Annual report pursuant to Section 13 and 15(d)

Company Description and Summary of Significant Accounting Policies (Tables)

v3.20.4
Company Description and Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2020
Company Description and Summary of Significant Accounting Policies [Abstract]  
Fair Value of Financial Instruments Measured on a Recurring Basis
The fair value of financial instruments measured on a recurring basis is as follows (in thousands):
 
   
As of December 31, 2020
 
Description
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Liabilities:
                 
Warrant liabilities
 
$
27,964
   
$
   
$
   
$
27,964
 
Total liabilities at fair value
 
$
27,964
   
$
   
$
   
$
27,964
 

   
As of December 31, 2019
 
Description
 
Total
 
Level 1
 
Level 2
 
Level 3
 
Liabilities:
                 
Premium conversion derivatives
 
$
2,714
   
$
   
$
   
$
2,714
 
Total liabilities at fair value
 
$
2,714
   
$
   
$
   
$
2,714
 
Warrant Liabilities and Premium Conversion Derivatives Measured at Fair Value
The following table provides a roll-forward of the warrant liabilities and premium conversion derivatives measured at fair value on a recurring basis using unobservable level 3 inputs for the years ended December 31,  2020 and 2019 (in thousands):
 
   
2020
 
Warrant liabilities
     
Balance as of beginning of period
 
$
 
Value assigned to warrants upon in connection with pre-merger financing
   
25,821
 
Issuance of warrants to former Rexahn stockholders classified as a liability
   
768
 
Cash settlement of warrant liabilities
   
(506
)
Reclassification of Rexahn warrants from liability to equity
   
(64
)
Change in fair value of warrant liability
   
1,945
 
Balance as of end of period
 
$
27,964
 

   
2020
   
2019
 
Premium conversion derivatives
           
Balance as of beginning of period
 
$
2,714
   
$
305
 
Value assigned to the underlying derivatives in connection with convertible notes
   
831
     
1,910
 
Revaluation due to convertible note extinguishment
   
(3,086
)
   
 
Change in fair value of premium conversion derivatives
   
(459
)
   
499
 
Balance as of end of period
 
$
   
$
2,714