8. CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

On April 2, 2018, the Company closed its initial public offering with the sale of 10,350,000 shares of common stock, including shares issued upon the exercise in full of the underwriters’ over-allotment option, at a public offering price of $16.00 per share, resulting in net proceeds of $150.8 million, after deducting underwriting discounts and commissions and offering expenses. Upon the closing of the IPO, all of the Company’s outstanding shares of convertible preferred stock automatically converted into 24,168,656 shares of common stock at the applicable conversion ratio then in effect.

The following table provides a rollforward of the changes in convertible preferred stock and stockholders’ equity (deficit) for the six months ended June 30, 2018:

	Convertible Preferred Stock $0.0001 Par Value						Common Stock $0.0001 Par Value				Additional Paid-in		Accumulated Other Comprehensive			Accumulated			Total Stockholders’ Equity
	Shares			Amount			Shares		Amount		Capital		Loss			Deficit			(Deficit)
Balance, January 1, 2018		127,199,705		$	137,762,160			2,637,011	$	264	$	799,859	$	(73,308	)	$	(40,180,866	)	$	(39,454,051	)
Conversion of convertible preferred stock into common stock upon initial public offering		(127,199,705	)		(137,762,160	)		24,168,656		2,417		137,759,743		—			—			137,762,160
Issuance of common stock in initial public offering, net of discounts and issuance costs		—			—			10,350,000		1,035		150,842,180		—			—			150,843,215
Vesting of common stock from option exercise		—			—			61,501		6		5,744		—			—			5,750
Issuance of common stock from option exercise		—			—			37,734		4		85,297		—			—			85,301
Stock-based compensation		—			—			—		—		949,192		—			—			949,192
Comprehensive gain		—			—			—		—		—		24,662			—			24,662
Net loss		—			—			—		—		—		—			(23,417,798	)		(23,417,798	)
Balance, June 30, 2018		—		$	—			37,254,902	$	3,726	$	290,442,015	$	(48,646	)	$	(63,598,664	)	$	226,798,431