Preferred Stock Warrants (Tables)

6 Months Ended

Jun. 30, 2015

Summary of Redeemable Convertible Preferred Stock Warrants

The key terms of the redeemable convertible preferred stock warrants are summarized in the following table:


	Warrants Outstanding
	Warrants Outstanding June 30, 2015		Warrants Outstanding December 31, 2014		Exercise Price		Expiration
Series B preferred stock warrants		10,414		10,414	$	7.45	July 31, 2018
Series B-1 preferred stock warrants		43,969		47,060		7.45	June 30, 2018
Series B-1 preferred stock warrants		663,343		746,295		2.6075	Various dates in 2016 – 2021
Series C preferred stock warrants		166,318		171,566		5.215	Various dates in 2022 – 2023

Total preferred stock warrants		884,044		975,335

Schedule of Remeasuring Preferred Stock Warrants to Fair Value Using OPM and/or PWERM Models

At each reporting date, the Company remeasures the preferred stock warrants to fair value using the OPM and/or the PWERM models with the following assumptions used in the OPM:


	As of June 30, 2015			As of December 31, 2014
Expected term (in years)		0.9		1.2 – 2.5
Expected volatility		66	%	69 – 86%
Risk-free interest rate		0.2	%	0.3 – 0.6%
Expected dividend rate		—	%	— %
Discount for lack of marketability		11.3	%	19.5 – 24.3%

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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