Stockholders’ Equity

9 Months Ended

Oct. 01, 2017

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock

The Company’s Certificate of Incorporation, as amended, authorizes the Company to issue 1,000,000,000 shares of $0.0001 par value common stock. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when and if declared by the board of directors, subject to the prior rights of holders of all classes of preferred stock outstanding. The Company has never declared any dividends.

The Company had reserved shares of common stock for issuance, on an as-converted basis, as follows:

	October 1, 2017
Options issued and outstanding	5,445,007
RSUs issued and outstanding	888,359
Common stock warrants	83,006
Shares available for ESPP	1,835,341
Shares available for future stock awards	2,973,747
	11,225,460

During the nine months endedOctober 1, 2017, the Company granted 1,041,629 RSUs to employees and 516,750 options. There were no RSUs granted and 233,775 options granted during the nine months endedSeptember 25, 2016.

Options Subject to Repurchase

The Company has a right of repurchase with respect to unvested shares issued upon early exercise of options at an amount equal to the lower of (i) the exercise price of each restricted share being repurchased and (ii) the fair market value of such restricted share at the time the Company’s right of repurchase is exercised. The Company’s right to repurchase these shares lapses as to 1/36th of the total number of shares originally granted per month for 36 months. At October 1, 2017, 44,000 shares remained subject to the Company’s right of repurchase.

The shares purchased by employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be issued until those shares vest according to their respective vesting schedules. The cash received in exchange for unvested shares of early exercised stock options is recorded as an early exercise liability on the balance sheets and will be transferred to common stock and additional paid-in capital as such shares vest.