9. WARRANTS

At December 31, 2013, outstanding convertible preferred stock warrants consisted of:


Issue Date	Original Term		Convertible Preferred Stock		Exercise Price		Number of Shares of Outstanding Underlying Warrant		Estimated Fair Value as of December 31, 2013 (In thousands)
December 2010 (a)		7 years		Series G	$	21.78		17,215	$	14
April 2012 (b)		5 years		Series G	$	21.78		357,216		218
August 2012 (c)		7 years		Series G	$	21.78		167,182		293

								541,613	$	525

(a)—Issued

to lenders in connection with the 2010 Loan (see Note 8).

(b)—Issued

to note holders upon the conversion of all of the 2010 Notes (see Note 8).

(c)—Issued

to lenders in connection with the 2012 Loan (see Note 8).

The warrants were exercisable upon issuance. At December 31, 2013, the warrants were classified as liabilities on the balance sheet. Upon the completion of the Company’s IPO in July 2014, all outstanding convertible preferred stock warrants were converted into warrants to purchase common stock and accordingly the liability was reclassified to stockholders’ equity. Prior to the IPO, the Company adjusted the liability for changes in fair value at each balance sheet date.

The estimated fair value of the outstanding convertible preferred stock warrants was measured at December 31, 2013, using the Black-Scholes option pricing model with the following assumptions: expected volatility ranging from 40% to 45%, a contractual term equal to the remaining contractual term, risk-free interest rate ranging from 0.8% to 2.1%, underlying common stock price of $8.97, and dividend yield of 0%.

In October 2011, a number of preferred stock holders did not purchase their pro rata share of the 2010 Notes, and as a result, 82,190 warrants to purchase Series E, F, and G preferred stock converted to warrants to purchase common stock. The strike price of the warrants remained the same. At December 31, 2013, outstanding common stock warrants consisted of:


	Original Term		Exercise Price		Number of Shares Outstanding Underlying Warrants
Original issue date:
July 2006		10 years	$	31.72		17,656
November 2006		10 years	$	31.72		1,576
February 2008		10 years	$	35.07		22,792
August 2009		10 years	$	21.78		33,472
July 2010		9 years	$	21.78		6,694

						82,190