Fair Value (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Measurements Disclosure [Line Items]

Summary of Assets Measured at Fair Value on Recurring Basis

The following are the major categories of assets and liabilities measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018, using quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3):

	September 30, 2019
	(In thousands) (unaudited)
Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets measured at fair value
Cash and cash equivalents	$	22,106	$	—	$	—	$	22,106
Restricted cash	698		—		—		698
Total Assets measured at fair value	$	22,804	$	—	$	—	$	22,804
Liabilities measured at fair value
Contingent consideration	—		—		948		948
Warrant liabilities	—		—		1,600		1,600
Total liabilities measured at fair value	$	—	$	—	$	2,548	$	2,548

Description	December 31, 2018
	(In thousands)
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets measured at fair value
Cash and cash equivalents	$	21,061	$	—	$	—	$	21,061
Restricted cash	590		—		—		590
Total Assets measured at fair value	$	21,651	$	—	$	—	$	21,651
Liabilities measured at fair value
Contingent consideration	$	—	$	—	$	10,637	$	10,637
Warrant liabilities	—		—		4,636		4,636
Total liabilities measured at fair value	—		—		15,273		15,273

Change in Fair Value for All Assets and Liabilities Using Unobservable Level 3 Inputs As Determined By Level 3 Inputs

The following table summarizes the change in fair value, as determined by Level 3 inputs for the warrants and revenue projections for the contingent consideration for the nine months ended September 30, 2019:

	Fair Value Measurement at Reporting Date (Level 3)
	(In thousands) (unaudited)
	Common stock warrants			Contingent consideration
Balance at December 31, 2018	$	4,636		$	10,637
Change in fair value	(3,036		)	(9,689		)
Balance at September 30, 2019	$	1,600		$	948
Current portion	—			71
Long-term portion	1,600			877
Balance at September 30, 2019	$	1,600		$	948

Level 3

Fair Value Measurements Disclosure [Line Items]

Quantitative Information about Inputs and Valuation Methodologies Used for Fair Value Measurements Classification

The following table presents quantitative information about the inputs and valuation methodologies used for the Company’s fair value measurements classified in Level 3 with the exception of the warrant liability, which is explained above as of September 30, 2019 and December 31, 2018:

	Valuation Methodology	Significant Unobservable Input	Weighted Average (range, if applicable)
Contingent consideration	Probability  weighted income approach	Milestone dates	2019 to 2022
		Discount rate	10% to 12%

Series B Warrant

Fair Value Measurements Disclosure [Line Items]

Quantitative Information about Inputs and Valuation Methodologies Used for Fair Value Measurements Classification

The following table presents the inputs and valuation methodologies used for the Company’s fair value of the Series B Warrants:

Series B	September 30, 2019	December 31, 2018	April 28, 2017 (date of issuance)
Fair value	$1.6 million	$4.6 million	$6.2 million
Valuation methodology	Monte Carlo	Monte Carlo	Black-Scholes Merton
Term	2.6 years	3.3 years	5.0 years
Risk free rate	1.56%	2.47%	1.81%
Dividends	—	—	—
Volatility	91.4%	87.60%	73.14%
Share price	$0.67	$2.26	$0.65
Probability of additional financing	100% in 2019	100% in 2019	Not Applicable