Stockholders' Equity

12 Months Ended

Dec. 31, 2016

Stockholders' Equity

Stockholders' Equity

6. Stockholders’ Equity

Preferred Stock

As of December 31, 2016 and 2015, the Company’s amended and restated certificate of incorporation authorized the Company to issue 10,000,000 shares of undesignated preferred stock.  There were no shares of preferred stock outstanding as of December 31, 2016 and 2015.

The Company previously issued Series A, Series B and Series C convertible preferred stock (collectively, the “Preferred Stock”).  Through August 28, 2015, the Company had issued an aggregate of 11,677,076 shares of Preferred Stock in the Series A, Series B and Series C offerings.  Upon the closing of the Company’s IPO in October 2015, all of the then outstanding Preferred Stock was converted into an aggregate total of 11,677,076 shares of common stock.  Also in connection with the IPO, the Company amended and restated its certificate of incorporation and authorized 10,000,000 shares of undesignated preferred stock.

Common Stock

As of December 31, 2016 and 2015, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue 100,000,000 shares 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, 2016.

Restricted Common Stock

In July 2012, the Company issued 2,730,427 shares of restricted common stock with time-based vesting to its founders in connection with the formation of the Company.  Unvested shares of restricted common stock could not be sold or transferred by the holders of those shares.  Of the shares issued in July 2012, 1,918,834 shares were subject to vesting pursuant to restricted stock agreements with 25% vesting in July 2013 and the remaining 75% vesting in equal monthly installments over a three-year period thereafter.  Upon the Company’s IPO in October 2015, all remaining unvested shares of restricted common stock vested immediately.  The estimated grant‑date fair value of the restricted common stock issued was $0.00001 per share, equal to the par value of each share issued.  The aggregate fair value of restricted common stock that vested during the years ended December 31, 2016, 2015 and 2014 was $0,  $6,423 and $448, respectively.  As of December 31, 2016 and 2015, no shares were subject to repurchase.