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Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2019
Schedule of Liabilities Measured at Fair Value on Recurring Basis

Liabilities measured at fair value on a recurring basis are as follows (in thousands):

 

 

 

Fair Value Measurements at Reporting Date Using

 

 

 

 

 

 

 

Quoted Prices in

Active Markets

for Identical

Assets

 

 

Significant

Other

Observable

Inputs

 

 

Significant

Unobservable

Inputs

 

 

 

Total

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

At December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock warrant liability

 

$

674

 

 

$

—

 

 

$

—

 

 

$

674

 

Schedule of Reconciliation of Warrant Liability Measured at Fair Value Using Level 3 Significant Unobservable Inputs

The following table provides a reconciliation of the preferred stock warrant liability measured at fair value using Level 3 significant unobservable inputs (in thousands):

 

 

 

Preferred

Stock

Warrant

Liability

 

Balance at December 31, 2018

 

$

674

 

Change in fair value

 

 

1,268

 

Reclassification of preferred stock warrant

   liability to equity

 

 

(1,942

)

Balance at December 31, 2019

 

$

—

 

Schedule of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share Would Be Anti-dilutive

Potentially dilutive securities not included in the calculation of diluted net loss per share, because to do so would be anti-dilutive, are as follows (in common stock equivalent shares; in thousands):

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

Redeemable convertible preferred stock

 

 

—

 

 

 

8,148

 

Warrants to purchase convertible preferred stock

 

 

—

 

 

 

372

 

Warrants to purchase common stock

 

 

841

 

 

 

—

 

Common stock options

 

 

1,958

 

 

 

504

 

Common stock subject to repurchase

 

 

35

 

 

 

100

 

 

 

 

2,834

 

 

 

9,124

 

Preferred Stock Warrants  
Schedule of Assumptions Used to Determine Fair Value

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the preferred stock warrant liability as of December 31, 2018 were as follows:

 

Fair value of underlying preferred stock

 

$

0.29

 

Risk-free interest rate

 

2.4% — 2.7%

 

Expected volatility

 

75.3% — 76.4%

 

Expected term (in years)

 

3.7 — 4.0

 

Expected dividend yield

 

—%