Shareholders' Equity

3 Months Ended

Mar. 31, 2020

11.	Shareholders’ Equity

Authorized Capital—Common Stock and Preferred Stock

Under the Amended and Restated Articles of Incorporation, which became effective in June 2018, the Company is authorized to issue two classes of stock designated as common stock and preferred stock. The Company’s total authorized capital stock is 620,000,000 shares, consisting of 600,000,000 shares of common stock, $0.0001 par value per share, and 20,000,000 shares of undesignated preferred stock, $0.0001 par value per share.

In June 2019, the Company completed a follow-on public offering, in which the Company sold 4,133,984 shares of its common stock, including the full exercise of the underwriters’ option to purchase 539,215 additional shares of common stock, at a price of $69.40 per share. The Company received net proceeds of $274.7 million, after deducting underwriting discounts and commissions and before deducting offering expenses paid and payable by the Company of $1.2 million.

The changes to the Company’s shareholders’ equity during the three months March 31, 2020 is as follows (in thousands, except share data):

							Accumulated
					Additional		Other						Total
	Common Stock				Paid-In		Comprehensive			Accumulated			Shareholders’
	Shares		Amount		Capital		Income (Loss)			Deficit			Equity
Balance at January 1, 2020		77,447,620	$	8	$	976,627	$	(2,719	)	$	(510,194	)	$	463,722
Exercise of stock options		532,848				7,928								7,928
Vesting of restricted stock units		186,475
Stock-based compensation cost						9,749								9,749
Shares issued under employee stock purchase plan		81,894				5,716								5,716
Shares issued related to business combination earnouts		44,659				3,750								3,750
Shares issued to purchase intangible assets		1,191				87								87
Gain on translation adjustment								625						625
Net loss											(15,283	)		(15,283	)
Balance at March 31, 2020		78,294,687	$	8	$	1,003,857	$	(2,094	)	$	(525,477	)	$	476,294

The changes to the Company’s shareholders’ equity for the three months ended March 31, 2019 is as follows (in thousands, except share data):

									Accumulated
						Additional			Other						Total
	Common Stock					Paid-In			Comprehensive			Accumulated			Shareholders’
	Shares			Amount		Capital			Income (Loss)			Deficit			Equity
Balance at January 1, 2019		66,768,563		$	7	$	599,493		$	(2,345	)	$	(487,602	)	$	109,553
Impact of adoption of new accounting pronouncements - ASC 606 (see Note 2)													27,622			27,622
Exercise of stock options		2,763,291					27,311									27,311
Shares tendered for cashless redemption of stock-based awards		(2,805	)				(93	)								(93	)
Stock-based compensation cost							6,571									6,571
Shares issued under employee stock purchase plan		372,764					7,664									7,664
Shares issued to purchase intangible assets		1,634					50									50
Loss on translation adjustment										(462	)					(462	)
Net loss													(10,354	)		(10,354	)
Balance at March 31, 2019		69,903,447		$	7	$	640,996		$	(2,807	)	$	(470,334	)	$	167,862