Fair Value of Financial Assets and Liabilities

12 Months Ended

Dec. 31, 2019

Fair Value of Financial Assets and Liabilities

Fair Value of Financial Assets and Liabilities

3. Fair Value of Financial Assets and Liabilities

The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2019 and 2018 and indicate the level of the fair value hierarchy utilized to determine such fair value:

	Fair Value Measurements as of
	December 31, 2019 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$		$	45,156	$	—	$	45,156
Liability:
Derivative liability (Note 4)		—		—		12,124		12,124
Total	$	—	$	45,156	$	12,124	$	57,280

	Fair Value Measurements as of
	December 31, 2018 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	—	$	50,906	$	—	$	50,906
Total	$	—	$	50,906	$	—	$	50,906

During the year ended December 31, 2019 and 2018, there were no transfers between Level 1, Level 2 and Level 3.