STOCKHOLDERS' EQUITY |
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Dec. 31, 2016 | |||||||||||||||||||||||||
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| STOCKHOLDERS' EQUITY | STOCKHOLDERS' EQUITY Initial Public Offering and Conversion of Convertible Preferred Stock Prior to the closing of the Company's initial public offering, or IPO, on April 2, 2014, the Company had outstanding 5,680,096 shares designated as Series A convertible preferred stock, 4,929,749 shares designated as Series B convertible preferred stock, 9,052,344 shares designated as Series C convertible preferred stock, 5,619,234 shares designated as Series D convertible preferred stock, and 2,946,105 shares designated as Series E convertible preferred stock. In April 2014, the Company completed its IPO, in which the Company issued 8,625,000 shares of the Company's common stock, inclusive of 1,125,000 shares of common stock sold upon the underwriters' exercise in full of the overallotment option, at an offering price of $10.00 per share. The Company received proceeds of $80.2 million after deducting the underwriters’ discounts and commissions of $6.0 million. Upon completion of the IPO, the Company reclassified $5.4 million deferred offering costs to additional paid-in capital. In connection with the IPO, 28,227,528 outstanding shares of the Company’s convertible preferred stock automatically converted into 28,832,898 shares of common stock, and the warrants to purchase 103,034 shares of convertible preferred stock became warrants to purchase 107,876 shares of common stock. Common Stock and Preferred Stock On April 2, 2014, in connection with the IPO, the Company filed an amended and restated certificate of incorporation to increase the amount of common stock authorized for issuance to 500 million shares at par value of $0.001 per share, and to increase the amount of preferred stock authorized for issuance to 25 million shares with a $0.001 par value per share. Each holder of common stock is entitled to one vote for each share of common stock held. As of December 31, 2016 and 2015, the Company had 52,245,252 and 49,017,293 of common stock issued and outstanding, respectively. As of December 31, 2016 and 2015, the Company had no shares of preferred stock issued or outstanding. Common Stock reserved for Future Issuance As of December 31, 2016, the Company had, on an as-if converted basis, reserved shares of common stock for future issuance as follows:
Common Stock Warrants Upon the closing of the Company’s IPO, all of the outstanding 103,034 shares of convertible preferred stock warrants automatically converted into an aggregate of 107,876 shares of common stock warrants on a 1:1.1228 basis for Series B convertible preferred stock warrants, and on a 1:1 basis for Series C and Series E convertible preferred stock warrants, as a result of which the Company reclassified the related liability ($0.6 million carrying value) to additional paid-in capital in stockholders’ equity. On February 27, 2015, in connection with the amendment of the Company's loan agreement with TriplePoint Capital LLC, the Company provided TriplePoint Capital LLC a term extension of one additional year for its common stock warrants to purchase 73,883 shares of its common stock that were scheduled to expire on March 27, 2015. In March 2015, 33,993 shares of common stock warrants expired. As of December 31, 2015, 44,280 shares and 29,603 shares of the Company's common stock warrants remained outstanding and exercisable at exercise prices of $4.057 and $2.768 per share. On March 25, 2016, TriplePoint Capital LLC net exercised common stock warrants to purchase 27,715 shares of common stock, and 46,168 shares of common stock warrants used to satisfy the exercise price were cancelled. As of December 31, 2016, no shares of the Company's common stock warrants remained outstanding. |
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