9. Common Stock

As of December 31, 2017, the authorized capital stock of the Company included 51,000,000 shares of common stock, $0.0001 par value.

On June 1, 2018, the Board approved for filing immediately following the effectiveness of the Company’s registration statement in connection with its IPO, the Fourth Amended and Restated Certificate of Incorporation, which, among other matters: (i) authorized 150,000,000 shares of common stock, $0.0001 par value and (ii) created 10,000,000 shares of undesignated preferred stock. As of December 31, 2018, no undesignated preferred stock was outstanding.

In accordance to the Fourth Amended and Restated Certificate of Incorporation, the holders of the common stock shall have the exclusive right to vote for the election of directors of the Company and on all other matters requiring stockholder action, each outstanding share entitling the holder thereof to one vote on each matter properly submitted to the stockholders of the Company for their vote; provided, however, that, except as otherwise required by law, holders of common stock, as such, shall not be entitled to vote on any amendment to any amendment to a certificate of designations of any series of undesignated preferred stock that alters or changes the powers, preferences, rights or other terms of one or more outstanding series of undesignated preferred stock if the holders of such affected series of undesignated preferred stock are entitled to vote, either separately or together with the holders of one or more other such series, on such amendment pursuant to a certificate of designations of any series of undesignated preferred stock.

Through December 31, 2018, no cash dividends have been declared or paid.

Reverse Stock Split

On June 1, 2018, the Board approved a 1-for-4.312 reverse stock split of the Company’s common stock. The reverse stock split was approved by the stockholders on June 7, 2018 and became effective on June 7, 2018. Stockholders entitled to fractional shares as a result of the reverse stock split received a cash payment in lieu of receiving fractional shares. All share and per share data shown in the accompanying consolidated financial statements and related notes have been retroactively revised to reflect the reverse stock split. Shares of common stock underlying outstanding stock options and other equity instruments were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities. Shares of common stock reserved for issuance upon the conversion of the Company’s Preferred Stock were proportionately reduced and the respective conversion prices were proportionately increased.

Initial Public Offering

On June 20, 2018, the Company’s registration statement on Form S-1 relating to its IPO was declared effective by the SEC. The IPO closed on June 25, 2018 and the Company issued and sold 5,247,958 common shares at a public offering price of $19.00 per share for net proceeds of $90,103 after deducting underwriting discounts and commissions of $6,980 and other offering expenses of approximately $2,628. Simultaneously, on June 25, 2018, the Company issued and sold 787,193 additional common shares, pursuant to the full exercise of the underwriters’ option to purchase additional shares, for net proceeds of $13,910 after deducting underwriting discounts and commissions of $1,047. Thus, the aggregate net proceeds to the Company from the IPO, after deducting underwriting discounts and commissions and other offering costs, were $104,013. Upon the closing of the IPO, the Preferred Stock then outstanding converted into an aggregate of 15,320,213 shares of common stock.

Common Stock Reserved for Future Issuance

At December 31, 2018 and 2017, the Company has reserved the following shares of common stock for future issuance:


	December 31,
	2018		2017
Shares reserved for Series Seed Preferred Stock outstanding		—		806,711
Shares reserved for Series A Preferred Stock outstanding		—		7,611,438
Shares reserved for vesting of restricted stock awards		153,276		276,301
Shares reserved for exercise of outstanding stock options		2,164,101		1,034,961
Shares reserved for issuance under the 2015 Stock Option and Grant Plan		—		143,717
Shares reserved for issuance under the 2018 Stock Option and Grant Plan		385,561		—
Shares reserved for issuance under the 2018 Employee Stock Purchase Plan		223,200		—

Total shares of authorized common stock reserved for future issuance		2,926,138		9,873,128