7. Convertible preferred stock

All outstanding preferred stock automatically converted into common stock in connection with the closing of the IPO. At the closing of the IPO, 9,564,140 shares of redeemable convertible preferred stock and 66,666 shares of convertible preferred stock were automatically converted into 14,259,647 shares of common stock. Following the IPO, all warrants previously exercisable for preferred stock became exercisable for common stock. The previously reported warrant liability associated with the convertible warrants was applied to additional paid-in-capital.  There was no outstanding preferred stock as of September 30, 2014.

The Company’s Series C preferred stock warrants expired in connection with the IPO. As of February 20, 2014, 2,756 Series C preferred stock warrants were forfeited and cancelled since they were not exercised prior to the IPO.

On February 20, 2014, the Company’s Thirteenth Amended and restated Certificate of Incorporation came in to effect which authorized the Company to issue 10,000,000 of preferred stock. As of September 30, 2014 there was no preferred stock outstanding.

A summary of the terms of the various types of redeemable convertible preferred stock at December 31, 2013 is as follows:

A summary of the terms of non-redeemable convertible preferred stock at December 31, 2013 is as follows: