10. Convertible Preferred Stock

On July 6, 2016, upon the closing of the IPO, all of the then-outstanding shares of the Company’s convertible preferred stock automatically converted into 15,988,800 shares of common stock. The Company has 10,000,000 shares of preferred stock authorized as of December 31, 2016. The authorized preferred stock was classified as stockholders’ equity at December 31, 2016.