Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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):

	June 30, 2020
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Money market funds	$	30,574	$	30,574	$	—	$	—
Total	$	30,574	$	30,574	$	—	$	—
Liabilities:
Warrant liabilities	$	32,767	$	—	$	—	$	32,767
Total	$	32,767	$	—	$	—	$	32,767

 

	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 warrant liability is as follows:

	June 30,
	2020
Risk-free interest rate	0.29	%
Dividend yield	—
Expected life (in years)	4.48
Expected volatility	94.99	%

Schedule Of Changes In The Warrant Liabilities

The following table reflects a roll-forward of fair value for the Company’s Level 3 warrant liabilities (see Note 10), for the six months ended June 30, 2020 (in thousands):

	Warrant liabilities
Fair value as of December 31, 2019	$	41,549
Exercises	(17,167		)
Change in fair value	8,385
Fair value as of June 30, 2020	$	32,767