Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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| Summary of Significant Accounting Policies |
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| Schedule of fair value of financial instruments measured on a recurring basis |
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As of December 31, 2020
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Description
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Total
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Level 1
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Level 2
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Level 3
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Assets:
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Short-term investments
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$
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100,842,438
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$
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100,842,438
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—
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—
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Liabilities:
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Contingent consideration
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$
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2,912,515
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—
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—
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$
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2,912,515
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Warrant liability
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$
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33,779
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—
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—
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$
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33,779
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As of December 31, 2019
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Description
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Total
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Level 1
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Level 2
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Level 3
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Assets:
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Short-term investments
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$
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5,713,922
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$
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5,713,922
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—
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—
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Liabilities:
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Contingent consideration
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$
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3,718,515
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—
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—
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$
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3,718,515
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| Schedule of change in fair value, as determined by Level 3 inputs, for all assets and liabilities using unobservable Level 3 inputs |
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Contingent
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Warrant
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Consideration
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Liability
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Balance at December 31, 2019
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$
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3,718,515
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$
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—
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Fair value at issuance
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—
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2,494,823
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Reclassification of warrants from equity to liability due to modification
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—
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869,078
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Reclassification of warrant liability to equity upon cashless exercise of warrants
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—
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(2,766,647)
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Reclassification of warrant liability to equity upon exchange of warrants
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—
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(1,575,642)
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Payout of contingent consideration
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(2,005,000)
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—
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Change in fair value
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1,199,000
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1,012,167
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Balance at December 31, 2020
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$
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2,912,515
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$
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33,779
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| Contingent Consideration Classified As Level 3 |
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| Summary of Significant Accounting Policies |
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| Schedule of fair value inputs |
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As of December 31, 2020
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Valuation
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Significant
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Weighted Average
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Methodology
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Unobservable Input
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(range, if applicable)
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Contingent Consideration
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Probability weighted income approach
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Milestone dates
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2022-2030
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Discount rate
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7.66%
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Probability of occurrence
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2.7% to 68%
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As of December 31, 2019
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Valuation
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Significant
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Weighted Average
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Methodology
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Unobservable Input
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(range, if applicable)
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Contingent Consideration
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Probability weighted income approach
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Milestone dates
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2020-2030
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Discount rate
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7.83%
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Probability of occurrence
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2.1% to 82%
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| Liability-Classified Warrants |
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| Summary of Significant Accounting Policies |
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| Schedule of fair value inputs |
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January 21, 2020
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Current stock price
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$
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2.31
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Estimated volatility of future stock price
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124
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%
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Risk free interest rate
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1.53
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%
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Expected term
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3.7
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years
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| Warrant Liability Classified As Level 3 |
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| Summary of Significant Accounting Policies |
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| Schedule of fair value inputs |
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December 31, 2020
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Current stock price
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$
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5.36
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Estimated volatility of future stock price
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141.28
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%
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Risk free interest rate
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0.17
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%
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Contractual term
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2.90
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years
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