Fair value measurements

9 Months Ended

Sep. 30, 2020

Fair value measurements

Fair value measurements

3. Fair value measurements

The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis in the condensed balance sheet as of September 30, 2020 (in thousands):

			Quoted Prices		Significant Other		Unobservable
			In Active Markets		Observable		Inputs
	September 30, 2020		(Level 1)		Inputs (Level 2)		(Level 3)
Liabilities:
Warrant liability	$	7,071	$	—	$	—	$	7,071
Total liabilities measured and recorded at fair value	$	7,071	$	—	$	—	$	7,071

The Company did not transfer any financial instruments into or out of Level 3 classification during the three or nine months ended September 30, 2020. See Note 11, Warrants to acquire shares of Series A convertible preferred stock for a summary of the inputs used to calculate the warrant liability.

A reconciliation of the change in the fair value of the warrant liability for the nine months ended September 30, 2020 is as follows (in thousands):

	Fair Value
	Measurements
	Using Significant
	Unobservable
	Inputs
	(Level 3)
Balance, December 31, 2019	$	—
Issuance of warrants on June 2, 2020		1,522
Change in fair value of warrant liability		5,549
Warrant liability, September 30, 2020	$	7,071