SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Summary of Net Assets Acquired

The following table summarizes the net assets acquired based on their estimated fair values immediately prior to the Merger (in thousands):

Cash and cash equivalents	$	13,017
Marketable securities	23,959
Prepaid expenses and other current assets	1,474
Accrued liabilities	(2,357		)
Net acquired tangible assets	$	36,093

Fair Value Measurements, Recurring and Nonrecurring

The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy as of September 30, 2019 and December 31, 2018 (in thousands):

	September 30, 2019
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	7,225	$	—	$	—
U.S. treasuries	18,473		—		—
Total	$	25,698	$	—	$	—
Liabilities:
Contingent consideration	$	—	$	—	$	145

	December 31, 2018
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	8,067	$	—	$	—
Liabilities:
Redeemable convertible preferred stock warrant liability	$	—	$	—	$	242
Contingent consideration	—		—		145
Total	$	—	$	—	$	387

Fair Value Measurement Inputs and Valuation Techniques

The fair value of the outstanding warrants was remeasured as of each period end using the Black-Scholes option-pricing model with the following assumptions:

	2018
Expected term (in years)	7.1
Expected volatility	30.00	%
Risk free interest rate	2.59	%
Expected dividend yield	—	%

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments as follows (in thousands):

	Derivative Liability			Common Stock Warrant Liability			Redeemable Convertible Preferred Stock Warrant Liability			Contingent Consideration Liabilities
Fair value as of December 31, 2018	$	—		$	—		$	242		$	145
Fair value of financial instruments issued	1,442			1,492			—			—
Change in fair value	11			17			(240		)	—
Reclassification to equity	(1,453		)	(1,509		)	(2		)	—
Fair value as of September 30, 2019	$	—		$	—		$	—		$	145

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table sets forth the potential common shares excluded from the calculation of net loss per common share, because their inclusion would be anti-dilutive:

	Three and Nine Months Ended September 30,
	2019	2018
Warrants to purchase common stock	1,632,495	55,360
Options to purchase common stock	1,802,895	1,347,500
Redeemable convertible preferred stock (as converted into common stock)	—	1,256,466
Warrants to purchase redeemable convertible preferred stock (as converted into common stock)	—	9,005
Total	3,435,390	2,668,331