Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.20.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2019
Information about Company's Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
The following fair value hierarchy table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and December 31, 2018:
 
    
Fair Value Measurement As of December 31, 2019
 
    
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
    
Significant
Other Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs
(Level 3)
 
Cash equivalents
   $ 21,433,639      $
 
 
   $
 
 
Warrant liabilities
    
 
 
      
 
 
       6,068,978  
  
 
 
    
 
 
    
 
 
 
Total
   $ 21,433,639      $
 
 
   $ 6,068,978  
  
 
 
    
 
 
    
 
 
 
 
    
Fair Value Measurement As of December 31, 2018
 
    
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
    
Significant
Other Observable
Inputs
(Level 2)
    
Significant
Unobservable
Inputs
(Level 3)
 
Cash equivalents
   $ 6,850,772      $ —      $ —  
Marketable securities
     22,131,936        —          —    
Warrant liabilities
     —          —          20,781,663  
  
 
 
    
 
 
    
 
 
 
Total
   $ 28,982,708      $ —      $ 20,781,663  
  
 
 
    
 
 
    
 
 
 
Reconciliation of Company's Financial Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Level 3)
The following tables present a reconciliation of the Company’s financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2019, 2018 and 2017:
Warrant liabilities
 
    
Year Ended December 31,
 
    
2019
    
2018
    
2017
 
Balance at beginning of period
   $ 20,781,663      $ 13,549,437      $ 12,698,980  
Issuance of 2017 Warrants
                   12,383,435  
Change in fair value
     (14,712,685      7,232,226        (11,532,978
  
 
 
    
 
 
    
 
 
 
Balance at end of period
   $ 6,068,978      $ 20,781,663      $ 13,549,437  
  
 
 
    
 
 
    
 
 
 
2016 Warrants [Member]  
Assumption Used to Determine Fair Value of Warrant Liability The following assumptions were used in a Black-Scholes option-pricing model to determine the fair value of the warrant liability:
    
As of
December 31, 2019
 
As of
December 31, 2018
Expected volatility
    
 
121.4
%
   
 
72.6
%
 
Remaining contractual term (in years)
    
 
1.58
 
   
 
2.58
 
Risk-free interest rate
    
 
1.59
%
   
 
2.46
%
Expected dividend yield
    
 
%
   
 
—  
%
 
2017 Warrants [Member]  
Assumption Used to Determine Fair Value of Warrant Liability The following assumptions were used in a Black-Scholes option-pricing model to determine the fair value of the warrant liability:
    
As of
December 31, 2019
 
As of
December 31, 2018
Expected volatility
    
 
104.2    
 
87.3
Remaining contractual term (in years)
    
 
2.58      
 
3.58  
Risk-free interest rate
    
 
1.60    
 
2.49
Expected dividend yield