11. Warrants

The Company had issued and outstanding warrants as follows:

	Warrants Outstanding					Exercise
	December 31, 2016		December 31, 2015		Issuance Date	Price per Share		Terms (Years)
Type of Security:
Common		1,152		1,152	November 2008	$	34.73		10.0
Common		720		720	January 2009	$	34.73		10.8
Common		288		288	February 2009	$	34.73		10.0
Common		360		360	March 2009	$	34.73		10.0
Common		144		144	April 2009	$	34.73		10.0
Common		13,235		13,235	July 2009	$	1.89		10.0
Common		21,176		21,176	September 2009	$	1.89		10.0
Common		2,400		2,400	April 2011	$	1.88		10.0
Common		—		50,455	April 2011	$	1.66		5.0
Common		19,867		116,443	April 2011	$	0.01		10.0
Common		—		241,260	June 2011	$	0.01		9.8
Common		6,031		161,381	October 2011	$	0.01		9.5
Common		—		232,258	August 2013	$	0.02		10.0
Common		29,462		42,246	September 2013	$	0.02		10.0
Common		2,786		45,919	December 2013	$	0.02		10.0
Total		97,621		929,437

In April 2011, the Company issued warrants to purchase 24,235 shares of Series A-1 convertible preferred stock, or Series A-1 warrants, and 83,771 warrants to purchase shares of Series B convertible preferred stock, or Series B warrants. The Series A-1 warrants and Series B warrants were immediately exercisable and expire, if not exercised, in April 2021 and April 2016, respectively. As the shares into which the warrants were exercisable were contingently redeemable, the Company recognized a liability for the fair value of the warrants on the consolidated balance sheet. At the date of the IPO, the Series A-1 warrants and Series B warrants became exercisable for common stock and were no longer contingently redeemable. At the IPO, the warrants were remeasured to their fair value of $1.2 million and the Company recognized a loss from remeasurement of $1.1 million in the consolidated statement of operations for the year ended December 31, 2015. The carrying value of the warrants of $1.2 million was reclassified to additional paid-in capital.

In April, June, and October 2011, the Company issued warrants to purchase 615,658 shares of common stock. The common stock warrants were exercisable beginning in April 2015 and would have terminated in whole or part, if the Company had obtained certain levels of government grant funds by April 15, 2015. The warrants expire, if not exercised, in April 2021. As the warrants were subject to performance conditions which may result in the issuance of a variable number of shares, the Company recognized a liability for the fair value of the common stock warrants on the consolidated balance sheet. On April 15, 2015, the Company did not obtain the specified levels of government grant funds and the performance conditions expired. As a result, the number of common shares issuable was fixed and the warrants no longer met the requirements for classification as a liability. The warrants were remeasured to their fair value of $25.9 million and the Company recognized a loss from remeasurement of $25.0 million in the consolidated statement of operations for the year ended December 31, 2015. The carrying value of the warrants of $25.9 million was reclassified to additional paid-in capital as of December 31, 2015.