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Employee Stock Purchase Plan
12 Months Ended
Dec. 31, 2016
Compensation And Retirement Disclosure [Abstract]  
Employee Stock Purchase Plan

15. Employee Stock Purchase Plan

Concurrent with the completion of the IPO in October 2015, the Company’s 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. We issued 31,564 shares of common stock under the ESPP in 2016.

Shares available for future purchase under the ESPP were 683,234 at December 31, 2016. The compensation expense related to the ESPP was $145,000 and $0 for the years ended December 31, 2016 and 2015, respectively. As of December 31, 2016, there was $113,000 of unrecognized compensation cost related to the ESPP, which we expect to recognize over 5 months.