Common Stock

Authorized, Issued, and Outstanding Common Shares

The Company’s common stock has a par value of $0.001 per share and consists of 125,000,000 authorized shares as of March 31, 2016, and December 31, 2015; 13,906,828 and 13,905,599 shares were issued and outstanding at March 31, 2016, and December 31, 2015, respectively. The following table summarizes common stock share activity for the three months ended March 31, 2016:



	Shares of Common Stock	Common Stock		Additional Paid-in Capital		Accumulated Deficit			Total Stockholders' Equity
Balance, December 31, 2015	13,905,599	$	14	$	192,069	$	(150,134	)	$	41,949
Net loss	—	—		—		(7,184		)	(7,184		)
Stock-based compensation expense	—	—		274		—			274
Common stock issued through employee stock purchase plan	1,229	—		5		—			5
Balance, March 31, 2016	13,906,828	$	14	$	192,348	$	(157,318	)	$	35,044

Shares Reserved for Future Issuance

The Company had reserved shares of common stock for future issuance as follows:



	March 31, 2016	December 31, 2015
Outstanding stock options	1,450,453	1,379,727
Outstanding Series C-1 Preferred warrants	14,033	14,033
For possible future issuance under 2014 Equity Incentive Plan (Note 8)	1,037,822	552,415
For possible future issuance under Employee Stock Purchase Plan (Note 8)	78,465	50,283
For possible future issuance under 2015 Inducement Plan (Note 8)	165,000	165,000
Total common shares reserved for future issuance	2,745,773	2,161,458

Warrants Associated with Convertible Preferred Stock Issuances

In July 2006, the Company issued warrants to purchase 196,923 shares of Series C-1 Preferred Stock, which converted into the right to purchase 14,033 shares of common stock in connection with our IPO, however, we refer to these warrants as our Series C-1 Preferred warrants. The Series C-1 Preferred warrants were issued in conjunction with a loan financing agreement with an original exercise price of $3.25 per share of Series C-1 Preferred, which converted into an exercise price of $45.61 per share of common stock in connection with our IPO. These warrants remain outstanding as of March 31, 2016 and will expire on May 7, 2019, which is the five year anniversary of the Company's IPO. The fair value at the date of grant for these instruments was $459, which was recorded as a debt discount. The debt discount related to these warrants was fully amortized as of December 31, 2010. The Company determined that the warrants should be recorded as a derivative liability and stated at fair value at each reporting period. As of March 31, 2016 and December 31, 2015, the fair value of the warrant derivative liability was zero.