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Convertible and Redeemable Convertible Preferred Stock (Tables)
 9 Months Ended
Sep. 30, 2015
Text Block [Abstract]  
Components of Convertible and Redeemable Convertible Preferred Stock

The convertible and redeemable convertible preferred stock as of December 31, 2014 consisted of the following:

 

     December 31, 2014  
     Shares
Authorized		      Shares Issued
and
Outstanding		      Net Carrying
Value		      Liquidation
Price Per
Share		      Aggregate
Liquidation
Preference		      Redemption
Value		  
     (in thousands, except share and per share data)  

Convertible Preferred Stock:

      

Series A

      1,843,894         224,564       $ 2,543       $ 11.324       $ 2,543       $ —     

Redeemable Convertible Preferred Stock:

                  

Series B

      13,134,880         1,752,634         19,504         12.268         21,502         19,504   

Series B-1

      16,122,618         1,392,300         6,979         3.656         5,091         6,979   

Series C

      19,812,349         2,487,770         21,052         5.642         14,035         21,052   

Series D

      85,000,000         11,409,360         94,297         5.510         62,865         94,297   
  

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

Total redeemable convertible preferred stock

      134,069,847         17,042,064       $ 141,832          $ 103,493       $ 141,832   
  

 

 

     

 

 

     

 

 

        

 

 

     

 

 

  

Total preferred stock

      135,913,741         17,266,628       $ 144,375          $ 106,036       $ 141,832   
  

 

 

     

 

 

     

 

 

        

 

 

     

 

 
Change in Redemption Value of Convertible Preferred Stock

 The change in the redemption value of the convertible preferred stock from January 1, 2015 to July 21, 2015 (closing date of IPO) was as follows:

 

Redeemable Convertible Preferred Stock

   

Series B

    $ 46,976   

Series B-1

      36,961   

Series C

      52,832   

Series D

      237,246   
  

 

 

  

Total adjustment to redemption value on redeemable convertible preferred stock

    $ 374,015   
  

 

 
Summary of Assumptions used to Determine Fair Value of Temporary Equity

As the redemption value for the redeemable convertible preferred stock was at times based on fair market value, the Company determined the fair value of the redeemable convertible preferred stock using a combination of the OPM and/or the PWERM models, or the fair value of the Company’s common stock. At July 21, 2015 (closing date of IPO), the fair value of redeemable convertible preferred stock was estimated based on the underlying fair value of the Company’s common stock. At December 31, 2014, the following assumptions were used in the OPM to determine fair value of the redeemable convertible preferred stock:

 

     As of December 31,
2014		  

Expected term (in years)

      1.2 – 2.5   

Expected volatility

      69 – 86 % 

Risk-free interest rate

      0.3 – 0.6 % 

Expected dividend rate

      —   %