Stockholders' Equity

12 Months Ended

Dec. 31, 2015

Equity [Abstract]

Stockholders' Equity

Note 16. Stockholders’ Equity

On August 10, 2015, the Company closed its initial public offering in which 17,900,000 shares of common stock were sold at a public offering price of $14.00 per share, resulting in net proceeds of approximately $221.3 million, after deducting underwriting discounts and commissions and $7.5 million in offering expenses paid by the Company, and excluding the proceeds received by the selling stockholders who sold an aggregate of 417,732 shares of the total 17,900,000 shares sold in the initial public offering.

Convertible Preferred Stock

Immediately prior to closing of the Company’s initial public offering, all 54,840,767 shares of the Company’s outstanding preferred stock were automatically converted into shares of the Company’s common stock. In addition, the Company issued 1,667,683 shares of common stock and executed a letter of intent to issue 1,250,764 warrants subject to contingencies being met to purchase the Company’s common stock to the former Series D and E preferred stockholders as an inducement to convert their shares of convertible preferred stock into shares of common stock immediately prior to the closing of the Company’s initial public offering and to waive any potential anti-dilution adjustments resulting from the issuance of shares in the Company’s common stock in the Company’s initial public offering. The additional shares and warrants resulted in a beneficial conversion feature as a result of the inducement for Series D and E preferred stock and the Company recognized a $24.9 million deemed dividend to Series D and E preferred stockholders at the conversion date. This non-cash charge impacts net loss attributable to our common stockholders and basic and diluted net loss per share applicable to common stockholders. The warrants were issued on September 30, 2015 and are considered freestanding derivatives as disclosed in Note 12, Derivatives.

The Company did not have any convertible preferred stock issued and outstanding as of December 31, 2015. The Company had five series of convertible preferred stock as follows as of December 31, 2014 (in thousands, except per share amounts):

	Shares Authorized		Shares Issued and Outstanding		Aggregate Liquidation Preference		Noncumulative DividendPer SharePer Annum
Series A		12,043		12,007	$	12,007	$	0.08
Series B		10,758		10,758		18,420		0.14
Series C		13,613		13,613		55,000		0.32
Series D		7,584		7,584		70,000		0.74
Series E		13,030		10,879		150,456		1.11
Total		57,028		54,841	$	305,883

From the inception of the Company through December 31, 2015, no dividends have been declared or paid other than the $24.9 million deemed dividend to Series D and E preferred stockholders in August 2015.

Common Stock

The Company has reserved sufficient shares of common stock for issuance upon the exercise of stock options and the exercise of warrants. 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, 2015, no common stock dividends had been declared by the board of directors.

The Company has reserved shares of common stock for issuance as follows (in thousands):

	December 31,
	2015		2014
Series A Convertible Preferred Stock		—		12,007
Series B Convertible Preferred Stock		—		10,758
Series C Convertible Preferred Stock		—		13,613
Series D Convertible Preferred Stock		—		7,584
Series E Convertible Preferred Stock		—		10,879
Stock option plans
Shares available for grant
2013 Equity Incentive Plan		—		694
2015 Equity Incentive Plan		12,006		—
2015 Employee Stock Purchase Plan		1,000		—
Options outstanding		12,795		11,408
Restricted stock units outstanding		1,506		947
Total		27,307		67,890