.2 million for the three-months ended March 31, 2021. In assessing the earnout milestone liability at March 31, 2021, the Company fair valued each of the two payment options per the Amended Asset Purchase Agreement and weighted them at 50% and 50% probability for the $7.0 million and the $12.4 million payments, respectively. As of March 31, 2020, and December 31, 2019, the Company fair valued the earn-out milestone liability at $5.8 million and $5.7 million, respectively and recognized a non-cash charge of $0.1 million for the three-months ended March 31, 2020. In assessing the earnout milestone liability at March 31, 2020, the Company fair valued each of the two payment options per the Amended Asset Purchase Agreement and weighted them at 80% and 20% probability for the $7.0 million and the $12.4 million payments, respectively. The following is a summary of the changes in the earn-out milestone liability for the three-month period ended March 31, 2021:
Balance at January 1, 2021 |  | $ | (7,018,000 | )
Non-cash loss from the change in fair value |  |  | (151,000 | )
Balance at March 31, 2021 |  | $ | (7,169,000 | )
The following is a schedule of the Company’s risk-adjustment assessment of each milestone:
Date |  | Risk-adjustment Assessment of Achieving Each Milestone |  |  | Discount Rate |  |  | Estimated Time to Achieve |
March 31, 2021 |  |  | 80 | % |  |  | 9 | % |  |  | 0.29 to 1.29 years |
December 31, 2020 |  |  | 80 | % |  |  | 9 | % |  |  | 0.54 to 1.54 years |
March 31, 2020 |  |  | 80 | % |  |  | 9 | % |  |  | 1.04 to 2.04 years |
December 31, 2019 |  |  | 80 | % |  |  | 9 | % |  |  | 1.12 to 2.12 years |

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