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Subsequent Events | 3 Months Ended
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Mar. 31, 2014
Subsequent Events [Abstract] |
Subsequent Events |
14. | Subsequent Events
Reverse Stock Split On April 25, 2014, the Company amended its amended and restated certificate of incorporation to implement a 1-for-5.1 reverse stock split of its common stock. The reverse stock split did not cause an adjustment to the par value or the authorized shares of the common stock. As a result of the reverse stock split, the Company also adjusted the share amounts under its employee incentive plans, outstanding options and common stock and preferred stock warrant agreements with third parties. All disclosures of common shares and per common share data in the accompanying interim financial statements and related notes have been adjusted to reflect the reverse stock split for all periods presented. On April 29, 2014, the Company lowered the exercise price per share of options to purchase 53,404 shares of common stock to an amount equal to $10 per share, the initial public offering price per share in the IPO. The original exercise prices of such options ranged from $20.40 to $61.20 per share, with a weighted average exercise price of $54.87 per share. Addendum to Guarantee Agreement On April 29, 2014, the Company entered into an addendum to the guarantee agreement with the related party guaranteeing its 2013 Credit Agreement. Under this addendum and conditioned upon the closing of the IPO, the parties agreed to terminate the Company’s obligations made under the addendum dated March 17, 2014 (Note 4). In addition, the Company agreed that to the extent the related party guarantor invested in the IPO, the amount to be invested by the related party guarantor would be used to pay down the outstanding balance under the 2013 Credit Agreement. Initial Public Offering On May 7, 2014, the Company completed the initial public offering (IPO) of its common stock pursuant to a Registration Statement on Form S-1. In the IPO, the Company sold an aggregate of 6,200,000 shares of common stock under the Registration Statement at a public offering price of $10 per share. On May 7, 2014, the Company received net proceeds of approximately $54.8 million, after deducting underwriting discounts and commissions of $3.3 million and offering expenses of $3.9 million. Upon the completion of the IPO, the $15.0 million outstanding debt under the 2013 Credit Agreement plus interest was paid in full and all outstanding shares of the Company’s convertible preferred stock and common stock warrants issued with the convertible notes and convertible preferred stock were converted into 1,967,571 shares of common stock. Pro Forma Balance Sheet The balance sheet data below show, on a pro forma basis, the impact on certain balance sheet items of significant equity transactions, which occurred subsequent to March 31, 2014. The pro forma balance sheet data give effect to the following in connection with the completion of the IPO on May 7, 2014:
(i) | the sale of 6,200,000 shares of common stock at a price of $10 per share to the public in the IPO, net of underwriting discounts and unpaid offering costs;
(ii) | the payment in full of the $15.0 million debt outstanding under the 2013 Credit Agreement;
(iii) | the amortization in full of the outstanding balance of the deferred financing costs of $1,608 upon full payment of the outstanding debt;
(iv) | the conversion of all of the Company’s outstanding convertible preferred stock into an aggregate of 1,691,884 shares of common stock;
(v) | the issuance of 275,687 shares of common stock pursuant to the exercise of outstanding warrants to purchase common stock issued with the Company’s convertible notes and convertible preferred stock;
(vi) | the elimination of the deferred offering costs of $3,645, and
(vii) | the elimination of the $9,998 derivative liability upon exercise of the warrants to purchase common stock.
Selected Balance Sheet Data
|  | Actual as of March 31, 2014 |  |  | Pro Forma as of March 31, 2014 |
Cash and cash equivalents |  | $ | 650 |  |  | $ | 42,435 |
Total assets |  | $ | 12,978 |  |  | $ | 49,510 |
Current portion of long-term debt |  | $ | 15,000 |  |  | $ | — |
Derivative liability |  | $ | 9,998 |  |  | $ | — |
Total liabilities |  | $ | 33,403 |  |  | $ | 6,690 |
Series A Preferred |  | $ | 250 |  |  | $ | — |
Series B Preferred |  | $ | 4,215 |  |  | $ | — |
Series C Preferred |  | $ | 28,121 |  |  | $ | — |
Series C-2 Preferred |  | $ | 13,500 |  |  | $ | — |
Series D-1 Preferred |  | $ | 16,952 |  |  | $ | — |
Series D-2 Preferred |  | $ | 25,752 |  |  | $ | — |
Total stockholders’ (deficit) equity |  | $ | (109,215 | ) |  | $ | 42,820 |
Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit |  | $ | 12,978 |  |  | $ | 49,510 |

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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