XML 48 R24.htm IDEA: XBRL DOCUMENT v3.19.1
Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Summary of Assets and Liabilities that Require Fair Value Measurements on a Recurring Basis

The following table summarizes the Company’s assets and liabilities that require fair value measurements on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):

 

 

 

 

 

 

 

Fair Value Measurements at Reporting Date

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

As of December 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

59,357

 

 

$

59,357

 

 

$

 

 

$

 

As of December 31, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

12,472

 

 

$

12,472

 

 

$

 

 

$

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Derivative liability

 

$

3,028

 

 

$

 

 

$

 

 

$

3,028

 

Preferred stock warrant liability

 

 

1,656

 

 

 

 

 

 

 

 

 

1,656

 

Total liabilities

 

$

4,684

 

 

$

 

 

$

 

 

$

4,684

 

Weighted-Average Assumptions Used In Determining Fair Value of Preferred Stock Warrant Liability Valued Using Black-Scholes Option Pricing Model

The following weighted-average assumptions were used in determining the fair value of the preferred stock warrant liability valued using the Black-Scholes option pricing model as of December 31, 2017:

 

 

 

December 31,

2017

 

Expected volatility

 

 

68.0

%

Risk-free interest rate

 

 

2.2

%

Contractual term (in years)

 

 

5.9

 

Expected dividend yield

 

 

 

Estimated Fair Values Per Share of Underlying Redeemable Convertible Preferred Stock

The following estimated fair values per share of the Company’s underlying redeemable convertible preferred stock were used to determine the estimated fair value of the preferred stock warrant liability:

 

 

 

December 31,

2017

 

Series AA

 

$

5.75

 

Series B

 

$

3.76

 

Series C-1

 

$

3.76

 

Activity for Preferred Stock Warrant Liability and Derivative Liability Measured At Fair Value Using Significant Unobservable Level 3 Inputs

The following tables present activity for the preferred stock warrant liability and the derivative liability measured at fair value using significant unobservable Level 3 inputs during the year ended December 31, 2017 and 2018 (in thousands):

 

 

 

Preferred

Stock

 

 

 

Warrant

Liability

 

Balance at December 31, 2016

 

$

880

 

Issuance of warrants

 

 

1,795

 

Changes in fair value reflected as change in fair

   value of warrant liability

 

 

(1,019

)

Balance at December 31, 2017

 

 

1,656

 

Issuance of warrants

 

 

2,822

 

Exercise of warrants

 

 

(1,197

)

Changes in fair value reflected as change in fair

   value of warrant liability

 

 

(11

)

Conversion to common stock warrants upon

   IPO

 

 

(3,270

)

Balance at December 31, 2018

 

$

 

 

 

 

Derivative

Liability

 

Balance at December 31, 2016

 

$

 

Issuance of derivative

 

 

2,971

 

Changes in fair value reflected as change in

   fair value of derivative liability

 

 

57

 

Balance at December 31, 2017

 

 

3,028

 

Changes in fair value reflected as change in

   fair value of derivative liability

 

 

676

 

Extinguishment of derivative upon conversion

   of convertible promissory notes

 

 

(3,704

)

Balance at December 31, 2018

 

$