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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands).

 

 

 

Fair Value Measurements at December 31, 2018

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A warrant liability

 

$

49

 

 

$

49

 

 

$

 

 

$

 

Series C warrant liability

 

 

 

 

 

 

 

 

 

 

 

 

2017 PIPE warrant liability

 

 

4,563

 

 

 

 

 

 

 

 

 

4,563

 

2018 PIPE warrant liability

 

 

600

 

 

 

 

 

 

 

 

 

600

 

Essentialis purchase price contingency liability

 

 

5,649

 

 

 

 

 

 

 

 

 

5,649

 

Total common stock warrant and contingent

   consideration liability

 

$

10,861

 

 

$

49

 

 

$

 

 

$

10,812

 

 

 

 

Fair Value Measurements at December 31, 2017

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series A warrant liability

 

$

70

 

 

$

70

 

 

$

 

 

$

 

Series C warrant liability

 

 

6

 

 

 

 

 

 

 

 

 

6

 

2017 PIPE warrant liability

 

 

5,076

 

 

 

 

 

 

 

 

 

5,076

 

Essentialis purchase price contingency liability

 

 

5,082

 

 

 

 

 

 

 

 

 

5,082

 

Total common stock warrant and contingent

   consideration liability

 

$

10,234

 

 

$

70

 

 

$

 

 

$

10,164

 

 

Summary of Changes in Fair Value of Level1 and Level 3 Financial Instruments

The following table sets forth a summary of the changes in the fair value of the Company’s Level 1 and Level 3 warrants, which are treated as liabilities (dollars in thousands).

 

 

 

Series A Warrant

 

 

Series C Warrant

 

 

2017 PIPE Warrants

 

 

2018 PIPE Warrants

 

 

Purchase Price

 

 

 

Number of

Warrants

 

 

Liability

 

 

Number of

Warrants

 

 

Liability

 

 

Number of

Warrants

 

 

Liability

 

 

Number of

Warrants

 

 

Liability

 

 

Contingent

Liability

 

Balance at January 1, 2018

 

 

485,121

 

 

$

70

 

 

 

118,083

 

 

$

6

 

 

 

6,024,425

 

 

$

5,076

 

 

 

 

 

$

 

 

$

5,082

 

Change in value of Series

   A Warrants

 

 

 

 

 

(21

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in value of Series

   C Warrants

 

 

 

 

 

 

 

 

 

 

 

(6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in value of 2017 PIPE Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(513

)

 

 

 

 

 

 

 

 

 

Issuance of 2018 PIPE Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

513,617

 

 

 

582

 

 

 

 

Change in value of 2018 PIPE Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

18

 

 

 

 

Change in value of contingent liability

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

567

 

Balance at December 31, 2018

 

 

485,121

 

 

$

49

 

 

 

118,083

 

 

$

 

 

 

6,024,425

 

 

$

4,563

 

 

 

513,617

 

 

$

600

 

 

$

5,649