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, 2016

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, 2016	Level 1		Level 2		Level 3		Total
Assets
Cash	$	4,350	$	—	$	—	$	4,350
Money market securities		14,563		—		—		14,563
Restricted cash (Note 7)		272		—		—		272
Corporate bonds and commercial paper		—		27,201		—		27,201
Total assets	$	19,185	$	27,201	$	—	$	46,386
Liabilities
Warrants	$	—	$	—	$	438	$	438

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, 2016. During the three months ended March 31, 2016, 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,
	2015		Warrants		warrants			2016
Warrant liability	$	1,105	$	—	$	(667	)	$	438

Summary of Cash, Cash Equivalents and Marketable Securities

Cash, cash equivalents and marketable securities consist of the following (in thousands):

			Gross		Gross
	Amortized		Unrealized		Unrealized			Estimated
March 31, 2016	Cost		Gains		Losses			Fair Value
Cash	$	4,350	$	—	$	—		$	4,350
Money market securities		14,563		—		—			14,563
Total cash and cash equivalents	$	18,913	$	—	$	—		$	18,913
Money market securities (restricted cash)		272		—		—			272
Total restricted cash	$	272	$	—	$	—		$	272
Corporate bonds and commercial paper		27,197		6		(2	)		27,201
Total short-term investments	$	27,197	$	6	$	(2	)	$	27,201