11. Common Stock

The voting, dividend, and liquidation rights of the holders of the common stock are subject to and qualified by the rights, powers, and preferences of holders of the preferred stock that may be issued from time to time. The common stock had the following characteristics as of December 31, 2017:

Voting

The holders of shares of common stock are entitled to one vote for each share of common stock held at any meeting of stockholders and at the time of any written action in lieu of a meeting.

Dividends

The holders of shares of common stock are entitled to receive dividends, if and when declared by the Company’s board of directors. Cash dividends may not be declared or paid to holders of shares of common stock until all unpaid dividends on the redeemable convertible preferred stock have been paid in accordance with their terms. No dividends have been declared or paid by the Company since its inception.

Shares Reserved for Future Issuance


	As of December 31,
	2017	2016
Shares reserved for outstanding stock option awards under the 2013 Stock Incentive Plan, as amended	1,220,567	1,595,082
Shares reserved for outstanding stock option awards under the 2015 Stock Incentive Plan	2,921,987	1,569,746
Shares reserved for outstanding inducement stock option award	225,000	—
Remaining shares reserved, but unissued, for future awards under the 2015 Stock Incentive Plan	2,502,338	2,760,472
Remaining shares reserved, but unissued, for future awards under the 2015 Employee Stock Purchase Plan	751,242	384,615
	7,621,134	6,309,915

March 2017 Common Stock Sales Agreement

In March 2017, the Company entered into a sales agreement with Cowen and Company LLC (“Cowen), under which the Company from time to time can issue and sell shares of its common stock through Cowen in at-the-market offerings (“March 2017 ATM Program”) for aggregate sales proceeds of $50.0 million. The common stock will be distributed at the market prices prevailing at the time of sale. All sales of shares will be made pursuant to an effective shelf registration statement on Form S-3 filed with the SEC. The Company will pay Cowen a commission of 3% of the aggregate gross proceeds the Company receives from all sales of the Company’s common stock under the sales agreement. As of December 31, 2017, the Company had not received any proceeds under the March 2017 ATM Program. Subsequent to December 31, 2017 and during January 2018, the Company sold an aggregate of 1,429,205 common shares under the March 2017 ATM Program at an average price of $34.99 per common share for gross proceeds of $50.0 million.