Baudax Bio, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021:
Assets:
Cash equivalents (See Note 5)
Money market mutual funds	$	12,794	$	—	$	—
Commercial paper		—		15,221		—
Total cash equivalents	$	12,794	$	15,221	$	—
Short-term investments (See Note 5)
Commercial paper		—		7,495		—
Total financial assets	$	12,794	$	22,716	$	—
Liabilities:
Warrants (See Note 13(c))	$	—	$	—	$	83
Contingent consideration (See Note 12(b))		—		—		60,455
	$	—	$	—	$	60,538

At December 31, 2020:
Assets:
Cash equivalents (See Note 5)
Money market mutual funds	$	24,210	$	—	$	—
Commercial paper		—		4,500		—
Total cash equivalents	$	24,210	$	4,500	$	—
Liabilities:
Warrants (See Note 13(c))	$	—	$	—	$	65
Contingent consideration (See Note 12(b))		—		—		65,043
	$	—	$	—	$	65,108

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, 2019	$	—		$	66,358
Additions		8,111			—
Exercise of warrants		(2,922	)		—
Payment of contingent consideration		—			(3,560	)
Remeasurement		16,734			2,245
Reclassification to equity upon warrant exchange		(21,858	)		—
Balance at December 31, 2020	$	65		$	65,043
Payment of contingent consideration		—			(6,429	)
Remeasurement		18			1,841
Total at March 31, 2021	$	83		$	60,455

Current portion as of March 31, 2021	$	—		$	7,107
Long-term portion as of March 31, 2021		83			53,348