Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Summary of Assets Measured at Fair Value on a Recurring Basis

Below is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands):

	December 31, 2019
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Money market funds	$	50,401	$	50,401	$	—	$	—
Total	$	50,401	$	50,401	$	—	$	—
Liabilities:
Warrant liabilities	$	41,549	$	—	$	—	$	41,549
Total	$	41,549	$	—	$	—	$	41,549

 

	December 31, 2018
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Money market funds	$	10,123	$	10,123	$	—	$	—
Total	$	10,123	$	10,123	$	—	$	—

 

Schedule of Fair Value Measurement Inputs and Valuation Techniques

A summary of the Black Scholes pricing model assumptions used to record the fair value of the warrants is as follows:

	Issued on December 23,		Year Ended December 31,
	2019		2019
Risk-free interest rate	1.75	%	1.69	%
Dividend yield	—		—
Expected life (in years)	5.00		4.98
Expected volatility	87.29	%	87.74	%

Schedule Of Changes In The Warrant Liabilities

The following table reflects the change in the Company’s Level 3 warrant liabilities, (see Note 10), for the year ended December 31, 2019 (in thousands):

	Warrant liabilities
Fair value as of December 31, 2018	$	—
Warrants issued in connection with December 2019 private placement	40,692
Change in fair value	857
Fair value as of December 31, 2019	$	41,549