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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2020
Schedule of assets and liabilities measured and recorded in financial statements at fair value on a recurring basis

June 30, 2020

(In thousands)

Total

Level 1

Level 2

Level 3

Assets

Cash

$

250

$

250

$

$

Cash equivalents – money market funds

27,560

27,560

Short-term investments – commercial paper

 

3,196

 

 

3,196

 

Total assets

$

31,006

$

27,810

$

3,196

$

Liabilities

Warrant liability

$

3,053

$

$

$

3,053

Future tranche right liability

41,074

41,074

Total liabilities

$

44,127

$

$

$

44,127

December 31, 2019

(In thousands)

Total

Level 1

Level 2

Level 3

Assets

Cash

$

250

$

250

$

$

Cash equivalents – 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

Schedule of reconciliation measured at fair value on a recurring basis using unobservable inputs

Future

Warrant

Tranche Right

(In thousands)

Liability

Liability

Balance, December 31, 2019

 

$

3,241

$

46,436

Change in the fair value of liability

 

 

(188)

 

(5,362)

Balance, June 30, 2020

 

$

3,053

$

41,074

Warrant liability  
Schedule of assumptions used in determining fair value

June 30, 

December 31, 

2020

2019

Risk-free interest rate

0.42%

1.79%

Expected dividend yield

Expected term (years)

6.48

6.98

Expected volatility

80%

80%

Exercise price (per share)

$

1.52

$

1.52

Future tranche right liability  
Schedule of assumptions used in determining fair value

June 30, 

December 31, 

2020

2019

Risk-free interest rate

0.49% - 0.55%

1.84% - 1.88%

Expected dividend yield

Expected term (years) of call option on preferred stock

0.66 - 1.62

1.16 - 2.16

Expected term (years) of warrants

7.66 - 8.62

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