Subsequent events

The Company has completed an evaluation of all subsequent events after the balance sheet date of December 31, 2014 through the date these consolidated financial statements were issued. The Company has concluded that no subsequent events have occurred that require disclosure, except as described below.

Reverse stock split

In January 2015, the Company effected a one-for-4.2825 reverse stock split of its issued and outstanding common stock. All share and per share amounts related to issued and outstanding common stock and options for common stock included in the Company's financial statements and notes to financial statements have been retroactively adjusted for all periods presented to reflect the reverse stock split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid-in capital. The conversion ratios of the Company's convertible preferred stock have also been adjusted to reflect the reverse stock split.

Completion of initial public offering (unaudited)

In February 2015, the Company closed the IPO of its common stock pursuant to a registration statement on Form S-1, as amended. An aggregate of 5,491,191 shares of common stock registered under the registration statement were sold at a price of $16.00 per share, including 91,191 shares of common stock sold by the Company pursuant to the exercise of an overallotment option granted to the underwriters in connection with the offering. Net proceeds of the IPO were approximately $79.9 million. In conjunction with this transaction, all shares of the Company’s Series A and Series B Preferred Stock were converted into 6,971,108 shares of common stock.

In connection with the Company's IPO:

The Company's board of directors adopted and the Company's stockholders approved the 2015 Equity Incentive Plan ("2015 Plan"), which became effective immediately prior to the closing of the Company's IPO. The 2015 Plan provides for the grant of incentive stock options ("ISOs"), nonstatutory stock options, restricted stock awards, restricted stock units, stock appreciation rights, performance-based stock awards, and other stock-based awards. Additionally, the 2015 Plan provides for the grant of performance-based cash awards. ISOs may be granted only to the Company's employees. All other awards maybe granted to the Company's employees, including officers, and to non-employee directors and consultants.


ii.	The Company's board of directors adopted and the Company's stockholders approved the 2015 Employee Stock Purchase Plan ("the ESPP"), which became effective upon the date of execution of the underwriting agreement pursuant to which the Company's common stock was priced in connection with the IPO.