Fair Value (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31, 2020 and December 31, 2019, using quoted prices in active markets for identical assets (Level 1); significant other observable inputs (Level 2); and significant unobservable inputs (Level 3):

	March 31, 2020
	(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	$	21,816	$	—	$	—	$	21,816
Restricted cash	925		—		—		925
Total Assets measured at fair value	$	22,741	$	—	$	—	$	22,741
Liabilities measured at fair value
Contingent consideration	—		—		2,140		2,140
Warrant liabilities	—		—		73		73
Total liabilities measured at fair value	$	—	$	—	$	2,213	$	2,213

Description	December 31, 2019
	(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	$	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

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	March 31, 2020	December 31, 2019
Fair value	$0.1 million	$2.4 million
Valuation methodology	Monte Carlo	Monte Carlo
Term	2.1 years	2.3 years
Risk free rate	0.23%	1.59%
Dividends	—	—
Volatility	85%	109.80%
Share price	$0.35	$1.47
Probability of additional financing	100% in 2020	100% in 2020

The following table presents quantitative information about the inputs and valuation methodologies used for the Company’s fair value measurements for contingent consideration as of March 31, 2020 and December 31, 2019:

	Valuation Methodology	Significant Unobservable Input	Weighted Average (range, if applicable)
Contingent consideration	Probability weighted income approach	Milestone dates	2024 to 2029
		Discount rate	10.75% to 15.75%

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 three months ended March 31, 2020:

	Fair Value Measurement at Reporting Date (Level 3)
	(In thousands) (unaudited)
	Common stock warrants			Contingent consideration
Balance at December 31, 2019	$	2,388		$	1,084
Exchange of warrants	(2,470		)	—
Change in fair value	155			1,056
Balance at March 31, 2020	$	73		$	2,140
Current portion	—			72
Long-term portion	73			2,068
Balance at March 31, 2020	$	73		$	2,140