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Fair Value Measurements | 12 Months Ended
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Dec. 31, 2017
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Note 6—Fair Value Measurements At December 31, 2017, cash equivalents of $5.0 million consisted of money market funds, which were classified as Level 1 of the fair value hierarchy and are valued using quoted market prices in active markets. The Company had no cash equivalents at December 31, 2016. The Company had no other material financial instruments that were measured at fair value at December 31, 2016 and 2017. The Company’s preferred stock warrants are recorded at fair value and were determined to be Level 3 fair value items. The changes in the fair value of preferred stock warrants are summarized below (in thousands):
|  | Year Ended December 31, |
|  | 2015 |  |  | 2016 |
Beginning balance |  | $ | 966 |  |  | $ | 6,927 |
Change in value of preferred stock warrants recorded in other expense, net |  |  | 5,961 |  |  |  | 9,458 |
Reclassification to convertible preferred stock upon net exercise of Series Seed warrant in February 2016 |  |  | — |  |  |  | (3,789 | )
Conversion of preferred stock warrants to common stock warrants upon the closing of the Company’s IPO on September 26, 2016 |  |  | — |  |  |  | (12,596 | )
Ending balance |  | $ | 6,927 |  |  | $ | — |
In connection with the IPO, outstanding warrants exercisable for 1,382,505 shares of convertible preferred stock were automatically converted into warrants exercisable for 460,834 shares of Class B common stock and net exercised resulting in the issuance of 448,545 shares of Class B common stock based on the IPO price of $18.00 per share and taking into account the 1-for-3 reverse stock split. The aggregate fair value of these warrants upon the closing of the IPO was $12.6 million, which was reclassified from liabilities to additional paid-in capital. The Company determined the fair value of the preferred stock warrants utilizing the Black-Scholes model with the following assumptions:
|  | Series Seed |  |  | Series A-3 |
|  | As of |  |  | As of |
|  | Dec 31, 2015 |  |  | Sept 26, 2016 |  |  | Dec 31, 2015 |  |  | Sept 26, 2016 |
Contractual term (years) |  |  | 5.7 |  |  |  | 4.9 |  |  |  | 7.2 |  |  |  | 6.5 |
Expected volatility |  |  | 60.3 | % |  |  | 59.1 | % |  |  | 61.3 | % |  |  | 59.1 | %
Risk-free interest rate |  |  | 1.84 | % |  |  | 1.12 | % |  |  | 2.09 | % |  |  | 1.34 | %
Estimated dividend yield |  |  | — | % |  |  | — | % |  |  | — | % |  |  | — | %

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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