Annual report pursuant to Section 13 and 15(d)

Fair Value of Financial Instruments (Tables)

v3.20.4
Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Classification of Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company has classified assets and liabilities measured at fair value on a recurring basis as follows:

 

 

 

Fair value measurements at reporting

date using

 

 

 

Quoted prices

in active

markets for

identical

assets

(Level 1)

 

 

Significant

other

observable

inputs

(Level 2)

 

 

Significant

unobservable

inputs

(Level 3)

 

At December 31, 2020:

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market mutual funds (See Note 5)

 

$

24,210

 

 

$

—

 

 

$

—

 

Commercial paper (See Note 5)

 

 

-

 

 

 

4,500

 

 

 

 

 

Total cash equivalents

 

$

24,210

 

 

$

4,500

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Warrants (See Note 13(c))

 

$

—

 

 

$

—

 

 

$

65

 

Contingent consideration (See Note 12)

 

$

—

 

 

$

—

 

 

$

65,043

 

 

 

$

—

 

 

$

—

 

 

$

65,108

 

At December 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

 

 

 

 

 

 

 

 

 

 

 

Money market mutual funds (See Note 5)

 

$

16,514

 

 

$

—

 

 

$

—

 

Total cash equivalents

 

$

16,514

 

 

$

—

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration (See Note 12)

 

$

—

 

 

$

—

 

 

$

66,358

 

 

 

$

—

 

 

$

—

 

 

$

66,358

 
Reconciliation of Warrant Liability and Contingent Consideration Measured at Fair Value on Recurring Basis Using Unobservable Inputs

The reconciliation of the warrant liability and contingent consideration measured at fair value on a recurring basis using unobservable inputs (Level 3) is as follows:

 

 

 

Warrants

 

 

Contingent Consideration

 

Balance at December 31, 2018

 

$

—

 

 

$

90,912

 

Payment of contingent consideration

 

 

—

 

 

 

(10,000

)

Remeasurement

 

 

—

 

 

 

(14,554

)

Balance at December 31, 2019

 

 

—

 

 

 

66,358

 

Additions

 

 

8,111

 

 

 

—

 

Reclassification to equity upon exercise of warrants

 

 

(2,922

)

 

 

—

 

Payment of contingent consideration

 

 

—

 

 

 

(3,560

)

Remeasurement

 

 

16,734

 

 

 

2,245

 

Reclassification to equity upon warrant exchange

 

 

(21,858

)

 

 

—

 

Total at December 31, 2020

 

$

65

 

 

$

65,043

 

 

 

 

 

 

 

 

 

 

Current portion as of December 31, 2020

 

$

—

 

 

$

8,467

 

Long-term portion as of December 31, 2020

 

 

65

 

 

 

56,576