Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019



	December 31, 2019
(In thousands)	Total		Level 1		Level 2		Level 3
Assets
Cash	$	250	$	250	$	—	$	—
Money market funds		39,769		39,769		—		—
Short-term investments – commercial paper		2,774		—		2,774		—
Total assets	$	42,793	$	40,019	$	2,774	$	—
Liabilities
Warrant liability	$	3,241	$	—	$	—	$	3,241
Future tranche right liability		46,436		—		—		46,436
Total liabilities	$	49,677	$	—	$	—	$	49,677


	December 31, 2018
(In thousands)	Total		Level 1		Level 2		Level 3
Assets
Cash	$	8,446	$	8,446	$	—	$	—
Money market funds		61,177		61,177		—		—
Other cash equivalents – commercial paper		1,808		—		1,808		—
Total assets	$	71,431	$	69,623	$	1,808	$	—
Total liabilities	$	—	$	—	$	—	$	—


	Warrant		Derivative
(In thousands)	Liability		Liability
Balance at December 31, 2018	$	—	$	—
Issuance of redeemable preferred stock and warrants (1)		2,643		35,472
Change in the fair value of liability		598		10,964
Balance at December 31, 2019	$	3,241	$	46,436

(1)

Represents fair value of freestanding warrants and the future tranche right related to the December 2019 Private Placement on the issuance date.


	December 23,		December 31,
	2019		2019
Risk-free interest rate for warrants		1.82%		1.82%
Risk-free interest rate for preferred stock		1.86% - 1.89%		1.84% - 1.88%
Expected dividend yield		—		—
Expected term (years) of call option on preferred stock		1.18 - 2.18		1.16 - 2.16
Expected term (years) of warrants		8.18 - 9.18		8.16 - 9.16
Expected volatility		80%		80%
Exercise price (per share) for common stock equivalent for preferred stock and warrant	$	1.52 - 1.82	$	1.52 - 1.82