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Stockholders' Equity
 9 Months Ended
Sep. 30, 2015
Equity [Abstract]  
Stockholders' Equity

6. STOCKHOLDERS’ EQUITY

Common Stock Subject to Repurchase

The Company’s equity incentive plans allow for early exercise of certain option awards issued under the plan.  At September 30, 2015, 207,250 shares of common stock were unvested and subject to repurchase.  Under the authoritative guidance, early exercise is not considered an exercise for accounting purposes and, therefore, any payment for unvested shares is recognized as a liability at the original exercise price.  The Company reduces the liability as the underlying shares vest in accordance with the vesting terms outlined in the stock option agreements which, generally, is 4 years.  At September 30, 2015, the Company had recorded an early exercise liability of $442,000 and no shares had been repurchased by the Company.

Common Stock Reserved for Future Issuance

Common stock reserved for future issuance is as follows (in common stock equivalent shares):

 

 

September 30, 2015

 

 

December 31, 2014

 

Conversion of Series A preferred (in common stock equivalent shares)

 

-

 

 

 

3,839,604

 

Stock options issued and outstanding

 

1,407,466

 

 

 

709,136

 

Authorized for future stock awards or option grants

 

1,838,333

 

 

 

12,062

 

Authorized for future issuance under employee stock purchase plan

 

245,168

 

 

 

-

 

Total

 

3,490,967

 

 

 

4,560,802