Quarterly report pursuant to Section 13 or 15(d)

Company Description and Summary of Significant Accounting Policies (Tables)

v3.21.2
Company Description and Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2021
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 September 30, 2021
 
Description
 
Total
   
Level 1
   
Level 2
   
Level 3
 
Assets:
                       
Short-term investments
 
$
383
   
$
383
   
$
   
$
 
Total assets at fair value
 
$
383
   
$
383
   
$
   
$
 

   
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
 
Fair Value, Investments Measured on a Recurring Basis
The following table provides a roll-forward of short-term investments measured at fair value on a recurring basis using observable level 1 inputs for the nine months ended September 30, 2021 and 2020 (in thousands):

   
2021
   
2020
 
Short-term Investments
           
Balance as of beginning of period
 
$
   
$
 
Receipt of investments related to license agreement
   
342
     
 
Unrealized gain
   
41
     
 
Balance as of end of period
 
$
383
   
$
 
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 nine months ended September 30, 2021 and 2020 (in thousands):
 
   
2021
   
2020
 
Warrant liabilities
           
Balance as of beginning of period
 
$
27,964
   
$
 
Change in fair value of warrant liability
   
33,829
     
 
Reclassification of Series A warrants from liability to equity
   
(61,793
)
   
 
Balance as of end of period
 
$
   
$
 

   
2021
   
2020
 
Premium conversion derivatives
           
Balance as of beginning of period
 
$
   
$
2,714
 
Value assigned to the underlying derivatives in connection with convertible notes
   
     
831
 
    Revaluation due to convertible note extinguishment           (3,087 )
Change in fair value of premium conversion derivatives
   
     
(158
)
Balance as of end of period
 
$
   
$
300