Achieve Life Sciences, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents information about our assets and liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques we utilized to determine such fair value (in thousands):

March 31, 2017	Level 1		Level 2		Level 3		Total
Assets
Cash	$	2,728	$	—	$	—	$	2,728
Money market securities (cash equivalents)		12,962		—		—		12,962
Restricted cash (Note 7)		272		—		—		272
Corporate bonds and commercial paper (short term investments)		—		760		—		760
Total assets	$	15,962	$	760	$	—	$	16,722
Liabilities
Warrants	$	—	$	—	$	180	$	180

Summary of Changes in Fair Value of Level 3 Financial Liabilities

The following table presents the changes in fair value of our total Level 3 financial liabilities for the three months ended March 31, 2017. During the three months ended March 31, 2017, we did not issue any common stock warrants that were classified as liabilities (in thousands):

	Liability at				Unrealized			Liability at
	December 31,		Issuance of		Gain on			March 31,
	2016		Warrants		warrants			2017
Warrant liability	$	232	$	—	$	(52	)	$	180

Summary of Cash, Cash Equivalents and Short-Term Investments

Cash, cash equivalents and short-term investments consist of the following (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
March 31, 2017	Cost		Gains		Losses		Fair Value
Cash	$	2,728	$	—	$	—	$	2,728
Money market securities		12,962		—		—		12,962
Total cash and cash equivalents	$	15,690	$	—	$	—	$	15,690
Money market securities (restricted cash)		272		—		—		272
Total restricted cash	$	272	$	—	$	—	$	272
Corporate bonds and commercial paper	$	760		—		—	$	760
Total short-term investments	$	760	$	—	$	—	$	760