Convertible Preferred Stock Warrants and Common Stock Warrants
|6 Months Ended|
Jun. 30, 2017
|Warrants And Rights Note Disclosure [Abstract]|
|Convertible Preferred Stock Warrants and Common Stock Warrants||
Note 10. Convertible Preferred Stock Warrants and Common Stock Warrants
Immediately prior to the Company’s IPO, all outstanding Series B-1 convertible preferred stock warrants were remeasured to their fair value, using the Black-Scholes model. Refer to Note 3, Summary of Significant Accounting Policies, to the notes to the consolidated financial statement included in the Prospectus for a description of the valuation method. The final remeasurement of the convertible preferred stock warrant liability resulted in a $3.7 million loss which was recorded to other expense, net.
Upon the closing of the IPO, the entire balance of $5.7 million in convertible preferred stock warrant liability was reclassified to additional paid-in capital. All convertible preferred stock warrants were converted into common stock warrants. In addition, the Company issued to the lead underwriter in the IPO a warrant to purchase up to 84,000 shares of its common stock.
In June 2017, the June 2012 warrant and a portion of the August 2012 warrant were converted into 15,136 shares and 39,771 shares of common stock, respectively, in a cashless exercise,
At June 30, 2017, the Company had the following common stock warrants issued and outstanding (in thousands, except share and per share data):