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Subsequent Events
3 Months Ended
Mar. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

13.  Subsequent Events

For its interim financial statements as of March 31, 2016 and for the three months then ended, the Company evaluated subsequent events through the date of issuance.

Initial Public Offering

On April 12, 2016, the Company closed its IPO of 5,481,940 shares of its common stock for aggregate net proceeds of approximately $47.3 million, as described in Note 1.

2016 Equity Incentive Plan

On the day preceding the effectiveness of the Registration Statement, April 5, 2016, the 2016 Equity Incentive Plan (the “2016 Plan”) became effective and serves as the successor to the 2015 Equity Incentive Plan (the “2015 Plan”).  The 2016 Plan authorizes for the award of stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance awards, and stock bonuses.  The number of shares of common stock reserved for issuance under the 2016 Plan is equal to the sum of (1) 1,100,000 shares plus (2) the sum of the number of shares of common stock reserved but not issued under the 2015 Plan and the number of shares of common stock subject to outstanding awards under the 2015 Plan, that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price plus (3) an annual increase, to be added on the first day of each fiscal year, beginning with January 1, 2017 and continuing through 2023, equal to the lesser of (i) 4% of the outstanding shares of common stock as of the immediately preceding December 31 or (ii) an amount determined by the Company’s board of directors. The Company will grant no further stock option or other awards under the 2015 Plan.

2016 Employee Stock Purchase Plan

The 2016 Employee Stock Purchase Plan (the “2016 ESPP”) became effective upon completion of the initial public offering and reserved 165,000 shares of common stock for issuance.  The purchase price for shares of common stock purchased under the 2016 ESPP will be 85% of the lesser of the fair market value of common stock on (i) the first trading day of the applicable offering period and (ii) the last trading day of the each purchase period in the applicable offering period.  No participant will have the right to purchase shares in an amount, when aggregated with purchase rights under all employee stock purchase plans that are also in effect in the same year(s) that has a fair market value of more than $50,000.  In addition, no participant will be permitted to purchase more than 2,000 shares during any one purchase period or a lesser amount determined by the board of directors. The 2016 ESPP will terminate ten years from the first purchase date under the plan, unless terminated earlier by the board of directors.