Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Assets/Liabilities Measured at Fair Value on Recurring Basis

Fair Value Measurement at September 30, 2021 and December 31, 2020

(in thousands)

Quoted Price in Active

Market for Identical

Significant Other

Significant

Instruments

Observable Inputs

Unobservable Inputs

Level 1

Level 2

Level 3

Total

2021

2020

2021

2020

2021

2020

2021

2020

Assets

Cash and cash equivalents

428

⁽¹⁾

678

⁽¹⁾

23,907

29,666

—

24,335

30,344

Processa common shares

—

402

⁽²⁾

265

⁽²⁾

—

402

265

(1)

The Company held approximately $428 in cash as of September 30, 2021, of which approximately $37 was in Canadian funds (translated into U.S. dollars). As of December 31, 2020, the Company held approximately $678 in cash of which approximately $45 was in Canadian funds (translated into U.S. dollars).

(2)

The Company received 41 restricted common shares of Processa (NASDAQ:PCSA). The share restriction will expire in three tranches: 50%, 25% and 25% at the 6, 9 and 12 month intervals, respectively from October 30, 2020. At October 30, 2020, Processa shares were trading at $4.11 per share. The Company originally applied a 20%, 30% and 40% liquidity discount to the shares and will mark to market at each balance sheet date.