Convertible Preferred Stock

9 Months Ended

Sep. 30, 2015

Convertible Preferred Stock.

Convertible Preferred Stock

8.Convertible Preferred Stock

On March 13, 2015, the Company’s board of directors authorized the Company to increase the authorized number of shares of Series B Preferred Stock to 56,026,590 in connection with an anticipated Series B Preferred Stock financing. The Company subsequently issued 13,062,965 shares of Series B Preferred Stock at $0.9503 per share, and received net proceeds of $12.3 million.

Upon closing the Company’s IPO on June 30, 2015, all outstanding shares of the Company’s preferred stock were automatically converted into 9,029,549 shares of Common Stock.  As of September 30, 2015, the Company has 5,000,000 shares of preferred stock authorized for issuance, $0.001 par value per share, with none issued or outstanding.

Preferred stock may be issued from time to time in one or more series, each of such series to have such terms as stated or expressed in the resolutions providing for the issue of such series adopted by the board of directors of the Company. Preferred Stock which may be redeemed, purchased or acquired by the Corporation may be reissued except as otherwise provided by law.