Stockholders' Equity

6 Months Ended

Jun. 30, 2019

Class Of Stock Disclosures [Abstract]

Note 10. Stockholders’ Equity

Shares Reserved for Future Issuance

The following common stock is reserved for future issuance at⁽¹⁾:

	June 30, 2019			December 31, 2018
Warrants issued and outstanding		51,003			51,003
Stock option awards issued and outstanding		1,553,169			1,407,049
Authorized for grants under the 2016 Equity Incentive Plan		477,477	(2)		463,491
Authorized for grants under the 2016 Employee Stock Purchase Plan		196,011	(3)		100,000
		2,277,660			2,021,543

⁽¹⁾ Treasury stock in the amount of 371,664 and 357,314 as of June 30, 2019 and December 31, 2018, respectively, are excluded from the table above.

⁽²⁾ On January 1, 2019, the number of authorized shares in the 2016 Equity Incentive Plan increased by 384,045 shares pursuant to the evergreen provisions of the 2016 Equity Incentive Plan.

⁽³⁾ On January 1, 2019, the number of authorized shares in the 2016 Employee Stock Purchase Plan increased by 96,011 shares pursuant to the evergreen provisions of the 2016 Employee Stock Purchase Plan.

The Company maintains the Employee Stock Purchase Plan (ESPP) that provides employees an opportunity to purchase common stock through payroll deductions. The ESPP is implemented through consecutive 6-month offering periods commencing on March 1 and September 1 of each year. The first offering period under the ESPP commenced on March 1, 2019. The purchase price is set at 85% of the fair market value of the Company's common stock on either the first or last trading day of the offering period, whichever is lower, and annual contributions are limited to the lower of 20% of an employee's eligible compensation or such other limits as apply under Section 423 of the Internal Revenue Code for such plans such as the ESPP. The ESPP is intended to qualify as an employee stock purchase plan for purposes of Section 423 of the Internal Revenue Code.