Stockholders' Equity (Deficit)

12 Months Ended

Dec. 31, 2015

Stockholders' Equity (Deficit)

Stockholders' Equity (Deficit)

7. Stockholders’ Equity (Deficit)

Common Stock

As of December 31, 2015 and 2014, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue 100,000,000 shares and 77,000,000 shares, respectively, of $0.00001 par value common stock.

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the board of directors, if any, subject to any preferential dividend rights of any series of preferred stock that may be outstanding. No dividends had been declared through December 31, 2015.

Restricted Common Stock

The Company had granted restricted common stock with time‑based vesting conditions. Unvested shares of restricted common stock may not have been sold or transferred by the holder. These restrictions lapsed according to the time‑based vesting conditions of each award and upon the Company’s initial public offering, all unvested shares of restricted common stock vested immediately.

In July 2012, the Company issued 2,730,427 shares of common stock to its founders in connection with the Company’s formation, of which 1,918,834 shares were subject to vesting pursuant to restricted stock agreements, with 25% of such shares vesting in July 2013 and the remaining 75% vesting in equal monthly installments over a three-year period thereafter. The estimated grant‑date fair value of these restricted common shares was $0.00001 per share, equal to the par value of each share. As of December 31, 2015 and 2014, 0 shares and 759,538 shares, respectively, were subject to repurchase.

The table below summarizes the Company’s restricted stock activity since January 1, 2015:

		Weighted
		Average Grant
	Number	Date Fair Value
	of Shares	Per Share
Unvested restricted common stock as of December 31, 2013	1,239,247	$	0.00001
Vested	(479,709)	$	0.00001
Unvested restricted common stock as of December 31, 2014	759,538	$	0.00001
Vested	(759,538)	$	0.00001
Unvested restricted common stock as of December 31, 2015	—	$	0.00001

The aggregate fair value of restricted stock awards that vested during the years ended December 31, 2015, 2014 and 2013 was $6,423,  $448and $281, respectively.