EQUITY (Tables)

12 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

Summary of fair value measurement inputs and valuation techniques

We calculated the fair value of the first and second tranche on the grant date using the Black-Scholes pricing model assumptions below:

	First Tranche			Second Tranche
Volatility	85.00		%	85.00		%
Risk-free interest rate	1.80		%	1.80		%
Dividend yield	—		%	—		%
Expected term (in years)	5.19			5.45
Fair value of underlying common stock	$	7.59		$	7.84
Number of shares	200,000			200,000
Tranche value (in thousands)	$	1,518		$	1,568

Summary of common stock issuances

The following is a summary of common stock issuances:

	Common Stock
	(in thousands)
Balance, December 31, 2017	42,902
Issued(a)	6,110
Canceled	(362	)
Balance, December 31, 2018	48,650
Issued	694
Canceled	(168	)
Balance, December 31, 2019	49,176

(a)

Includes approximately 2.3 million shares issued in a private placement with an Ares-led investor group. For more on our Ares JV, see Note 5 Joint Ventures.