Common Stock and Stockholders' Deficit

9 Months Ended

Sep. 30, 2013

Common Stock and Stockholders' Deficit

8. Common Stock and Stockholders’ Deficit

Common Stock

At September 30, 2013, we have shares of common stock authorized and reserved for future issuance as follows:

Options to purchase common stock	9,488,881
Options available for future issuance	1,411,490
Convertible preferred Series A stock warrants	411,288
Common stock warrants	138,299
Total common stock authorized and reserved for future issuance	11,449,958

During the nine months ended September 30, 2013, we issued 2,100,402 shares of common stock in exchange for proceeds of $1.5 million upon the exercise of stock options.

Convertible preferred Series A stock warrants are fully exercisable with an exercise price of $1.065 per share. The warrants may be exercised at any time on or before January 2018.

Common stock warrants are fully exercisable with exercise prices between $0.01 and $1.5677 per share. The warrants may be exercised at any time on or before February 2021.

Accumulated Deficit

We have incurred operating losses since our inception through December 31, 2012. For the three and nine months ended September 30, 2013, we had net income of approximately $2.7 million and $4.5 million, respectively. For the three and nine months ended September 30, 2012, we had net losses of $0.9 million and $6.0 million, respectively. We have an accumulated deficit of $53.2 million and a stockholders’ deficit of $41.4 million, at September 30, 2013.