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Convertible Preferred Stock (Tables)
12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Summary of Convertible Preferred Stock

In December 2014, the Company granted a second tranche option (“Second Tranche Option”) to one of its investors to purchase 659,209 shares of its Series C redeemable convertible preferred stock upon the achievement of certain milestones. At initial recognition, the Company recorded the Second Tranche Option as a derivative liability on the balance sheet at its estimated fair value of $395,000. In May 2015, the Company achieved the relevant milestones and the investor exercised their right to purchase 659,209 shares of Series C convertible redeemable preferred stock for net proceeds of $3.5 million. Immediately prior to the closing of this tranche, the Company remeasured the preferred stock liability to its then fair value and recorded a loss from remeasurement of $1.1 million in other income (expense), net. The fair value of the preferred stock liability in the amount of $1.5 million was reclassified to redeemable convertible preferred stock.

 

As of December 31, 2014, the outstanding convertible preferred stock was as follows (in thousands, except share amounts):

 

 

 

December 31, 2014

 

 

 

Shares

Authorized

 

 

Shares

Issued and

Outstanding

 

 

Net

Carrying

Value

 

Series A-1

 

 

33,101

 

 

 

33,101

 

 

$

49

 

Series A-2

 

 

211,681

 

 

 

211,681

 

 

 

425

 

Series B-1

 

 

14,944,578

 

 

 

14,488,176

 

 

 

57,695

 

Series B-2

 

 

862,412

 

 

 

862,412

 

 

 

2,698

 

Series C

 

 

5,952,664

 

 

 

3,107,701

 

 

 

15,843

 

Total

 

 

22,004,436

 

 

 

18,703,071

 

 

$

76,710