14.

SUBSEQUENT EVENTS

On May 7, 2014 the Company closed the Initial Public Offering whereby the Company sold a total of 1,500,000 shares of common stock at $8.00 per share for net proceeds of $11,032,406 (after underwriting discounts and commissions and estimated offering costs). Upon the effectiveness of the Registration Statement relating to the Initial Public Offering, all outstanding shares of the Company’s convertible preferred stock were converted into 3,642,799 shares of common stock; all preferred stock warrants were net exercised for preferred stock and subsequently converted into 74,001 shares of common stock. Upon the closing of the Initial Public Offering, the convertible promissory note payable to Domain was converted into 21,250 shares of common stock.

The financial statements as of March 31, 2014 and December 31, 2013, including share and per share amounts, do not include the effects of the Initial Public Offering.

The balance sheet data presented below shows, on a pro forma basis, the impact on certain balance sheet items of the significant debt and equity transactions which occurred since March 31, 2014 through June 10, 2014. Specifically, the pro forma balance sheet data give effect to the following in connection with the Initial Public Offering: (i) the conversion of all of the Company’s outstanding shares of convertible preferred stock into an aggregate of 3,642,799 shares of common stock, (ii) the sale of 1,500,000 shares of common stock at a price to the public of $8.00 per share in the Initial Public Offering, net of underwriting discounts and offering costs, (iii) the issuance of 21,250 shares of common stock pursuant to the conversion of the outstanding amounts owed under the convertible note payable to Domain, and (iv) the net exercise of preferred stock warrants and accompanying conversion into common stock.


	As of March 31, 2014
	Actual			Pro Forma
Balance Sheet Data:
Cash and cash equivalents	$	2,145,621		$	13,178,027
Total current assets		2,155,362			13,131,736
Total assets		2,890,566			13,131,736
Total current liabilities		691,501			1,135,936
Total liabilities		4,027,135			2,108,356
Total stockholders’ equity (deficit)		(39,645,435	)		11,023,380