Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Financial Instruments (Tables)

v3.21.2
Fair Value of Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2021
Fair Value of Financial Instruments  
Schedule of fair value inputs

June 30, 2021

December 31, 2020

Current stock price

$

6.73

$

5.36

Estimated volatility of future stock price

130.30

%

141.28

%

Risk free interest rate

0.36

%

0.17

%

Contractual term

2.41

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 June 30, 2021:

As of June 30, 2021

Valuation 

Significant 

Weighted Average 

    

 Methodology

    

 Unobservable Input

    

 (range, if applicable)

Contingent Consideration

 

Probability weighted income approach

 

Milestone dates

 

2022-2031

 

 

Discount rate

 

7.31

 

  

 

Probability of occurrence

 

2.7% to 68%

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 June 30, 2021

Description

    

Total

    

Level 1

    

Level 2

    

Level 3

Assets:

Short-term investments

$

100,964,986

$

100,964,986

 

 

Liabilities:

 

  

 

  

 

  

 

  

Contingent consideration

$

3,023,515

 

$

3,023,515

Warrant liability

$

37,802

 

 

$

37,802

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

 

111,000

4,023

Balance at June 30, 2021

$

3,023,515

$

37,802