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Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Schedule of Fair Value Hierarchy Assets and Liabilities

The following tables present information about the Company's financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

      Fair Value Measurements as of March 31, 2021
      (Level 1)     (Level 2)     (Level 3)     Total
Assets                        
     Cash   $ 38,687    $ -     $ -     $ 38,687 
Liabilities                        
     Warrant liabilities, at fair value   $ -     $ -     $ 1,440    $ 1,440 

 

      Fair Value Measurements as of December 31, 2020
      (Level 1)     (Level 2)     (Level 3)     Total
Assets                        
     Cash   $ 15,662    $ -     $ -     $ 15,662 
Liabilities                        
     Warrant liabilities, at fair value   $ -     $ -     $ 1,062    $ 1,062 

 

There were no transfers between fair value measurement levels during the three months ended March 31, 2021.

 

 

 

 

 

 

 

 

Summary of Fair Value Measurements Valuation Assumptions

The following assumptions were used in determining the fair value of the warrant liabilities valued using the Black-Scholes option pricing model as of March 31, 2021:

    Three Months Ended
    March 31, 2021
Risk-free interest rate   0.32%
Volatility   120.91%
Dividend yield   - %
Expected term   2.82  
Weighted-average fair value $ 4.76  

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of Fair Value Level 3 Reconciliation

The following table is a reconciliation for the common stock warrant liabilities measured at fair value using Level 3 unobservable inputs (in thousands):

      Warrant liabilities
Balance as of December 31, 2020   $ 1,062 
Warrant liability reclassified to stockholders' equity     (1,155)
Change in fair value measurement of warrant liability     1,533 
Balance as of March 31, 2021   $ 1,440 

 

 

 

 

 

 

 

 

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following potentially dilutive securities outstanding for the three months ended March 31, 2021 and 2020 have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive (in thousands):

      Three Months Ended March 31,
      2021     2020
Outstanding stock options     7,204      1,667 
Restricted stock units     2,400     
Outstanding warrants     3,920      3,584 
Convertible debt     5,326     
      18,850      5,251 

 

Amounts in the table reflect the common stock equivalents of the noted instruments.