7. PREFERRED STOCK

Upon the closing of the IPO, all outstanding shares of redeemable convertible and convertible preferred stock automatically converted into shares of common stock and all outstanding warrants to purchase shares of redeemable convertible preferred stock became warrants to purchase shares of common stock.

Also, on the date of the IPO, the Company filed a restated certificate of incorporation, which authorized the issuance of preferred stock with rights and preferences designated from time to time by the board of directors. As of June 30, 2018, there were 25,000,000 shares of preferred stock authorized with a par value of $0.001 per share, and no shares of preferred stock issued or outstanding.

Prior to the closing of the IPO, during the six months ended June 30, 2018, certain employees exercised options to purchase 360,385 of Series A preferred stock in exchange for cash proceeds of $211 and the Company adjusted the carrying value of each series of redeemable convertible preferred stock by $199,492. This adjustment resulted in an increase to the net loss attributable to common stockholders for the period.

As of December 31, 2017, the liquidation preference of the redeemable convertible preferred stock was $272,506.

Immediately prior to the automatic conversion into common stock upon the closing of the IPO, preferred stock consisted of the following:


	Preferred	Preferred					Common Stock
	Shares	Shares Issued	Carrying		Liquidation		Issuable Upon
	Authorized	and Outstanding	Value		Preference		Conversion
Series A preferred stock	8,800,000	4,212,191	$	1,721	$	(1)	1,709,063

Series B preferred stock	24,673,917	24,665,856		10,442		22,534	12,332,924
Series C preferred stock	13,283,366	10,105,400		9,540		11,447	5,052,697
Series D preferred stock	11,876,688	11,541,688		109,646		34,500	5,770,841
Series E preferred stock	12,219,202	12,219,202		116,082		48,999	6,109,588
Series E-1 preferred stock	6,415,146	4,739,463		45,025		3,991	2,369,729
Series F preferred stock	25,632,888	25,469,585		241,961		151,035	12,734,781
	94,101,207	88,741,194	$	532,696	$	272,506	44,370,560

(1) The liquidation preference of the Series A preferred stock was calculated based on a percentage of the proceeds received by the Company in the event of a Deemed Liquidation Event. The holders of the Series A preferred stock did not have redemption rights other than in the event of a Deemed Liquidation Event.