Note 10 - Common Stock

12 Months Ended

Dec. 31, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

10. Common Stock

General

As of December 31, 2014, the Company has 100,000,000 shares of Common Stock authorized for issuance, with 16,448,455 shares of Common Stock issued and outstanding.  The voting, dividend, and liquidation rights of the holders of Common Stock are subject to and qualified by the rights of the holders of Preferred Stock.  The Common Stock has the following characteristics:

Voting

The holders of shares of Common Stock are entitled to one vote for each share of Common Stock held at all meetings of stockholders and written action in lieu of meetings. There is no cumulative voting.

Dividends

The holders of shares of Common Stock are entitled to receive dividends, if and when declared by the Board of Directors. Cash dividends may not be declared or paid to holders of shares of Common Stock until paid on outstanding Preferred Stock. As of December 31, 2014, no dividends have been declared or paid since the Company's inception.

Liquidation

Upon the dissolution or liquidation or winding up of the affairs of the Company, whether voluntary or involuntary, holders of Common Stock will be entitled to receive all assets of the Company available for distribution to its stockholders equally on a per share basis, subject to any preferential rights of any then outstanding shares of Preferred Stock and after payment or provision for payment of the Company’s debts.

Reserved for Future Issuance

At December 31, 2014, the Company has 100,000,000 shares of Common Stock authorized for issuance, $0.001 par value per share, of which 16,448,455 shares were issued and outstanding. The Company has the following shares of Common Stock reserved for future issuance:

	As of December 31,
	2014		2013
Conversion of Series A Preferred Stock		-		1,426,482
Conversion of Series A-1 Preferred Stock		-		687,395
Conversion of Series B Preferred Stock		-		1,307,771
Conversion of Series C Preferred Stock		-		1,105,907
Stock-based compensation awards		1,807,349		623,111
Employee Stock Purchase Plan		140,500		-
Warrants to purchase Common Stock		-		659,806
Total		1,947,849		5,810,472

Immediately prior to the closing of the Company’s IPO, 498,889 shares of Common Stock were issued upon the exercise of warrants with aggregate proceeds of $1.4 million. As of December 31, 2014, there were no remaining warrants outstanding. Upon the closing of the Company’s IPO, all outstanding shares of the Company’s Preferred Stock were automatically converted into an aggregate of 8,651,805 shares of its Common Stock and the Series D Preferred Stock investors’ rights and obligations were either exercised or extinguished (see Note 9).