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2014-06-30 0001454789 us-gaap:GeneralAndAdministrativeExpenseMember 2014-01-01 2014-06-30 0001454789 2015-08-01 0001454789 us-gaap:IPOMember 2015-06-01 2015-06-30 0001454789 us-gaap:FairValueInputsLevel3Member us-gaap:WarrantMember 2015-01-01 2015-06-30 0001454789 catb:SecondLeaseAmendmentMember us-gaap:ScenarioForecastMember us-gaap:SubsequentEventMember 2015-07-16 2015-07-16 0001454789 us-gaap:RevolvingCreditFacilityMember us-gaap:MinimumMember 2015-06-30 0001454789 us-gaap:RevolvingCreditFacilityMember us-gaap:MaximumMember 2015-06-30 0001454789 us-gaap:RevolvingCreditFacilityMember 2015-06-30 0001454789 2014-01-01 2014-06-30 0001454789 2015-01-01 2015-06-30 0001454789 us-gaap:WarrantMember 2015-01-01 2015-06-30 0001454789 2015-06-30 0001454789 2014-12-31 iso4217:USD xbrli:shares xbrli:shares utr:sqft xbrli:pure iso4217:USD 1109000 1164000 P7Y -252000 -302000 970000 0 0 -10000 -18000 0.0348 0.0300 0.0100 4439000 7352000 1 1 2 1 14817 18876 -9000 1787000 206000 <div> <div style="margin-left:0pt;margin-right:0pt;"> Estimated future principal payments at June 30, 2015 are as follows (in thousands):   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 80.00%;margin-left:54pt;"> <tr> <td valign="bottom" style="width:80.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Six Months Ending June 30, 2015 </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Amount </td> <td valign="bottom" style="width:01.24%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:80.64%;background-color: #CCEEFF;padding:0pt;"> Remainder 2015 </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.40%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.60%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>834 </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:80.64%;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,333 </td> <td valign="bottom" style="width:01.24%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:80.64%;background-color: #CCEEFF;padding:0pt;"> 2017 </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,333 </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:80.64%;padding:0pt;"> 2018 </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,500 </td> <td valign="bottom" style="width:01.24%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:80.64%;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:80.64%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.40%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.60%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,000 </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:80.64%;padding:0pt;"> Less: discount for warrants and costs paid to lender </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(302 </td> <td valign="bottom" style="width:01.24%;"> ) </td> </tr> <tr> <td valign="top" style="width:80.64%;background-color: #CCEEFF;padding:0pt;"> Less: current portion </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,346 </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:80.64%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:80.64%;padding:0pt;"> Note payable, net of current portion and discount </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:01.40%;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.58%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,352 </td> <td valign="bottom" style="width:01.24%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:80.64%;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.24%;padding:0pt;">   </td> </tr> </table></div>   Estimated future principal payments at December 31, 2014 are as follows (in thousands):   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 80.00%;margin-left:54pt;"> <tr> <td valign="bottom" style="width:80.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Year Ending December 31, 2014 </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Amount </td> <td valign="bottom" style="width:01.26%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:80.62%;background-color: #CCEEFF;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.40%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.60%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>416 </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:80.62%;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,667 </td> <td valign="bottom" style="width:01.26%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:80.62%;background-color: #CCEEFF;padding:0pt;"> 2017 </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,667 </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:80.62%;padding:0pt;"> 2018 </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,250 </td> <td valign="bottom" style="width:01.26%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:80.62%;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:80.62%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.40%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.60%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,000 </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:80.62%;padding:0pt;"> Less: discount for warrants and costs paid to lender </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(252 </td> <td valign="bottom" style="width:01.26%;"> ) </td> </tr> <tr> <td valign="top" style="width:80.62%;background-color: #CCEEFF;padding:0pt;"> Less: current portion </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(309 </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:80.62%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:80.62%;padding:0pt;"> Note payable, net of current portion and discount </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:01.40%;padding:0pt;"> $ </td> <td valign="bottom" style="width:13.58%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,439 </td> <td valign="bottom" style="width:01.26%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:80.62%;padding:0pt;">   </td> <td valign="bottom" style="width:03.12%;padding:0pt;">   </td> <td valign="bottom" style="width:01.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:13.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.26%;padding:0pt;">   </td> </tr> </table></div>   </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;">   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:72pt;"> <tr> <td valign="bottom" style="width:59.10%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, 2015 </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2014 </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;background-color: #CCEEFF;padding:0pt;"> Conversion of Series A Preferred Stock </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,356,996  </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;padding:0pt;"> Conversion of Series B Preferred Stock </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;"> — </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,655,992  </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;background-color: #CCEEFF;padding:0pt;"> Warrants for the purchase of Preferred Stock </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12,283  </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;padding:0pt;"> Warrants for the purchase of Common Stock </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>59,405  </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,839  </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;background-color: #CCEEFF;padding:0pt;"> Options to purchase Common Stock </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,572,959  </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,385,341  </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;padding:0pt;"> Employee Stock Purchase Plan </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>182,352  </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;padding:0pt;"> — </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,814,716  </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,445,451  </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:59.10%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.40%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:16.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.36%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;"> The following table provides a roll-forward of the fair value of the 2014 Warrants and 2015 Warrants determined by Level 3 inputs (in thousands):   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 60.00%;margin-left:108pt;"> <tr> <td valign="bottom" style="width:74.16%;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Fair Value </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.16%;background-color: #CCEEFF;padding:0pt;"> Balance at December 31, 2014 </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>108 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.16%;padding:0pt;"> Issuance of warrants at fair value </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>107 </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.16%;background-color: #CCEEFF;padding:0pt;"> Change in fair value, recorded as a component of other income, net </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:74.16%;padding:0pt;"> Reclassification to additional paid-in capital </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(206 </td> <td valign="bottom" style="width:01.66%;"> ) </td> </tr> <tr> <td valign="top" style="width:74.16%;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.16%;background-color: #CCEEFF;padding:0pt;"> Balance at June 30, 2015 </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.12%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div> <div> <div style="margin-left:0pt;margin-right:0pt;">   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:66.78%;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, 2015 (1) </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2014 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.78%;background-color: #CCEEFF;padding:0pt;"> Risk-free interest rate </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.97  </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:13.92%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.95  </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:66.78%;padding:0pt;"> Expected dividend yield </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.00  </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> % </td> <td valign="bottom" style="width:13.92%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.00  </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:66.78%;background-color: #CCEEFF;padding:0pt;"> Expected term (in years) </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.5  </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.92%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.7  </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.78%;padding:0pt;"> Expected volatility </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75.79  </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> % </td> <td valign="bottom" style="width:13.92%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>78.16  </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> % </td> </tr> </table></div>   (1)Represents the date the warrants for series B convertible preferred stock converted to warrants for common stock   </div> </div> 7200000 <div> <div style="margin-left:0pt;margin-right:0pt;"> Reverse stock split   In connection with the IPO, the Company’s board of directors and stockholders approved a 1-for-12.85 reverse stock split of the Company’s Common Stock which was effected on June 11, 2015. Stockholders entitled to fractional shares as a result of the reverse stock split received a cash payment in lieu of receiving fractional shares. All share, share equivalent and per share amounts presented herein have been adjusted to reflect the reverse stock split. The ratios by which shares of Preferred Stock are convertible into shares of Common Stock have been adjusted to reflect the effects of the reverse stock split.  Shares of Common Stock reserved for future issuance have been presented on an as converted basis and the financial statements disclose the adjusted conversion ratios.   </div> </div> 107000 110000 206000 <div> <div style="margin-left:0pt;margin-right:0pt;"> 6.Warrants   On August 27, 2014 and March 31, 2015, the Company issued the 2014 Warrants and 2015 Warrants to purchase an aggregate 315,688 shares of series B convertible preferred stock at an exercise price of $0.9503 per share to the lenders in connection with the Credit Facility (Note 5). The 2014 Warrants and 2015 Warrants were exercisable immediately on issuance and have a seven-year life. The 2014 Warrants and 2015 Warrants were recorded as a liability and re-measured at each reporting date using the then-current assumptions. In connection with the completion of the IPO, the 2014 Warrants and the 2015 Warrants were automatically converted into warrants exercisable for Common Stock, resulting in the reclassification of the related warrant liability to additional paid-in capital as the warrants to purchase shares of Common Stock met the criteria to be accounted for as equity instruments. The warrant liability was re-measured to fair value prior to reclassification to additional paid-in capital. As of June 30, 2015, the Company had no outstanding warrant liability.   The following table provides a roll-forward of the fair value of the 2014 Warrants and 2015 Warrants determined by Level 3 inputs (in thousands):   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 60.00%;margin-left:108pt;"> <tr> <td valign="bottom" style="width:74.16%;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Fair Value </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.16%;background-color: #CCEEFF;padding:0pt;"> Balance at December 31, 2014 </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.12%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>108 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.16%;padding:0pt;"> Issuance of warrants at fair value </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>107 </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.16%;background-color: #CCEEFF;padding:0pt;"> Change in fair value, recorded as a component of other income, net </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9 </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;"> ) </td> </tr> <tr> <td valign="top" style="width:74.16%;padding:0pt;"> Reclassification to additional paid-in capital </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(206 </td> <td valign="bottom" style="width:01.66%;"> ) </td> </tr> <tr> <td valign="top" style="width:74.16%;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:20.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.16%;background-color: #CCEEFF;padding:0pt;"> Balance at June 30, 2015 </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:18.12%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:74.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:04.16%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:18.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.66%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   The fair value of warrants exercisable for 315,688 shares of series B convertible preferred stock, which were automatically converted into warrants exercisable for 24,566 shares of Common Stock with an exercise price of $12.14, was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:66.78%;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, 2015 (1) </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2014 </td> <td valign="bottom" style="width:01.08%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.78%;background-color: #CCEEFF;padding:0pt;"> Risk-free interest rate </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.97  </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;"> % </td> <td valign="bottom" style="width:13.92%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.95  </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:66.78%;padding:0pt;"> Expected dividend yield </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.00  </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> % </td> <td valign="bottom" style="width:13.92%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.00  </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> % </td> </tr> <tr> <td valign="top" style="width:66.78%;background-color: #CCEEFF;padding:0pt;"> Expected term (in years) </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.5  </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:13.92%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.7  </td> <td valign="bottom" style="width:01.08%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:66.78%;padding:0pt;"> Expected volatility </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>75.79  </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> % </td> <td valign="bottom" style="width:13.92%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>78.16  </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> % </td> </tr> </table></div>   (1)Represents the date the warrants for series B convertible preferred stock converted to warrants for common stock   </div> </div> false --12-31 Q2 2015 2015-06-30 10-Q 0001454789 15297794 No Non-accelerated Filer CATABASIS PHARMACEUTICALS INC

1132000

2486000

2793000

2563000

791000

369000

2326000

157493000

373000

184000

189000

228000

119000

109000

655000

322000

333000

354000

189000

165000

123000

9256898

34839

8012987

1209072

9256898

34839

8012987

1209072

1593606

59405

1534201

1593606

59405

1534201

15964000

82454000

15022000

82076000

13506000

17005000

<div> <div style="margin-left:0pt;margin-right:0pt;"> Basis of Presentation   The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the periods presented.   The unaudited interim condensed financial statements of the Company included herein have been prepared, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed financial statements should be read in conjunction with the financial statements as of and for the year ended December 31, 2014 and notes thereto, included in the Company’s prospectus dated June 24, 2015, filed with the SEC pursuant to Rule 424(b)(4) on June 25, 2015 (the “Prospectus”).   The unaudited interim condensed financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited interim condensed financial statements contain all adjustments which are necessary to fairly present the Company’s financial position as of June 30, 2015, the results of its operations for the three and six months ended June 30, 2015 and 2014 and its cash flows for the six months ended June 30, 2015 and 2014. Such adjustments are of a normal and recurring nature. The results for the six months ended June 30, 2015 are not necessarily indicative of the results for the year ending December 31, 2015, or for any future period.   </div> </div>

30747000

20849000

14668000

81548000

13506000

17005000

-9898000

66880000

0.9503

12.14

0.9503

315688

24566

157844

9445451

34839

12283

5356996

2655992

1385341

2814716

59405

182352

1478731

1094228

2572959

0.001

132000000

150000000

493200

15297794

493200

15297794

1000

15000

315688

0.112

0.050

0.0749

100000

67000

42000

130000

93000

108000

<div> <div style="margin-left:0pt;margin-right:0pt;"> 10.Stock-based compensation   Prior to the Company’s IPO, the Company granted awards to eligible participants under the 2008 equity incentive plan (“2008 Plan”). In June 2015, the Company’s board of directors adopted and the Company’s stockholders approved the 2015 Stock Incentive Plan (“2015 Plan”), which became effective immediately prior to the effectiveness of the Company’s IPO. Subsequent to the Company’s IPO, option grants are awards to eligible participants only under the 2015 Plan.   The 2015 Plan provides for the grant of incentive stock options, nonstatutory stock options, restricted stock awards, restricted stock units, stock appreciation rights and other stock-based awards. The Company’s employees, officers, directors and consultants and advisors are eligible to receive awards under the 2015 Plan. The maximum number of shares of Common Stock that may be delivered in satisfaction of awards under the 2015 Plan is 1,068,287 shares, plus (1) 25,942 shares that were available for grant under the 2008 Plan immediately prior to the closing of the IPO, (2) the number of shares of Common Stock subject to outstanding awards under the 2008 Plan upon closing of the IPO that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right and (3) an annual increase, to be added the first day of each fiscal year, beginning with the fiscal year ending December 31, 2016 and continuing until, and including, the fiscal year ending December 31, 2025, equal to the lowest of 1,297,334 shares of Common Stock, 4% of the number of shares of Common Stock outstanding on the first day of the fiscal year and an amount determined by the Company’s board of directors.   As of June 30, 2015, the Company had reserved 1,478,731 shares of Common Stock under the 2008 Plan, of which none remained available for future issuance.  As of June 30, 2015, the Company had reserved 1,094,228 shares of Common Stock under the 2015 Plan, of which 1,038,758 shares remained available for future issuance.   Stock Options   A summary of the Company’s stock option activity and related information follows:   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Shares </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted- Average  Exercise Price </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted- Average  Remaining  Contractual  Term (years) </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Agregate  Intrinsic  Value (in  000’s) </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Outstanding at December 31, 2014 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,226,140 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.14 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8.15 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,579 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Granted </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>360,530 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10.64 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Exercised </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(25,045 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.05 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Cancelled or forfeited </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(27,424 </td> <td valign="bottom" style="width:02.50%;"> ) </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.09 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Outstanding at June 30, 2015 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,534,201 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.70 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8.16 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,980 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Exercisable at June 30, 2015 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>690,832 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.06 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.02 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,318 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Vested or expected to vest at June 30, 2015 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,410,518 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.46 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8.06 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,524 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   The total intrinsic value of options exercised for the three months ended June 30, 2015 and 2014 was $0, and $7,000, respectively. The total intrinsic value of options exercised for the six months ended June 30, 2015 and 2014 was $0.2 million and $28 thousand, respectively. The total fair value of options vested for the three months ended June 30, 2015 and 2014 was $0.2 million and $0.1 million, respectively. The total fair value of options vested for the six months ended June 30, 2015 and 2014 was $0.8 million and $0.3 million, respectively.   At June 30, 2015, the total unrecognized compensation expense related to unvested stock option awards, including estimated forfeitures, was $4.2 million. The Company expects to recognize that cost over a weighted-average period of approximately 3.0 years.   Stock-based compensation expense   Total stock-based compensation expense is recognized for stock options granted to employees and non-employees and has been reported in the Company’s statements of operations as follows (in thousands):   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three months ended June 30, </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Six months ended June 30, </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Research and development </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>165  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>109  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>333  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>189  </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> General and administrative </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>189  </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>119  </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>322  </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>184  </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>354  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>228  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>655  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>373  </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   Employee Stock Purchase Plan   In June 2015, the Company’s board of directors adopted and the Company’s stockholders approved the 2015 Employee Stock Purchase Plan (the “2015 ESPP”) which became effective upon closing of the Company’s IPO. The 2015 ESPP authorizes the initial issuance of up to a total of 182,352 shares of Common Stock to participating eligible employees. The number of shares increases each January 1, commencing on January 1, 2016 and ending on December 31, 2026, by an amount equal to the lesser of one percent of the outstanding shares as of the end of the immediately preceding fiscal year, 364,705 shares and any lower amount determined by the Company’s board of directors. As of June 30, 2015 there has been no activity under the 2015 ESPP.   </div> </div>

-24.72

-13.42

-19.46

-8.07

796000

752000

P3Y

4200000

<div> <div style="margin-left:0pt;margin-right:0pt;"> Below is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands):   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"> <tr> <td valign="bottom" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:64.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of June 30, 2015 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Quoted Prices in Active Markets (Level 1) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Observable Inputs (Level 2) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Unobservable Inputs (Level 3) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;background-color: #CCEEFF;padding:0pt;"> Assets: </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;padding:0pt;"> Cash Equivalents </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,005  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,005  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,005  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.60%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,005  </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"> <tr> <td valign="bottom" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:64.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of December 31, 2014 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Quoted Prices in Active Markets (Level 1) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Observable Inputs (Level 2) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Unobservable Inputs (Level 3) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;background-color: #CCEEFF;padding:0pt;"> Assets: </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;padding:0pt;"> Cash Equivalents </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,506  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,506  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,506  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.60%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,506  </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;padding:0pt;"> Liabilities: </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;background-color: #CCEEFF;padding:0pt;"> Warrant Liability </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>108  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>108  </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.60%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>108  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

0.0000

P6Y8M12D

P6Y6M

0.7816

0.7579

0.0195

0.0197

<div> <div style="margin-left:0pt;margin-right:0pt;"> 3.Financial Instruments   The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value, and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value. The Company determines the fair value of the preferred stock warrants (Note 6) using Level 3 inputs. Below is a summary of assets and liabilities measured at fair value on a recurring basis (in thousands):   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"> <tr> <td valign="bottom" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:64.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of June 30, 2015 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Quoted Prices in Active Markets (Level 1) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Observable Inputs (Level 2) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Unobservable Inputs (Level 3) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;background-color: #CCEEFF;padding:0pt;"> Assets: </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;padding:0pt;"> Cash Equivalents </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,005  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,005  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,005  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.60%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,005  </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"> <tr> <td valign="bottom" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="11" valign="bottom" style="width:64.06%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> As of December 31, 2014 </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Quoted Prices in Active Markets (Level 1) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Observable Inputs (Level 2) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Significant Unobservable Inputs (Level 3) </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Total </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;background-color: #CCEEFF;padding:0pt;"> Assets: </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;padding:0pt;"> Cash Equivalents </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,506  </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,506  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,506  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.60%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,506  </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;padding:0pt;"> Liabilities: </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;background-color: #CCEEFF;padding:0pt;"> Warrant Liability </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>108  </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>108  </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:13.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.54%;padding:0pt;"> — </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;padding:0pt;"> $ </td> <td valign="bottom" style="width:12.60%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>108  </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:31.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:12.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.16%;padding:0pt;">   </td> </tr> </table></div>   As of June 30, 2015 and December 31, 2014, the Company’s cash equivalents consisted principally of money market funds, which approximate their fair value due to their short-term nature. In connection with the completion of the IPO, warrants exercisable for Preferred Stock were automatically converted into warrants exercisable for Common Stock, resulting in the reclassification of the related warrant liability to additional paid-in capital as the warrants to purchase shares of Common Stock are accounted for as equity instruments (Note 6).   </div> </div>

3016000

1642000

3578000

1833000

522000

649000

-491000

-11000

454000

174000

428000

279000

400000

300000

254000

P5Y

8871000

14866000

15964000

82454000

4234000

7395000

108000

5000000

20000000

25000000

5000000

10000000

250000000

5000000

10000000

1250000

2500000

1667000

3333000

1667000

3333000

416000

834000

4439000

7352000

22000

80138000

-157000

-35000

-9763000

-13223000

-9833000

-5363000

-14540000

-8039000

1000

-415000

-275000

309000

2346000

9834000

5364000

14125000

7764000

-9834000

-5364000

-14125000

-7764000

1520000

1844000

378000

760000

382000

400000

200000

400000

200000

97000

278000

541000

35000

23000

77000

1000

13000

4000

7000

157000

35000

0.001

5000000

354000

528000

62763000

61800000

50000000

5000000

12331000

8000000

22000

51000

288000

230000

6818000

3722000

10547000

5931000

113000

-75380000

-89920000

<div> <div style="margin-left:0pt;margin-right:0pt;"> Accrued expenses consisted of the following (in thousands):   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:18pt;"> <tr> <td valign="bottom" style="width:67.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> June 30, 2015 </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> December 31, 2014 </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> Accrued compensation </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>752  </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>796  </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.90%;padding:0pt;"> Accrued contracted research costs </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,164  </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,109  </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> Accrued professional fees </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>369  </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>791  </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.90%;padding:0pt;"> Accrued other </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>278  </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>97  </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.90%;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.90%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.66%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,563  </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:11.64%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,793  </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:67.90%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.68%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:11.64%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.02%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

<div> <div style="margin-left:0pt;margin-right:0pt;"> Total stock-based compensation expense is recognized for stock options granted to employees and non-employees and has been reported in the Company’s statements of operations as follows (in thousands):   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Three months ended June 30, </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Six months ended June 30, </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2015 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> 2014 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Research and development </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>165  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>109  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>333  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>189  </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> General and administrative </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>189  </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>119  </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>322  </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>184  </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Total </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>354  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>228  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>655  </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>373  </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

<div> <div style="margin-left:0pt;margin-right:0pt;"> Future minimum payments required under the non-cancelable operating lease as of June 30, 2015 are summarized as follows (in thousands):   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 66.00%;margin-left:108pt;"> <tr> <td valign="bottom" style="width:76.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Year Ending December 31, </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Amount </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;"> Remainder 2015 </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.32%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>382  </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;"> 2016 </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>760  </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;"> 2017 </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>378  </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;"> Total minimum lease payments </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;padding:0pt;"> $ </td> <td valign="bottom" style="width:16.30%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,520  </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:76.76%;padding:0pt;">   </td> <td valign="bottom" style="width:03.74%;padding:0pt;">   </td> <td valign="bottom" style="width:01.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:16.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:01.50%;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

<div> <div style="margin-left:0pt;margin-right:0pt;">   <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Shares </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted- Average  Exercise Price </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Weighted- Average  Remaining  Contractual  Term (years) </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> Agregate  Intrinsic  Value (in  000’s) </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Outstanding at December 31, 2014 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,226,140 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.14 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8.15 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,579 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Granted </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>360,530 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10.64 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Exercised </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(25,045 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;"> ) </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.05 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Cancelled or forfeited </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(27,424 </td> <td valign="bottom" style="width:02.50%;"> ) </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.09 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Outstanding at June 30, 2015 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,534,201 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.70 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8.16 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,980 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> Exercisable at June 30, 2015 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>690,832 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3.06 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7.02 </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,318 </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;"> Vested or expected to vest at June 30, 2015 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,410,518 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5.46 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8.06 </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;"> $ </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,524 </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> <tr> <td valign="top" style="width:41.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.88%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:12.00%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:02.50%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.12%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:10.86%;background-color: #CCEEFF;padding:0pt;">   </td> <td valign="bottom" style="width:01.00%;background-color: #CCEEFF;padding:0pt;">   </td> </tr> </table></div>   </div> </div>

373000

655000

364705

182352

25942

1068287

1297334

1038758

6318000

690832

3.06

P7Y7D

28000

7000

200000

27424

4.09

360530

6579000

9980000

1226140

1534201

4.14

5.70

P8Y1M24D

P8Y1M28D

1410518

5.46

P8Y22D

300000

100000

9524000

800000

200000

0.0300

0.0100

0.040

0.0300

2.05

10.64

12.00

-73053000

67588000

0.077821

9029549

5750000

750000

25045

47898000

32248000

0.001

68837703

37830473

68837703

34129571

68837703

34129571

<div> <div style="margin-left:0pt;margin-right:0pt;"> Use of Estimates   The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from such estimates.   The Company utilized significant estimates and assumptions in determining the fair value of its Common Stock prior to completion of the IPO. The board of directors determined the estimated fair value of the Common Stock based on a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector and the prices at which the Company sold shares of convertible preferred stock, the achievement of research and development milestones, the superior rights and preferences of securities senior to the Common Stock at the time and the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company.   The Company utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants (“AICPA”), Audit and Accounting Practice Aid Series: Valuation of Privately Held Company Equity Securities Issued as Compensation (“AICPA Practice Aid”), to estimate the fair value of its Common Stock. The methodologies included the Option Pricing Method utilizing the Backsolve Method (a form of the market approach defined in the AICPA Practice Aid) and the Probability-Weighted Expected Return Method based upon the probability of occurrence of certain future liquidity events such as an initial public offering or sale of the Company. Each valuation methodology includes estimates and assumptions that require the Company’s judgment. Significant changes to the key assumptions used in the valuations could result in different fair values of Common Stock at each valuation date.   The Company utilizes certain estimates to record expenses relating to research and development contracts. These contract estimates, which are primarily related to the length of service of each contract, are determined by the Company based on input from internal project management, as well as from third-party service providers.   </div> </div>

108000

100000

397782

399766

747117

996592