Fair Value of Financial Assets and Liabilities

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019 and indicate the level of the fair value hierarchy utilized to determine such fair value:

	Fair Value Measurements as of
	March 31, 2020 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	—	$	45,321	$	—	$	45,321
Liability:
Derivative liability (Note 4)		—		—		15,528		15,528
Total	$	—	$	45,321	$	15,528	$	60,849

	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

During the three months ended March 31, 2020 there were no transfers between Level 1, Level 2 and Level 3.