Fair Value (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

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 December 31, 2019 and 2018, using quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3):

	December 31, 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	$	9,598	$	—	$	—	$	9,598
Restricted cash	969		—		—		969
Total Assets measured at fair value	$	10,567	$	—	$	—	$	10,567
Liabilities measured at fair value
Contingent consideration	$	—	$	—	$	1,084	$	1,084
Warrant liabilities	—		—		2,388		2,388
Total liabilities measured at fair value	$	—	$	—	$	3,472	$	3,472

	December 31, 2018
	(In thousands)
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	$	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

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

	Valuation Methodology	Significant Unobservable Input	Weighted Average (range, if applicable)
			December 31, 2019	December 31, 2018
Contingent  consideration	Probability  weighted income approach	Milestone dates	2020 to 2024	2019 to 2022
		Discount rate	10% to 11%	11.5% to 12%

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

Series B	December 31, 2019	December 31, 2018
Fair value	$2.4 million	$4.6 million
Valuation methodology	Monte Carlo	Monte Carlo
Term	2.32 years	3.32 years
Risk free rate	1.59%	2.47%
Dividends	—	—
Volatility	109.80%	87.60%
Share price	$1.47	$29.38
Probability of additional financing	100% in 2020	100% in 2019

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 the contingent consideration for the years ended December 31, 2019 and 2018:

	Fair Value Measurement at Reporting Date (Level 3)
	(In thousands)
	Common stock warrants			Contingent consideration
Balance at December 31, 2017	$	14,090		$	12,418
Payment for contingent consideration	—			(770		)
Exercise of warrants	(23,774		)	—
Change in fair value	14,320			(1,011		)
Balance at December 31, 2018	4,636			10,637
Change in fair value	(2,248		)	(9,553		)
Balance at December 31, 2019	2,388			1,084
Current portion	—			73
Long-term portion	2,388			1,011
Balance at December 31, 2019	$	2,388		$	1,084