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Investments and Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2020
Investments And Fair Value Of Financial Instruments [Abstract]  
Summary of Amortized Cost and Fair Value of the Cash Equivalents and Available-For-Sale Investment Securities Portfolio

The following tables summarize the amortized cost and fair value of the cash equivalents and investment securities portfolio at September 30, 2020 and December 31, 2019, and the corresponding amounts of unrealized gains and losses recognized in accumulated other comprehensive income:

 

(Dollars in thousands)

 

Amortized Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair

Value

 

September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

8,064

 

 

$

 

 

$

 

 

$

8,064

 

Total investments

 

$

8,064

 

 

$

 

 

$

 

 

$

8,064

 

 

(Dollars in thousands)

 

Amortized Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair

Value

 

December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

6,864

 

 

$

 

 

$

 

 

$

6,864

 

Commercial paper

 

 

900

 

 

 

 

 

 

 

 

 

900

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate securities

 

 

3,300

 

 

 

 

 

 

 

 

 

3,300

 

Treasury bills

 

 

1,495

 

 

 

1

 

 

 

 

 

 

1,496

 

Commercial paper

 

 

12,119

 

 

 

 

 

 

 

 

 

12,119

 

Total investments

 

$

24,678

 

 

$

1

 

 

$

 

 

$

24,679

 

Summary of Fair Value of Financial Assets

The fair value of the Company’s financial assets as of September 30, 2020 and December 31, 2019 were as follows:  

 

 

 

Fair Value Measurements at September 30, 2020

 

(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets at Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

8,064

 

 

$

 

 

$

 

 

$

8,064

 

Total Assets at Fair Value

 

$

8,064

 

 

$

 

 

$

 

 

$

8,064

 

 

 

Fair Value Measurements at December 31, 2019

 

(Dollars in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets at Fair Value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

6,864

 

 

$

 

 

$

 

 

$

6,864

 

Commercial paper

 

 

 

 

 

900

 

 

 

 

 

 

900

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate securities

 

 

 

 

 

3,300

 

 

 

 

 

 

3,300

 

Treasury bills

 

 

1,496

 

 

 

 

 

 

 

 

 

1,496

 

Commercial paper

 

 

 

 

 

12,119

 

 

 

 

 

 

12,119

 

Total Assets at Fair Value

 

$

8,360

 

 

$

16,319

 

 

$

 

 

$

24,679

 

Summary of Changes in Fair Value of Liabilities The following table summarizes the changes in the fair value of the Company’s Level 3 liabilities (in thousands):

 

 

(Level 3)

 

(Dollars in thousands)

 

Common

Stock

Warrant

Liability -

March 2018

Purchase

Agreement

 

 

Common

Stock

Warrant

Liability -

June 2018

Offering

 

 

Common

Stock

Warrant

Liability -

June 2019

Offering

 

 

Common

Stock

Warrant

Liability -

September

2019

Offering

 

 

Contingent

Liability

 

 

Total

 

Balance as of December 31, 2019

 

$

4,579

 

 

$

5,444

 

 

$

1,993

 

 

$

2,920

 

 

$

2,000

 

 

$

16,936

 

Change in fair value

 

 

(2,155

)

 

 

(1,426

)

 

 

(1,064

)

 

 

(1,567

)

 

 

 

 

 

(6,212

)

Exercise of warrants (Note 10)

 

 

(1,641

)

 

 

(4,018

)

 

 

 

 

 

 

 

 

 

 

 

(5,659

)

ISI acquisition contingent consideration

 

 

 

 

 

 

 

 

 

 

 

 

 

 

280

 

 

 

280

 

Balance as of September 30, 2020

 

$

783

 

 

$

 

 

$

929

 

 

$

1,353

 

 

$

2,280

 

 

$

5,345