6. Warrants

As of March 31, 2018, outstanding warrants to purchase common stock consisted of the following:

March 31, 2018
Number of Shares Issuable	Exercise Price		Exercisable for	Classification

54,516	$	0.01	Common Stock	Equity
2,958,094	$	6.085	Common Stock	Liability

3,012,610

2017 Warrants

On November 14, 2017, in connection with the Private Placement, 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 gains (losses) 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 $11,862 on December 31, 2017. The Company remeasured the liability as of March 31, 2018 and determined that the fair value of the warrant liability was $16,713, resulting in a loss of $4,851 recorded in the condensed consolidated statements of operations for the three months ended March 31, 2018.