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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
Summary of changes in the fair value of preferred stock warrants

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

 

 

$

 

 

Schedule of assumptions utilized to determine the fair value of preferred stock warrants

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

 

 

%

 

 

%

 

 

%

 

 

%