7.Common Stock

We were authorized to issue 300,000,000 shares of common stock with a par value of $0.0001 per share as of March 31, 2020 and December 31, 2019. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends out of funds legally available therefore, when and if declared by the board of directors, subject to the approval and priority rights of holders of all classes of preferred stock outstanding.

As of March 31, 2020 and December 31, 2019, our shares of common stock reserved for issuance were as follows:



	March 31,	December 31,
	2020	2019
Options outstanding	2,798,122	2,898,977
Unvested restricted stock units outstanding	12,305,236	12,639,066
Unvested performance stock units outstanding	1,005,000	—
Shares available for grant under the 2014 Equity Incentive Plan and 2015 Inducement Plan	4,075,082	1,301,881
Shares available for purchase under the Employee Stock Purchase Plan	943,545	378,525
Total	21,126,985	17,218,449

Repurchase Program

In October 2018, our Board of Directors approved a common stock repurchase program (“Repurchase Program”) whereby the Company is authorized to purchase up to a maximum of $25 million of its common stock, subject to compliance with applicable law and the limitations in the Company’s credit facilities on stock repurchases.

The authorization allows repurchases from time to time in the open market or in privately negotiated transactions. The amount and timing of repurchases made under the Repurchase Program will depend on a variety of factors, including available liquidity, cash flow and market conditions. Shares can be purchased through the Repurchase Program through October 2020, unless extended or shortened by our Board of Directors. The Repurchase Program does not obligate us to acquire any particular amount of common stock and the program may be modified or suspended at any time at our discretion. The repurchases would be funded from available working capital and are subject to compliance with the terms and limitations of the Company’s credit facilities.

In the three months ended March 31, 2020, we repurchased 210,618 shares of common stock at an average price of $3.25 per share for a total cost of $684,000 under the Repurchase Program. The maximum remaining dollar value of shares yet to be purchased under the Repurchase Program was $9.2 million at March 31, 2020. This excludes shares repurchased to settle employee tax withholding related to the vesting of our stock-settled bonus and RSUs.