APLS 2017 Annual Report

96 4. Common Stock The Company has reserved the following shares of common stock for future issuance: December 31, 2015 2016 2017 Conversion of Series A convertible preferred stock 1,251,758 1,251,758 — Conversion of Series B convertible preferred stock 2,982,962 2,982,962 — Conversion of Series C convertible preferred stock 12,290,394 12,290,394 — Conversion of Series D convertible preferred stock 6,743,993 9,891,866 — Shares reserved under 2010 Equity Incentive Plan 3,375,527 4,781,264 5,817,844 Shares reserved under 2017 Equity Incentive Plan — — 1,682,596 Shares reserved under 2017 Employee Stock Purchase Plan 468,823 Common stock warrants — — 14,064 Total 26,644,634 31,198,244 7,983,327 5. Convertible Preferred Stock Authorized capital stock includes 56,347,420 shares of convertible preferred stock and 10,000,000 shares of preferred stock at December 31, 2016 and 2017, respectively. Series C Convertible Preferred Stock In January 2015, the Company issued 183,333 shares of Series C convertible preferred stock (“Series C Preferred”) at $1.50 per share for aggregate proceeds of $275,000. Between March and May 2015, the Company issued 6,000,000 shares of Series C Preferred at $1.50 per share for aggregate proceeds of $9,000,000. Series D Convertible Preferred Stock In December 2015, the Company issued 14,384,938 shares of Series D convertible preferred stock (“Series D Preferred”) at $2.234 per share for aggregate proceeds of $32,135,951, less issuance costs of $85,306. In January 2016, the Company issued 6,714,413 shares of Series D convertible preferred stock at $2.234 per share for aggregate proceeds of $15,000,000, less issuance costs of $136,980. Series E Convertible Preferred Stock In August 2017, the Company issued 7,792,035 shares of Series E convertible preferred stock at $2.571 per share for aggregate proceeds of $20,033,322, less issuance costs of $285,475. Upon closing of the Company’s IPO on November 13, 2017, all shares of convertible preferred stock converted into shares of common stock. 6. Accrued Expenses Accrued expenses are as follows: December 31, 2016 2017 Accrued research and development $ 871,066 $ 2,463,808 Accrued payroll liabilities 91,598 251,491 Other 129,062 175,406 Total $ 1,091,726 $ 2,890,705