XML 33 R15.htm IDEA: XBRL DOCUMENT v3.6.0.2
Stockholders' Equity (Deficit)
 12 Months Ended
Dec. 31, 2016
Equity [Abstract]  
Stockholders' Equity (Deficit)
Stockholders' Equity

Common Stock

The Company's Restated Certificate of Incorporation authorizes the Company to issue 125,000,000 shares of common stock with a par value of $0.001 per share. The holder of each share of common stock shall have one vote for each share of stock. The common stockholders are also entitled to receive dividends whenever funds and assets are legally available and when declared by the Board of Directors, subject to the prior rights of holders of all series of convertible preferred stock outstanding. No dividends have been declared as of December 31, 2016.

As of December 31, 2016 and 2015, the Company had reserved shares of common stock for issuance as follows:

 
December 31,
 
2016
 
2015
Stock options and restricted stock units issued and outstanding
5,251,832

 
4,179,521

Stock options and restricted stock units available for grant under stock option plans
887,724

 
1,058,359

Common stock available for the Employee Stock Purchase Plan
609,053

 
750,000

Total
6,748,609

 
5,987,880


In November 2016, the Company completed a public offering of 5,723,300 shares of its common stock at a price of $6.00 per share. Gross proceeds to the Company were $34.3 million and the Company raised net proceeds of $32.1 million, after deducting underwriting discounts and commissions and other expenses of $2.2 million. At December 31, 2016, the Company had $200,000 receivable from the underwriters for reimbursement of other expenses, which is included in prepaid expenses and other current assets in the Company's balance sheet.

In April 2015, the Company completed a private placement of 4,907,975 shares of its common stock to certain accredited investors at a purchase price of $8.15 per share. Gross proceeds to the Company were $40.0 million and the Company received $37.3 million in net proceeds, after deducting placement agent fees and other expenses of $2.7 million.