Quarterly report pursuant to Section 13 or 15(d)

Fair Value of Warrants

v3.20.2
Fair Value of Warrants
6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value of Warrants Fair Value of Warrants
The following table summarizes the derivative warrant activity subject to fair value accounting for the six months ended June 30, 2020 (in thousands):
Issued with/for Fair value of warrants
outstanding as of
December 31, 2019
Change in fair
value of warrants
Fair value of warrants
outstanding as of
June 30, 2020
2016 Offerings $ 178    $ (152)   $ 26   

The derivative warrants issued as part of the 2016 Offerings are valued using a probability-weighted Binomial model. The following tables summarize the assumptions used in computing the fair value of derivative warrants subject to fair value accounting at June 30, 2020 and December 31, 2019.

2016 Offerings As of June 30, 2020 As of December 31, 2019
Exercise price $ 67.50    $ 67.50   
Expected life (years) 1.58 2.08
Expected volatility 157.09  % 150.69  %
Risk-free interest rate 0.16  % 1.58  %
Expected dividend yield —  % —  %