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Preferred Stock Warrants
9 Months Ended
Sep. 30, 2015
Text Block [Abstract]  
Preferred Stock Warrants

9. Preferred Stock Warrants

The Company classified its preferred stock warrants as liabilities on the accompanying condensed consolidated balance sheets. During the three and nine months ended September 30, 2015, $18.2 million and $19.3 million of the fair value of the warrant liability was reclassified to redeemable convertible preferred stock in mezzanine equity and then into additional paid-in capital in stockholders’ equity (deficit) on conversion of redeemable convertible preferred stock into common stock on the closing of the IPO. The fair value of the warrants was estimated to be nil and $1.8 million as of September 30, 2015 and December 31, 2014. Refer to Note 4 for the valuation technique and assumptions used in estimating the fair value of the warrants.

During the three months ended September 30, 2015, 28,699 of the Series B-1 were cash exercised at an exercise price of $7.45 per share, 329,559 of the Series B-1 warrants were cash exercised at an exercise price of $2.6075 per share and 32,138 of the Series C warrants were cash exercised at an exercise price of $5.215 per share, resulting in total aggregate cash proceeds to the Company of $1.2 million. During the nine months ended September 30, 2015, 31,778 of the Series B-1 warrants were cash exercised at an exercise price of $7.45 per share, 412,508 of the Series B-1 warrants were cash exercised at an exercise price of $2.6075 per share and 37,385 of the Series C warrants were cash exercised at an exercise price of $5.215 per share, resulting in total aggregate cash proceeds to the Company of $1.5 million.

On the closing of the Company’s IPO, all of the remaining outstanding preferred stock warrants were net exercised at the IPO price of $17.00 per share, which resulted in 6,499 shares of common stock being issued upon the net exercise of outstanding warrants to purchase 10,414 shares of Series B preferred stock, 291,164 shares of common stock being issued upon the net exercise of outstanding warrants to purchase 349,054 shares of Series B-1 preferred stock and 93,017 shares of common stock being issued upon the net exercise of outstanding warrants to purchase 134,180 shares of Series C preferred stock.