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Employee Benefit Plans
9 Months Ended
Sep. 30, 2016
Compensation And Retirement Disclosure [Abstract]  
Employee Benefit Plans

17. Employee Benefit Plans

 

Defined Contribution Plan

The Company sponsors a defined contribution plan under Section 401(k) of the Internal Revenue Code covering substantially all full-time U.S. employees. Employee contributions are voluntary and are determined on an individual basis subject to the maximum allowable under federal tax regulations. The Company made contributions to the plan of $15,000 and $4,000 for the three months ended September 30, 2016 and 2015, respectively and $187,000 and $22,000 for the nine months ended September 30, 2016 and 2015, respectively.

Employee Stock Purchase Plan

Concurrent with the completion of the IPO in October 2015, the Company’s 2015 Employee Stock Purchase Plan (“ESPP”) became effective. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. The ESPP generally provides for six-month offering periods, and at the end of each offering period, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. No shares were issued under the ESPP as of September 30, 2016 and December 31, 2015. Shares available for future purchase under the ESPP were 714,798 at September 30, 2016.