Stockholders' equity

9 Months Ended

Sep. 30, 2015

Stockholders Equity [Abstract]

Stockholders' Equity

Note 11. Stockholders’ equity

Common Stock

As of September 30, 2015, the Company had reserved 7,009,303 common stock shares for issuance under its stock option plans and 678,438 common stock shares for issuance under its stock purchase plan.

Resale Registration Statement

In April 2015, the Company filed a resale registration statement, which registered 4,972,905 shares of the Company’s common stock, at a par value of $0.0025 per share, held by Rusnano. The Company does not receive any proceeds from any sales of the Company’s common stock held by Rusnano (See Note 10).

Follow-On Public Offering

In the second quarter of 2015, the Company completed a follow-on offering, in which the Company sold 6,866,689 shares of its common stock, including 895,655 shares of common stock sold upon the exercise in full of the overallotment option by the underwriters, at a public offering price of $7.25 per share. The Company raised approximately $45.6 million, net of underwriting discounts of $3.0 million and other offering expenses of approximately $1.2 million.

Accumulated Other Comprehensive Income, Net of Tax

The components of accumulated other comprehensive income, net of related taxes, were as follows (in thousands):

	September 30, 2015		December 31, 2014
Foreign currency translation adjustments	$	1,293	$	5,391
Unrealized gains on available-for-sale securities		1		6
Defined benefit pension plan adjustment		(71)		(71)
	$	1,223	$	5,326

No material amounts were reclassified out of accumulated other comprehensive income during the three and nine months ended September 30, 2015 and 2014 for realized gains or losses on available-for-sale securities.

Accumulated Deficit

Approximately $7.1 million of the Company’s accumulated deficit at December 31, 2014 was subject to restriction due to the fact that the Company’s subsidiaries in China are required to set aside at least 10% of their respective accumulated profits each year to fund statutory common reserves as well as allocate a discretional portion of their after-tax profits to their staff welfare and bonus fund.