7. Warrants

As of December 31, 2017, outstanding warrants to purchase common stock consisted of the following:

December 31, 2017
Date Exercisable	Number of Shares Issuable		Exercise Price		Exercisable for	Classification
1/23/2017		54,516	$	0.01	Common Stock	Equity
11/14/2017		2,958,094		6.085	Common Stock	Liability

		3,012,610

2017 Warrants

On November 14, 2017, in connection with the Private Placement (see Note 9), the Company issued immediately exercisable warrants to purchase 2,958,094 shares of common stock to investors. The warrants have an exercise price of $6.085 per share, and expire on November 14, 2024.

The warrants contain full ratchet anti-dilution protection provisions. Company classifies the warrants as a liability on its consolidated balance sheet because each warrant represents a freestanding financial instrument that, due to the potential variable nature of the exercise price, is not considered to be indexed to the Company's own shares. The warrant liability was initially recorded at fair value upon entering into the Private Placement and is subsequently remeasured to fair value at each reporting date. Changes in the fair value of the warrant liability are recognized as a component of other income (expense), net in the Company's consolidated statement of operations. Changes in the fair value of the warrant liability will continue to be recognized until the warrants are exercised, expire or qualify for equity classification.

The fair value of the warrant liability was determined to be $12,335 on the date of issuance. The Company remeasured the liability as of December 31, 2017 and determined that the fair value of the warrant liability was $11,862, resulting in income of $473 recorded within other income (expense), net in the consolidated statements of operations for the year ended December 31, 2017.