mmon Stock

The number of authorized shares of the Company’s common stock is 50.0 million shares with a par value of $0.001 par value. Holders of the Company’s common stock are entitled to one vote per share.

At December 31, 2016, common stock reserved for future issuance is as follows (in thousands):



	December 31,
	2016	2015
Stock options and restricted stock units outstanding	3,388	2,714
Warrants to purchase common stock	1,975	1,975
Shares authorized for future issuance under equity and purchase plans	952	678
	6,315	5,367

Common Stock Warrants

In December 2014, in connection with a financing transaction, the Company issued warrants to Oxford and SVB exercisable into an aggregate of 63,559 shares of common stock. The warrants are exercisable at $9.44 per share of common stock and have a term of 10 years. In 2015, warrants to purchase 31,779 shares of common stock were exercised in a cashless exercise whereby 16,719 shares were issued and 15,060 shares withheld to satisfy the exercise price of the warrants. The value of the warrants of approximately $0.6 million was recorded as debt discount and additional paid in capital upon issuance.

In July 2012, in connection with a public offering of common stock and warrants, the Company sold warrants to purchase 1,973,025 shares of common stock. The warrants are exercisable at an exercise price of $20.00 per share and will expire on July 27, 2017, which is five years from the date of issuance. As the warrants contain a cash settlement feature upon the occurrence of certain events that may be outside of the Company’s control, the warrants are recorded as a current liability and are marked to market at each reporting date (see Note 2). There were no exercises for these warrants in 2016 and 2015. In 2014, warrants to purchase 58,156 shares of common stock were exercised. The fair value of outstanding warrants issued in connection with the 2012 public offering was approximately $0.7 million and $6.1 million as of December 31, 2016 and 2015, respectively.

In July 2011, in connection with a financing agreement, the Company issued a warrant to Healthcare Royalty Partners, exercisable immediately upon issuance, to purchase up to 28,125 shares of common stock. The warrant has an exercise price of $72.00 per share of common stock with a term of 10 years. As the warrant included covenants where compliance under certain circumstances were not within the Company’s control, the warrant was recorded as a liability and is being marked to market at each reporting date (see Note 2) while outstanding. The fair value of the warrant was approximately $0.1 million and $0.1 million as of December 31, 2016 and 2015, respectively.

In June 2011, and in connection with entering into an amendment to the second amended and restated loan and security agreement with Oxford and Silicon Valley Bank (the Oxford Agreement), the Company issued warrants to Oxford and Silicon Valley Bank exercisable into an aggregate of 3,306 shares of common stock. The warrants are exercisable at $30.24 per share of common stock and have a term of 7 years. The value of the warrants of approximately $0.1 million was recorded as debt discount and additional paid in capital in the consolidated balance sheet as of December 31, 2011.