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• | there is persuasive evidence of an arrangement; |
• | the service has been provided to the customer; |
• | collection of the fees is reasonably assured; and |
• | the amount of fees to be paid by the customer is fixed or determinable. |
Software | 3–5 years | |
Computer equipment | 3 years | |
Furniture and equipment | 5–7 years | |
Leasehold improvements | Shorter of the lease term or the estimated useful lives of the improvements |
Year Ended December 31, | ||||||||
2014 | 2013 | 2012 | ||||||
Revenue: | ||||||||
Customer A | 14 | % | 16 | % | — | % | ||
Customer B | * | * | 30 | % | ||||
Customer C | * | * | 13 | % | ||||
Customer D | * | * | 10 | % |
As of December 31, | |||||
2014 | 2013 | ||||
Accounts Receivable: | |||||
Customer A | * | 10 | % | ||
Customer E | 12 | % | — | % | |
Customer F | 19 | % | 17 | % |
|
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
December 31, 2014 | |||||||||||||||
U.S. agency obligations | $ | 177,297 | $ | 4 | $ | (44 | ) | $ | 177,257 | ||||||
U.S. treasury securities | 5,580 | 1 | — | 5,581 | |||||||||||
Money market mutual funds | 1,919 | — | — | 1,919 | |||||||||||
184,796 | 5 | (44 | ) | 184,757 | |||||||||||
Included in cash and cash equivalents | 3,480 | — | — | 3,480 | |||||||||||
Included in marketable securities | $ | 175,093 | $ | 5 | $ | (41 | ) | $ | 175,057 | ||||||
Included in marketable securities, noncurrent | $ | 6,223 | $ | — | $ | (3 | ) | $ | 6,220 |
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
December 31, 2013 | |||||||||||||||
U.S. agency obligations | $ | 35,996 | $ | 6 | $ | (7 | ) | $ | 35,995 | ||||||
U.S. treasury securities | 6,020 | 2 | — | 6,022 | |||||||||||
Money market mutual funds | 18,082 | — | — | 18,082 | |||||||||||
60,098 | 8 | (7 | ) | 60,099 | |||||||||||
Included in cash and cash equivalents | 18,082 | — | — | 18,082 | |||||||||||
Included in marketable securities | $ | 42,016 | $ | 8 | $ | (7 | ) | $ | 42,017 |
|
Level 1 | Level 2 | Total | |||||||||
December 31, 2014 | |||||||||||
Cash equivalents: | |||||||||||
Money market mutual funds | $ | 1,919 | $ | — | $ | 1,919 | |||||
U.S. agency obligations | — | 1,561 | 1,561 | ||||||||
Marketable securities: | |||||||||||
U.S. agency obligations | — | 175,696 | 175,696 | ||||||||
U.S. treasury securities | — | 5,581 | 5,581 | ||||||||
$ | 1,919 | $ | 182,838 | $ | 184,757 |
Level 1 | Level 2 | Total | |||||||||
December 31, 2013 | |||||||||||
Cash equivalents: | |||||||||||
Money market mutual funds | $ | 18,082 | $ | — | $ | 18,082 | |||||
Marketable securities: | |||||||||||
U.S. agency obligations | — | 35,995 | 35,995 | ||||||||
U.S. treasury securities | — | 6,022 | 6,022 | ||||||||
$ | 18,082 | $ | 42,017 | $ | 60,099 |
|
As of December 31, | |||||||
2014 | 2013 | ||||||
Prepaid expenses and advances | $ | 2,285 | $ | 1,242 | |||
Security deposit | 211 | 165 | |||||
Interest receivable on marketable securities | 537 | 156 | |||||
Other current assets | 443 | 20 | |||||
Total | $ | 3,476 | $ | 1,583 |
|
As of December 31, | |||||||
2014 | 2013 | ||||||
Leasehold improvements | $ | 1,058 | $ | 924 | |||
Computer equipment | 3,247 | 2,024 | |||||
Software | 874 | 263 | |||||
Capitalization of internal-use software | 291 | — | |||||
Furniture and equipment | 301 | 257 | |||||
Total | 5,771 | 3,468 | |||||
Accumulated depreciation | (2,141 | ) | (837 | ) | |||
Property and equipment, net | $ | 3,630 | $ | 2,631 |
|
As of December 31, | |||||||
2014 | 2013 | ||||||
Accrued expenses | $ | 5,363 | $ | 3,845 | |||
Other | 428 | 1,153 | |||||
Total | $ | 5,791 | $ | 4,998 |
|
As of December 31, | |||||||
2014 | 2013 | ||||||
Accrued bonuses and commissions | $ | 7,763 | $ | 6,800 | |||
Other benefits payable | 2,692 | 1,243 | |||||
Liability for stock options exercised prior to vesting and restricted Class A common stock subject to repurchase | — | 21 | |||||
Total | $ | 10,455 | $ | 8,064 |
|
As of December 31, | |||||||
2014 | 2013 | ||||||
Subscription | $ | 14,826 | $ | 3,810 | |||
Professional services—implementation | 2,974 | 1,835 | |||||
Professional services—communications | 2,908 | 1,280 | |||||
Total current | 20,708 | 6,925 | |||||
Subscription | 1,950 | 1,489 | |||||
Professional services—implementation | 4,327 | 2,443 | |||||
Professional services—communications | 375 | 616 | |||||
Total noncurrent | 6,652 | 4,548 | |||||
Total | $ | 27,360 | $ | 11,473 |
|
Operating Leases | Contractual Obligations | ||||||
2015 | $ | 1,325 | $ | 369 | |||
2016 | 1,075 | 243 | |||||
2017 | 600 | — | |||||
2018 | — | — | |||||
2019 and later | — | — | |||||
$ | 3,000 | $ | 612 |
|
As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||
Shares Authorized | Shares Issued and Outstanding | Shares Authorized | Shares Issued and Outstanding | Liquidation Preference | ||||||||||||
Convertible Preferred Stock: | ||||||||||||||||
Series A | — | — | 8,000,000 | 8,000,000 | $ | 1,000,000 | ||||||||||
Series A-1 | — | — | 10,000,000 | 10,000,000 | 3,000,000 | |||||||||||
Series B | — | — | 15,315,314 | 15,315,314 | 17,000,000 | |||||||||||
Series C | — | — | 14,594,598 | 14,594,598 | 60,000,000 | |||||||||||
Series D | — | — | 16,565,750 | 16,565,721 | 100,000,000 | |||||||||||
Total | — | — | 64,475,662 | 64,475,633 | 181,000,000 | |||||||||||
Stockholders' equity: | ||||||||||||||||
Preferred stock | 10,000,000 | — | — | — | — | |||||||||||
Class A common stock | 200,000,000 | 58,862,574 | 95,000,000 | 10,994,074 | — | |||||||||||
Class B common stock | 800,000,000 | 32,328,809 | 95,000,000 | — | — | |||||||||||
Total | 1,010,000,000 | 91,191,383 | 254,475,662 | 75,469,707 | $ | 181,000,000 |
Options Outstanding | Restricted Stock Units Outstanding | |||||||||||||||||||||
Shares Available for Grant | Number of Shares Outstanding | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life in Years | Aggregate Intrinsic Value | Number of shares | Weighted Average Grant-Date Fair Value | ||||||||||||||||
Balance at December 31, 2011 | 238,581 | 9,032,499 | $ | 0.55 | 8.6 | $ | 2,981 | |||||||||||||||
Increase in Plan authorized shares | 4,404,308 | |||||||||||||||||||||
Restricted stock issued | (22,727 | ) | ||||||||||||||||||||
Granted | (4,422,412 | ) | 4,422,412 | $ | 1.03 | |||||||||||||||||
Exercised | — | (1,056,262 | ) | $ | 0.28 | |||||||||||||||||
Canceled and forfeited | 991,039 | (991,039 | ) | $ | 0.57 | |||||||||||||||||
Balance at December 31, 2012 | 1,188,789 | 11,407,610 | $ | 0.76 | 8.3 | $ | 4,125 | |||||||||||||||
Increase in Plan authorized shares | 7,000,000 | |||||||||||||||||||||
Granted | (8,283,513 | ) | 8,283,513 | $ | 1.71 | |||||||||||||||||
Exercised | — | (1,036,077 | ) | $ | 0.60 | |||||||||||||||||
Canceled and forfeited | 2,199,642 | (2,199,642 | ) | $ | 0.96 | |||||||||||||||||
Balance at December 31, 2013 | 2,104,918 | 16,455,404 | $ | 1.22 | 8.4 | $ | 91,192 | |||||||||||||||
Increase in Plan authorized shares | 15,000,000 | |||||||||||||||||||||
Granted | (6,749,822 | ) | 5,325,929 | $ | 12.25 | 1,423,893 | $ | 11.06 | ||||||||||||||
Exercised | — | (2,956,676 | ) | $ | 1.11 | |||||||||||||||||
Vested RSUs | — | — | — | |||||||||||||||||||
Canceled and forfeited | 2,457,118 | (2,432,118 | ) | $ | 4.06 | (25,000 | ) | $ | 11.06 | |||||||||||||
Balance at December 31, 2014 | 12,812,214 | 16,392,539 | $ | 4.40 | $ | 128,541 | 1,398,893 | $ | 11.06 | |||||||||||||
Vested or expected to vest December 31, 2014 | 15,164,416 | $ | 4.26 | 7.1 | $ | 120,755 | 1,217,037 | 11.06 | ||||||||||||||
Exercisable as of December 31, 2014 | 6,945,436 | $ | 2.11 | 5.1 | $ | 68,645 |
Year Ended December 31, | |||||
2014 | 2013 | 2012 | |||
Volatility | 60% | 57.8%-60% | 60%-63% | ||
Expected life (in years) | 5.0-6.3 | 5.0-7.2 | 5.0-6.5 | ||
Risk-free interest rate | 1.53%-2.05% | 0.7%-1.8% | 0.6%-1.1% | ||
Dividend yield | —% | —% | —% | ||
Weighted-average fair value of underlying common stock | $14.74 | $3.02 | $1.05 |
|
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
United States | $ | (85,940 | ) | $ | (62,182 | ) | $ | (35,004 | ) |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Tax at federal statutory rate | $ | (29,220 | ) | $ | (21,142 | ) | $ | (11,901 | ) | ||
State statutory rate (net of federal benefit) | (1,728 | ) | (1,921 | ) | (2,193 | ) | |||||
Non-deductible stock compensation | (19 | ) | 619 | 485 | |||||||
Change in valuation allowance | 30,571 | 22,184 | 13,384 | ||||||||
Other | 396 | 260 | 225 | ||||||||
$ | — | $ | — | $ | — |
As of December 31, | |||||||
Deferred tax assets: | 2014 | 2013 | |||||
Net operating loss carryforwards | $ | 72,984 | $ | 45,744 | |||
Accrued expenses | — | 239 | |||||
Deferred rent | 127 | 160 | |||||
Accrued bonus | 68 | 583 | |||||
Accrued compensation | 539 | 638 | |||||
Stock-based compensation | 3,266 | 533 | |||||
Other reserves and accruals | 2 | 2 | |||||
Property and equipment | 16 | 88 | |||||
Deferred revenue | 2,173 | 616 | |||||
79,175 | 48,603 | ||||||
Valuation allowance | (79,175 | ) | (48,603 | ) | |||
Net deferred tax assets | $ | — | $ | — |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Gross unrecognized tax benefits at the beginning of the fiscal year | $ | 4,513 | $ | 2,445 | $ | 1,823 | |||||
Increases for tax positions of prior years | 871 | — | 27 | ||||||||
Decreases for tax positions of prior years | (831 | ) | — | (8 | ) | ||||||
Increases for tax positions related to the current year | 2,661 | 2,068 | 603 | ||||||||
Gross unrecognized tax benefits at the end of the fiscal year | $ | 7,214 | $ | 4,513 | $ | 2,445 |
|
|
Quarter Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2013 | Jun 30, 2013 | Sep 30, 2013 | Dec 31, 2013 | Mar 31, 2014 | Jun 30, 2014 | Sep 30, 2014 | Dec 31, 2014 | |||||||||||||||||||||||||
Total revenue | 1,907 | 2,325 | 3,609 | 5,132 | 8,376 | 10,533 | 12,209 | 14,487 | ||||||||||||||||||||||||
Gross (loss) profit | (1,350 | ) | (1,508 | ) | (1,226 | ) | (247 | ) | 1,793 | 3,116 | 5,054 | 7,870 | ||||||||||||||||||||
Net loss | $ | (11,433 | ) | $ | (14,173 | ) | $ | (16,603 | ) | $ | (19,973 | ) | $ | (24,281 | ) | $ | (21,776 | ) | $ | (20,199 | ) | $ | (19,684 | ) | ||||||||
Net loss per share, basic and diluted | $ | (1.24 | ) | $ | (1.47 | ) | $ | (1.63 | ) | $ | (1.90 | ) | $ | (0.90 | ) | $ | (0.24 | ) | $ | (0.23 | ) | $ | (0.22 | ) |
|
• | there is persuasive evidence of an arrangement; |
• | the service has been provided to the customer; |
• | collection of the fees is reasonably assured; and |
• | the amount of fees to be paid by the customer is fixed or determinable. |
Software | 3–5 years | |
Computer equipment | 3 years | |
Furniture and equipment | 5–7 years | |
Leasehold improvements | Shorter of the lease term or the estimated useful lives of the improvements |
Year Ended December 31, | ||||||||
2014 | 2013 | 2012 | ||||||
Revenue: | ||||||||
Customer A | 14 | % | 16 | % | — | % | ||
Customer B | * | * | 30 | % | ||||
Customer C | * | * | 13 | % | ||||
Customer D | * | * | 10 | % |
As of December 31, | |||||
2014 | 2013 | ||||
Accounts Receivable: | |||||
Customer A | * | 10 | % | ||
Customer E | 12 | % | — | % | |
Customer F | 19 | % | 17 | % |
|
Software | 3–5 years | |
Computer equipment | 3 years | |
Furniture and equipment | 5–7 years | |
Leasehold improvements | Shorter of the lease term or the estimated useful lives of the improvements |
As of December 31, | |||||||
2014 | 2013 | ||||||
Leasehold improvements | $ | 1,058 | $ | 924 | |||
Computer equipment | 3,247 | 2,024 | |||||
Software | 874 | 263 | |||||
Capitalization of internal-use software | 291 | — | |||||
Furniture and equipment | 301 | 257 | |||||
Total | 5,771 | 3,468 | |||||
Accumulated depreciation | (2,141 | ) | (837 | ) | |||
Property and equipment, net | $ | 3,630 | $ | 2,631 |
Year Ended December 31, | ||||||||
2014 | 2013 | 2012 | ||||||
Revenue: | ||||||||
Customer A | 14 | % | 16 | % | — | % | ||
Customer B | * | * | 30 | % | ||||
Customer C | * | * | 13 | % | ||||
Customer D | * | * | 10 | % |
As of December 31, | |||||
2014 | 2013 | ||||
Accounts Receivable: | |||||
Customer A | * | 10 | % | ||
Customer E | 12 | % | — | % | |
Customer F | 19 | % | 17 | % |
|
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
December 31, 2014 | |||||||||||||||
U.S. agency obligations | $ | 177,297 | $ | 4 | $ | (44 | ) | $ | 177,257 | ||||||
U.S. treasury securities | 5,580 | 1 | — | 5,581 | |||||||||||
Money market mutual funds | 1,919 | — | — | 1,919 | |||||||||||
184,796 | 5 | (44 | ) | 184,757 | |||||||||||
Included in cash and cash equivalents | 3,480 | — | — | 3,480 | |||||||||||
Included in marketable securities | $ | 175,093 | $ | 5 | $ | (41 | ) | $ | 175,057 | ||||||
Included in marketable securities, noncurrent | $ | 6,223 | $ | — | $ | (3 | ) | $ | 6,220 |
Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||
December 31, 2013 | |||||||||||||||
U.S. agency obligations | $ | 35,996 | $ | 6 | $ | (7 | ) | $ | 35,995 | ||||||
U.S. treasury securities | 6,020 | 2 | — | 6,022 | |||||||||||
Money market mutual funds | 18,082 | — | — | 18,082 | |||||||||||
60,098 | 8 | (7 | ) | 60,099 | |||||||||||
Included in cash and cash equivalents | 18,082 | — | — | 18,082 | |||||||||||
Included in marketable securities | $ | 42,016 | $ | 8 | $ | (7 | ) | $ | 42,017 |
|
Level 1 | Level 2 | Total | |||||||||
December 31, 2014 | |||||||||||
Cash equivalents: | |||||||||||
Money market mutual funds | $ | 1,919 | $ | — | $ | 1,919 | |||||
U.S. agency obligations | — | 1,561 | 1,561 | ||||||||
Marketable securities: | |||||||||||
U.S. agency obligations | — | 175,696 | 175,696 | ||||||||
U.S. treasury securities | — | 5,581 | 5,581 | ||||||||
$ | 1,919 | $ | 182,838 | $ | 184,757 |
Level 1 | Level 2 | Total | |||||||||
December 31, 2013 | |||||||||||
Cash equivalents: | |||||||||||
Money market mutual funds | $ | 18,082 | $ | — | $ | 18,082 | |||||
Marketable securities: | |||||||||||
U.S. agency obligations | — | 35,995 | 35,995 | ||||||||
U.S. treasury securities | — | 6,022 | 6,022 | ||||||||
$ | 18,082 | $ | 42,017 | $ | 60,099 |
|
As of December 31, | |||||||
2014 | 2013 | ||||||
Prepaid expenses and advances | $ | 2,285 | $ | 1,242 | |||
Security deposit | 211 | 165 | |||||
Interest receivable on marketable securities | 537 | 156 | |||||
Other current assets | 443 | 20 | |||||
Total | $ | 3,476 | $ | 1,583 |
|
Software | 3–5 years | |
Computer equipment | 3 years | |
Furniture and equipment | 5–7 years | |
Leasehold improvements | Shorter of the lease term or the estimated useful lives of the improvements |
As of December 31, | |||||||
2014 | 2013 | ||||||
Leasehold improvements | $ | 1,058 | $ | 924 | |||
Computer equipment | 3,247 | 2,024 | |||||
Software | 874 | 263 | |||||
Capitalization of internal-use software | 291 | — | |||||
Furniture and equipment | 301 | 257 | |||||
Total | 5,771 | 3,468 | |||||
Accumulated depreciation | (2,141 | ) | (837 | ) | |||
Property and equipment, net | $ | 3,630 | $ | 2,631 |
|
As of December 31, | |||||||
2014 | 2013 | ||||||
Accrued expenses | $ | 5,363 | $ | 3,845 | |||
Other | 428 | 1,153 | |||||
Total | $ | 5,791 | $ | 4,998 |
As of December 31, | |||||||
2014 | 2013 | ||||||
Accrued bonuses and commissions | $ | 7,763 | $ | 6,800 | |||
Other benefits payable | 2,692 | 1,243 | |||||
Liability for stock options exercised prior to vesting and restricted Class A common stock subject to repurchase | — | 21 | |||||
Total | $ | 10,455 | $ | 8,064 |
|
As of December 31, | |||||||
2014 | 2013 | ||||||
Accrued expenses | $ | 5,363 | $ | 3,845 | |||
Other | 428 | 1,153 | |||||
Total | $ | 5,791 | $ | 4,998 |
As of December 31, | |||||||
2014 | 2013 | ||||||
Accrued bonuses and commissions | $ | 7,763 | $ | 6,800 | |||
Other benefits payable | 2,692 | 1,243 | |||||
Liability for stock options exercised prior to vesting and restricted Class A common stock subject to repurchase | — | 21 | |||||
Total | $ | 10,455 | $ | 8,064 |
|
As of December 31, | |||||||
2014 | 2013 | ||||||
Subscription | $ | 14,826 | $ | 3,810 | |||
Professional services—implementation | 2,974 | 1,835 | |||||
Professional services—communications | 2,908 | 1,280 | |||||
Total current | 20,708 | 6,925 | |||||
Subscription | 1,950 | 1,489 | |||||
Professional services—implementation | 4,327 | 2,443 | |||||
Professional services—communications | 375 | 616 | |||||
Total noncurrent | 6,652 | 4,548 | |||||
Total | $ | 27,360 | $ | 11,473 |
|
Operating Leases | Contractual Obligations | ||||||
2015 | $ | 1,325 | $ | 369 | |||
2016 | 1,075 | 243 | |||||
2017 | 600 | — | |||||
2018 | — | — | |||||
2019 and later | — | — | |||||
$ | 3,000 | $ | 612 |
Operating Leases | Contractual Obligations | ||||||
2015 | $ | 1,325 | $ | 369 | |||
2016 | 1,075 | 243 | |||||
2017 | 600 | — | |||||
2018 | — | — | |||||
2019 and later | — | — | |||||
$ | 3,000 | $ | 612 |
|
As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||
Shares Authorized | Shares Issued and Outstanding | Shares Authorized | Shares Issued and Outstanding | Liquidation Preference | ||||||||||||
Convertible Preferred Stock: | ||||||||||||||||
Series A | — | — | 8,000,000 | 8,000,000 | $ | 1,000,000 | ||||||||||
Series A-1 | — | — | 10,000,000 | 10,000,000 | 3,000,000 | |||||||||||
Series B | — | — | 15,315,314 | 15,315,314 | 17,000,000 | |||||||||||
Series C | — | — | 14,594,598 | 14,594,598 | 60,000,000 | |||||||||||
Series D | — | — | 16,565,750 | 16,565,721 | 100,000,000 | |||||||||||
Total | — | — | 64,475,662 | 64,475,633 | 181,000,000 | |||||||||||
Stockholders' equity: | ||||||||||||||||
Preferred stock | 10,000,000 | — | — | — | — | |||||||||||
Class A common stock | 200,000,000 | 58,862,574 | 95,000,000 | 10,994,074 | — | |||||||||||
Class B common stock | 800,000,000 | 32,328,809 | 95,000,000 | — | — | |||||||||||
Total | 1,010,000,000 | 91,191,383 | 254,475,662 | 75,469,707 | $ | 181,000,000 |
Options Outstanding | Restricted Stock Units Outstanding | |||||||||||||||||||||
Shares Available for Grant | Number of Shares Outstanding | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life in Years | Aggregate Intrinsic Value | Number of shares | Weighted Average Grant-Date Fair Value | ||||||||||||||||
Balance at December 31, 2011 | 238,581 | 9,032,499 | $ | 0.55 | 8.6 | $ | 2,981 | |||||||||||||||
Increase in Plan authorized shares | 4,404,308 | |||||||||||||||||||||
Restricted stock issued | (22,727 | ) | ||||||||||||||||||||
Granted | (4,422,412 | ) | 4,422,412 | $ | 1.03 | |||||||||||||||||
Exercised | — | (1,056,262 | ) | $ | 0.28 | |||||||||||||||||
Canceled and forfeited | 991,039 | (991,039 | ) | $ | 0.57 | |||||||||||||||||
Balance at December 31, 2012 | 1,188,789 | 11,407,610 | $ | 0.76 | 8.3 | $ | 4,125 | |||||||||||||||
Increase in Plan authorized shares | 7,000,000 | |||||||||||||||||||||
Granted | (8,283,513 | ) | 8,283,513 | $ | 1.71 | |||||||||||||||||
Exercised | — | (1,036,077 | ) | $ | 0.60 | |||||||||||||||||
Canceled and forfeited | 2,199,642 | (2,199,642 | ) | $ | 0.96 | |||||||||||||||||
Balance at December 31, 2013 | 2,104,918 | 16,455,404 | $ | 1.22 | 8.4 | $ | 91,192 | |||||||||||||||
Increase in Plan authorized shares | 15,000,000 | |||||||||||||||||||||
Granted | (6,749,822 | ) | 5,325,929 | $ | 12.25 | 1,423,893 | $ | 11.06 | ||||||||||||||
Exercised | — | (2,956,676 | ) | $ | 1.11 | |||||||||||||||||
Vested RSUs | — | — | — | |||||||||||||||||||
Canceled and forfeited | 2,457,118 | (2,432,118 | ) | $ | 4.06 | (25,000 | ) | $ | 11.06 | |||||||||||||
Balance at December 31, 2014 | 12,812,214 | 16,392,539 | $ | 4.40 | $ | 128,541 | 1,398,893 | $ | 11.06 | |||||||||||||
Vested or expected to vest December 31, 2014 | 15,164,416 | $ | 4.26 | 7.1 | $ | 120,755 | 1,217,037 | 11.06 | ||||||||||||||
Exercisable as of December 31, 2014 | 6,945,436 | $ | 2.11 | 5.1 | $ | 68,645 |
Options Outstanding | Restricted Stock Units Outstanding | |||||||||||||||||||||
Shares Available for Grant | Number of Shares Outstanding | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life in Years | Aggregate Intrinsic Value | Number of shares | Weighted Average Grant-Date Fair Value | ||||||||||||||||
Balance at December 31, 2011 | 238,581 | 9,032,499 | $ | 0.55 | 8.6 | $ | 2,981 | |||||||||||||||
Increase in Plan authorized shares | 4,404,308 | |||||||||||||||||||||
Restricted stock issued | (22,727 | ) | ||||||||||||||||||||
Granted | (4,422,412 | ) | 4,422,412 | $ | 1.03 | |||||||||||||||||
Exercised | — | (1,056,262 | ) | $ | 0.28 | |||||||||||||||||
Canceled and forfeited | 991,039 | (991,039 | ) | $ | 0.57 | |||||||||||||||||
Balance at December 31, 2012 | 1,188,789 | 11,407,610 | $ | 0.76 | 8.3 | $ | 4,125 | |||||||||||||||
Increase in Plan authorized shares | 7,000,000 | |||||||||||||||||||||
Granted | (8,283,513 | ) | 8,283,513 | $ | 1.71 | |||||||||||||||||
Exercised | — | (1,036,077 | ) | $ | 0.60 | |||||||||||||||||
Canceled and forfeited | 2,199,642 | (2,199,642 | ) | $ | 0.96 | |||||||||||||||||
Balance at December 31, 2013 | 2,104,918 | 16,455,404 | $ | 1.22 | 8.4 | $ | 91,192 | |||||||||||||||
Increase in Plan authorized shares | 15,000,000 | |||||||||||||||||||||
Granted | (6,749,822 | ) | 5,325,929 | $ | 12.25 | 1,423,893 | $ | 11.06 | ||||||||||||||
Exercised | — | (2,956,676 | ) | $ | 1.11 | |||||||||||||||||
Vested RSUs | — | — | — | |||||||||||||||||||
Canceled and forfeited | 2,457,118 | (2,432,118 | ) | $ | 4.06 | (25,000 | ) | $ | 11.06 | |||||||||||||
Balance at December 31, 2014 | 12,812,214 | 16,392,539 | $ | 4.40 | $ | 128,541 | 1,398,893 | $ | 11.06 | |||||||||||||
Vested or expected to vest December 31, 2014 | 15,164,416 | $ | 4.26 | 7.1 | $ | 120,755 | 1,217,037 | 11.06 | ||||||||||||||
Exercisable as of December 31, 2014 | 6,945,436 | $ | 2.11 | 5.1 | $ | 68,645 |
Year Ended December 31, | |||||
2014 | 2013 | 2012 | |||
Volatility | 60% | 57.8%-60% | 60%-63% | ||
Expected life (in years) | 5.0-6.3 | 5.0-7.2 | 5.0-6.5 | ||
Risk-free interest rate | 1.53%-2.05% | 0.7%-1.8% | 0.6%-1.1% | ||
Dividend yield | —% | —% | —% | ||
Weighted-average fair value of underlying common stock | $14.74 | $3.02 | $1.05 |
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Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
United States | $ | (85,940 | ) | $ | (62,182 | ) | $ | (35,004 | ) |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Tax at federal statutory rate | $ | (29,220 | ) | $ | (21,142 | ) | $ | (11,901 | ) | ||
State statutory rate (net of federal benefit) | (1,728 | ) | (1,921 | ) | (2,193 | ) | |||||
Non-deductible stock compensation | (19 | ) | 619 | 485 | |||||||
Change in valuation allowance | 30,571 | 22,184 | 13,384 | ||||||||
Other | 396 | 260 | 225 | ||||||||
$ | — | $ | — | $ | — |
As of December 31, | |||||||
Deferred tax assets: | 2014 | 2013 | |||||
Net operating loss carryforwards | $ | 72,984 | $ | 45,744 | |||
Accrued expenses | — | 239 | |||||
Deferred rent | 127 | 160 | |||||
Accrued bonus | 68 | 583 | |||||
Accrued compensation | 539 | 638 | |||||
Stock-based compensation | 3,266 | 533 | |||||
Other reserves and accruals | 2 | 2 | |||||
Property and equipment | 16 | 88 | |||||
Deferred revenue | 2,173 | 616 | |||||
79,175 | 48,603 | ||||||
Valuation allowance | (79,175 | ) | (48,603 | ) | |||
Net deferred tax assets | $ | — | $ | — |
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Gross unrecognized tax benefits at the beginning of the fiscal year | $ | 4,513 | $ | 2,445 | $ | 1,823 | |||||
Increases for tax positions of prior years | 871 | — | 27 | ||||||||
Decreases for tax positions of prior years | (831 | ) | — | (8 | ) | ||||||
Increases for tax positions related to the current year | 2,661 | 2,068 | 603 | ||||||||
Gross unrecognized tax benefits at the end of the fiscal year | $ | 7,214 | $ | 4,513 | $ | 2,445 |
|
Quarter Ended | ||||||||||||||||||||||||||||||||
Mar 31, 2013 | Jun 30, 2013 | Sep 30, 2013 | Dec 31, 2013 | Mar 31, 2014 | Jun 30, 2014 | Sep 30, 2014 | Dec 31, 2014 | |||||||||||||||||||||||||
Total revenue | 1,907 | 2,325 | 3,609 | 5,132 | 8,376 | 10,533 | 12,209 | 14,487 | ||||||||||||||||||||||||
Gross (loss) profit | (1,350 | ) | (1,508 | ) | (1,226 | ) | (247 | ) | 1,793 | 3,116 | 5,054 | 7,870 | ||||||||||||||||||||
Net loss | $ | (11,433 | ) | $ | (14,173 | ) | $ | (16,603 | ) | $ | (19,973 | ) | $ | (24,281 | ) | $ | (21,776 | ) | $ | (20,199 | ) | $ | (19,684 | ) | ||||||||
Net loss per share, basic and diluted | $ | (1.24 | ) | $ | (1.47 | ) | $ | (1.63 | ) | $ | (1.90 | ) | $ | (0.90 | ) | $ | (0.24 | ) | $ | (0.23 | ) | $ | (0.22 | ) |
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