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Preferred and Common Stock Warrants
 9 Months Ended
Sep. 30, 2019
Equity [Abstract]  
Preferred and Common Stock Warrants Preferred and Common Stock WarrantsPrior to the Merger (see Note 1), the Company issued warrants for the purchase of its preferred stock and had classified these preferred stock warrants as a liability on its consolidated balance sheet as the warrants were deemed to be freestanding financial instruments that may have required the Company to transfer assets upon exercise. The liability associated with each of these warrants was initially recorded at fair value upon the issuance date of each warrant and was subsequently remeasured to fair value as a component of other income (expense), net in the consolidated statement of operations. Upon the closing of the Merger, pursuant to the Merger Agreement, all of the outstanding X4 preferred stock was converted to Arsanis common stock and the X4 preferred stock warrants converted to warrants for the purchase of Arsanis common stock. The Company assessed the features of the warrants and determined that they qualify for classification as permanent equity upon the closing of the
Merger. Accordingly, the Company remeasured the warrants to fair value upon the closing of the Merger, which was $5.2 million at March 13, 2019, with $288 thousand of expense recorded during the three months ended March 31, 2019. Upon the closing of the Merger, the warrant liability was reclassified to additional paid-in capital.
In connection with its issuance of common stock in a public offering that closed on April 16, 2019, the Company issued 3,900,000 Class A warrants, which have an exercise price of $13.20 per warrant and are convertible into shares of the Company’s common stock. These warrants expire on April 15, 2024 and were immediately exercisable upon issuance. In addition, the Company issued 2,130,000 pre-funded warrants for proceeds of $10.999 per share. Each of the pre-funded warrants is convertible into one common share, has a remaining exercise price of $0.001 per share and was immediately exercisable upon issuance.
The following table provides a roll forward of outstanding warrants for the nine month period ended September 30, 2019:
Number of
warrants		Weighted
Average
Exercise
Price		Weighted
Average
Contractual
Term (Years)
Outstanding and exercisable warrants to purchase preferred shares as of December 31, 20185,146,400  $—  4.23
Conversion of warrant to purchase preferred shares to warrants for the purchase of common stock and adjusted for the Exchange Ratio and Reverse Stock Split
(4,657,350) 
Issuance of warrants for the purchase of common stock6,035,000  12.43  
Exercised(33,846) 13.20  
Cancelled—  —  
Outstanding and exercisable as of September 30, 20196,490,204  $13.03  2.98
As of September 30, 2019, the Company’s outstanding warrants to purchase shares of common stock consisted of the following:
Issuance DateNumber of
Shares of
Common
Stock Issuable		Exercise
Price		ClassificationExpiration Date
August 14, 201581,228  $21.78  EquityAugust 14, 2020
August 21, 201569,603  $21.78  EquityAugust 21, 2020
October 25, 20165,155  $19.78  EquityOctober 24, 2026
November 1, 2017130,609  $19.78  EquityOctober 31, 2020
November 17, 20178,442  $19.78  EquityNovember 16, 2020
December 4, 20175,661  $19.78  EquityDecember 3, 2020
December 28, 20176,925  $19.78  EquityDecember 27, 2020
December 28, 2017115,916  $19.78  EquityDecember 28, 2027
September 12, 201825,275  $19.78  EquitySeptember 12, 2021
September 12, 201820,220  $19.78  EquitySeptember 12, 2028
October 19, 201820,016  $19.78  EquityOctober 19, 2028
March 13, 20195,000  $19.80  EquityMarch 12, 2029
April 16, 20193,866,154  $13.20  EquityApril 15, 2024
April 16, 20192,130,000  $11.00  Equityn/a
6,490,204  
 
As of December 31, 2018, the Company’s outstanding warrants to purchase shares of preferred stock (which converted into warrants to purchase common stock upon close of the Merger) consisted of the following (not adjusted for the Reverse Stock Split or Exchange Ratio):
December 31, 2018
Warrant NameIssuance DateNumber of
Shares of
Preferred
Stock Issuable		Exercise
Price		Exercisable
for		ClassificationExpiration Date
Series A warrantsAugust 14, 2015854,785  $2.07  Series ALiabilityAugust 14, 2020
Series A warrantsAugust 21, 2015732,453  $2.07  Series ALiabilityAugust 21, 2020
SVB warrantsOctober 25, 201654,256  $1.88  Series ALiabilityOctober 24, 2026
Series B warrantsNovember 1, 20171,374,435  $1.88  Series BLiabilityOctober 31, 2020
Series B warrantsNovember 17, 201788,845  $1.88  Series BLiabilityNovember 16, 2020
Series B warrantsDecember 4, 201759,576  $1.88  Series BLiabilityDecember 3, 2020
Series B warrantsDecember 28, 201772,875  $1.88  Series BLiabilityDecember 27, 2020
Series B warrantsDecember 28, 20171,219,815  $1.88  Series BLiabilityDecember 28, 2027
Series B warrantsSeptember 12, 2018265,957  $1.88  Series BLiabilitySeptember 12, 2021
Series B warrantsSeptember 12, 2018212,765  $1.88  Series BLiabilitySeptember 12, 2028
Series B warrantsOctober 19, 2018210,638  $1.88  Series BLiabilityOctober 19, 2028
5,146,400