Stockholders' Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Stockholders' Equity

(8) Stockholders’ Equity

Convertible Preferred Stock

In connection with the closing of the IPO, all shares of convertible preferred stock then outstanding were automatically converted into 8,354,963 shares of common stock on a one-to-one basis.

Class A Common Stock

In connection with the closing of the IPO, all shares of class A common stock then outstanding were automatically converted into 1,164,105 shares of common stock on a one-to-one basis.

Preferred Stock

As of September  30, 2016, the Company had authorized 10,000,000 shares of preferred stock, par value $0.001, of which no shares were outstanding.

Common Stock

All of the shares offered and sold by the Company in the IPO were common stock.

As of September 30, 2016, the Company had authorized 100,000,000 shares of common stock, par value $0.001.  Holders of common stock are entitled to one vote per share. At September 30, 2016 and December 31, 2015, there were 27,148,042 and 11,106,926 shares of common stock issued and outstanding, respectively.

Warrants

In June 2009, the Company issued a warrant to purchase 10,029 shares of the Company’s Series A-1 preferred stock at an exercise price of $2.49 per share in connection with a preferred stock offering. The warrant expires upon the earlier of (1) 10 years after the issuance date, (2) the closing of an initial public offering; or (3) when a change in control transaction takes place.

In June 2009, the Company issued a warrant to purchase 120,355 shares of the Company’s Series A-1 preferred stock at an exercise price of $2.49 per share in connection with a preferred stock offering. The warrant expires upon the earlier of (1) 10 years after the issuance date, (2) five years after the closing of an initial public offering; or (3) when a change in control transaction takes place.

These warrants to purchase an aggregate of 130,384 shares of Series A-1 preferred stock at an exercise price of $2.49 per share were exercised during the nine months ended September 30, 2016. No warrants to purchase shares of capital stock of the Company were outstanding following such exercises.