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Stockholders’ and Members’ Equity (Deficit)
 12 Months Ended
Dec. 31, 2016
Stockholders’ and Members’ Equity (Deficit)  
Stockholders’ and Members’ Equity (Deficit)

8. Stockholders’ and Members’ Equity (Deficit)

The membership interests of MLT were converted to 1,431,228 shares of the Company’s common stock on November 1, 2014. The MLT members’ deficit was transferred to stockholders’ deficit on the accompanying balance sheets upon conversion to a C Corporation at that time.

Common Stock

The Company had 9,270,255 and 3,758,488 shares of its common stock issued and outstanding as of December 31, 2016 and December 31, 2015, respectively. Voting, dividend and liquidation rights of the holders of the common stock are subject to the Company’s articles of incorporation, corporate bylaws and underlying shareholder agreements.

Dividend Rights

Common stock holders are entitled to receive dividends at the sole discretion of the board of directors of the Company. There have been no dividends declared on common stock as of December 31, 2016.

Voting Rights

The holders of common stock are entitled to one vote for each share of common stock along with all other classes and series of stock of the Company on all actions to be taken by the stockholders of the Company, including actions that would amend the certificate of incorporation of the Company to increase the number of authorized shares of the common stock.

Liquidation Rights

In the event of any liquidation, dissolution, or winding‑up of the Company, the holders of common stock shall be entitled to share in the remaining assets of the Company available for distribution post preferential distributions made to holders of the Company’s preferred stock.  There was no preferred stock outstanding as of December 31, 2016.

Deferred Offering Costs

IPO offering costs of $4.2 million, consisting of underwriting discounts and commissions, legal, accounting and other direct fees and costs, were initially capitalized and subsequently offset against the Company’s IPO proceeds upon the close of the offering in August 2016. There were no deferred offering costs capitalized as of December 31, 2016. As of December 31, 2015, offering costs of $0.8 million were capitalized.