Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables) (Imported)

v3.21.1
Fair Value of Financial Instruments (Tables) (Imported)
3 Months Ended
Mar. 31, 2021
Fair Value of Financial Instruments  
Schedule of fair value of financial instruments measured on a recurring basis

The fair value of financial instruments measured on a recurring basis is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2021

Description

    

Total

    

Level 1

    

Level 2

    

Level 3

Assets:

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

 

$

100,899,984

 

$

100,899,984

 

 —

 

 

 —

Liabilities:

 

 

  

 

 

  

 

  

 

 

  

Contingent consideration

 

$

2,918,515

 

 

 —

 

 —

 

$

2,918,515

Warrant liability

 

$

42,481

 

 

 —

 

 —

 

$

42,481

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2020

Description

    

Total

    

 

Level 1

    

Level 2

    

Level 3

Assets:

 

 

 

 

 

 

 

 

 

 

 

Short-term investments

 

$

100,842,438

 

$

100,842,438

 

 —

 

 

 —

Liabilities:

 

 

  

 

 

  

 

  

 

 

  

Contingent consideration

 

$

2,912,515

 

 

 —

 

 —

 

$

2,912,515

Warrant liability

 

$

33,779

 

 

 —

 

 —

 

$

33,779

 

Schedule of change in fair value, as determined by Level 3 inputs, for all assets and liabilities using unobservable Level 3 inputs

 

 

 

 

 

 

 

 

 

Contingent 

 

Warrant

 

    

Consideration

 

Liability

Balance at December 31, 2020

 

$

2,912,515

 

$

33,779

Change in fair value

 

 

6,000

 

 

8,702

Balance at March 31, 2021

 

$

2,918,515

 

$

42,481

 

Schedule of fair value inputs

 

 

 

 

 

 

 

 

 

 

March 31, 2021

December 31, 2020

Current stock price

 

$

7.28

 

$

5.36

 

Estimated volatility of future stock price

 

 

126.04

%

 

141.28

%

Risk free interest rate

 

 

0.29

%

 

0.17

%

Contractual term

 

 

2.66

years

 

2.90

years

 


 

The following table presents quantitative information about the inputs and valuation methodologies used for the Company’s fair value measurements of contingent consideration classified as Level 3 as of March 31, 2021:

 

 

 

 

 

 

 

 

 

 

 

 

 

As of March 31, 2021

 

 

 

Valuation 

 

Significant 

 

Weighted Average 

 

    

 

 Methodology

    

 Unobservable Input

    

 (range, if applicable)

 

 

 

 

 

 

 

 

Contingent Consideration

 

 

Probability weighted   income approach

 

Milestone dates

 

2022-2031

 

 

 

 

 

Discount rate

 

8.07

 

 

 

  

 

Probability of occurrence

 

2.7% to 68%