Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

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):

	March 31, 2020
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Money market funds	$	50,528	$	50,528	$	—	$	—
Total	$	50,528	$	50,528	$	—	$	—
Liabilities:
Warrant liabilities	$	42,395	$	—	$	—	$	42,395
Total	$	42,395	$	—	$	—	$	42,395

 

	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

 

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:

	March 31,
	2020
Risk-free interest rate	0.37	%
Dividend yield	—
Expected life (in years)	4.73
Expected volatility	93.43	%

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 three months ended March 31, 2020 (in thousands):

	Warrant liabilities
Fair value as of December 31, 2019	$	41,549
Change in fair value	846
Fair value as of March 31, 2020	$	42,395