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Preferred Stock Warrants
6 Months Ended
Jun. 30, 2017
Equity [Abstract]  
Preferred Stock Warrants
Preferred Stock Warrants

In April 2016, 1,999,998 shares of Series B redeemable convertible preferred stock were issued for cash proceeds of $20,000 in connection with the exercise of warrants. Immediately prior to the exercise of the warrants, the fair value of the warrants was remeasured at $1.0 million, determined using a hybrid method of the Option Pricing Model with a 67% weighted value per share and the probability-weighted expected return method (“PWERM”) with a 33% weighted value per share. Upon the exercise of warrants, the redeemable convertible preferred stock warrant liability of $1.0 million was reclassified to redeemable convertible preferred stock. In May 2016, the remaining warrants for the purchase of 2,000,000 shares of Series B redeemable convertible preferred stock expired unexercised.

The Company recorded a charge of $525,000 for the six months ended June 30, 2016, representing the increase in the fair value of the redeemable convertible preferred stock warrant liability in the condensed consolidated statements of operations. There were no such charges incurred for the three months ended June 30, 2016 and the three and six months ended June 30, 2017.