Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)

12 Months Ended

Dec. 31, 2016

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)

Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)

6. Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

In October 2016, the Company’s Board of Directors and stockholders approved the Certificate of Amendment of Amended and Restated Certificate of Incorporation which revised the authorized capital stock of the Company to a total of 105,000,000 shares, consisting of 100,000,000 shares of common stock, par value $0.0001, and 5,000,000 shares of preferred stock, par value $0.0001.  

Redeemable Convertible Preferred Stock

There were no outstanding shares of redeemable convertible preferred stock at December 31, 2016 as the shares had all converted into common stock as part of the IPO in October 2016. At December 31, 2015, redeemable convertible preferred stock consisted of the following (in thousands, except share amounts):

		Shares
	Shares	Issued and	Carrying		Liquidation
	Authorized	Outstanding	Value		Preference
Series A	35,580,000	1,365,379	$	35,500	$	35,500
Series B	32,500,000	1,120,820		29,142		29,142
Total	68,080,000	2,486,199	$	64,642	$	64,642

Classification

The Company had classified the redeemable convertible preferred stock as mezzanine equity on the balance sheet as of December 31, 2015 as the shares could have been redeemed by the Company after receipt by the Company, at any time on or after July 17, 2018, of written notice requesting redemption of such stock by the holders. The carrying values of the redeemable convertible preferred stock had been adjusted to their redemption value.

Common Stock

Common stockholders are entitled to dividends if and when declared by the board of directors subject to the prior rights of the preferred stockholders. As of December 31, 2016, no dividends on common stock had been declared by the board of directors.

The Company had reserved shares of common stock for future issuance as follows:

	December 31,
	2016	2015
Redeemable convertible preferred stock	—	2,486,199
Options issued and outstanding	1,414,730	927,175
Shares available for future option grants	342,500	55,330
Redeemable convertible preferred stock warrants	—	27,690
Common stock warrants	27,690	—
Total	1,784,920	3,496,394