Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Significant Accounting Policies

Schedule Of Cash And Cash Equivalents And Short Term Investments

Short-term investments consisted of the following at December 31, 2019 (in thousands):

							Estimated
			Amortization/		Unrealized		Fair
	Cost		Accretion		Gains/(Losses)		Value
Corporate debt securities	$	9,284	$	5	$	(4)	$	9,285

Schedule of fair value of assets and liabilities measured on recurring basis

The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2018 (in thousands):

	Fair value measurement at reporting date using
	Quoted prices in
	active markets		Significant other		Significant
	for identical		observable		unobservable
	assets		inputs		inputs
	(Level 1)		(Level 2)		(Level 3)
December 31, 2019:
Assets:
Cash equivalents – money market fund	$	34,918	$	—	$	—
Cash equivalents – corporate debt securities	$	—	$	8,850	$	—
Cash equivalents – government agency securities	$	—	$	1,000	$	—
Short-term investments – corporate debt securities	$	—	$	9,285	$	—
December 31, 2018:
Assets:
Cash equivalents – money market fund	$	16,002	$	—	$	—
Liability:
Warrant liability	$	—	$	—	$	1,640

Schedule of warrant liability

A rollforward of the warrant liability (Level 3 measurement) is as follows (in thousands):

January 1, 2017	$	—
Fair value of warrants issued – Convertible promissory notes		1,408
Fair value of warrants issued – Notes payable		343
Change in fair value of warrants		(54)
December 31, 2017		1,697
Fair value of warrants issued – MidCap Credit Facility		187
Change in fair value of warrants		(244)
December 31, 2018		1,640
Change in fair value of warrants		5
Conversion into common stock warrants		(1,645)
December 31, 2019	$	—

Disaggregation of Revenue

The following table presents revenue disaggregated (in thousands):

	Year ended December 31,
OviTex	$	14,041
OviTex PRS		1,405
Total revenue	$	15,446

Schedule of fair value of warrants

The fair value of the warrants at November 13, 2019 was determined using the Black‑Scholes option pricing model with the following assumptions:

			Convertible
	MidCap Credit		promissory
	Facility		notes		Notes payable
Expected dividend yield	—		—		—
Expected volatility	57.5	%	57.4	%	57.5	%
Risk-free interest rate	2.04	%	1.79	%	1.79	%
Remaining contractual term in years	8.4		7.2		7.4

The fair value of the warrants at December 31, 2018 was determined using the Black‑Scholes option pricing model with the following assumptions:

			Convertible
	MidCap Credit		promissory
	Facility		notes		Notes payable
Expected dividend yield	—		—		—
Expected volatility	58.1	%	57.0	%	57.4	%
Risk‑free interest rate	2.69	%	2.64	%	2.64	%
Remaining contractual term in years	9.3		8.1		8.3

Schedule of dilutive securities excluded

	Years ended December 31,
	2019	2018
Series A redeemable convertible preferred stock	—	911,336
Series B redeemable convertible preferred stock	—	2,552,919
Stock options (including shares subject to repurchase)	1,421,697	490,134
Series B redeemable convertible preferred stock warrants	—	88,556
Common stock warrants	88,556	—
Total	1,510,253	4,042,945