Convertible Preferred Stock

12 Months Ended

Dec. 31, 2014

Convertible Preferred Stock

Convertible Preferred Stock

7. Convertible Preferred Stock

In June 2013, we issued 6,396,065 shares of Series C Preferred Stock at $1.1845 per share for proceeds of $7.5 million, net of issuance costs of $46 thousand. In addition, we issued 2,330,955 shares of Series C Preferred Stock from the conversion of the remaining outstanding $2.8 million in Series C Convertible Notes, including related accrued interest of $461 thousand.  In April 2014, we issued 422,119 shares of Series C Preferred Stock. Proceeds of $500 thousand related to this issuance were received in 2013 and were reflected as an investor deposit in accrued expenses on the balance sheet as of December 31, 2013.

In connection with the closing our initial public offering during the third quarter of 2014, all outstanding shares of convertible preferred stock were converted to 7,661,871 shares of common stock.