Molecular Templates, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Redeemable Convertible Preferred Stock

Redeemable Convertible Preferred Stock

12 Months Ended

Dec. 31, 2017

Temporary Equity Disclosure [Abstract]

NOTE 11 — REDEEMABLE CONVERTIBLE PREFERRED STOCK

The following is a summary of the Company’s redeemable convertible preferred stock at December 31, 2017 and 2016 (collectively, the “Preferred Stock”) (in thousands):

					Shares Issued and Outstanding
	Par Value		Shares Authorized		December 31, 2017		December 31, 2016
Series A Preferred Stock	$	0.001		2,500		—		2,500
Series B Preferred Stock	$	0.001		2,273		—		2,273
Series C Preferred Stock	$	0.001		4,392		—		4,343
Total				9,165		—		9,116

On August 1, 2017, the Company’s preferred stock was converted to common shares as a result of the Merger. The outstanding 9,116,405 shares of preferred stock, along with preferred dividends converted to 3,912,892, were converted to 13,029,297 shares of common stock. These common shares were converted upon merger to 9,220,478 shares of the merged entity. Refer to Footnote 3: Merger with Private Molecular, for further details on the Merger.

The following table presents changes in the preferred stock during the years ended December 31, 2017 and 2016 (in thousands):

	Series A Preferred			Series B Preferred			Series C Preferred			Total
Balance at December 31, 2015	$	3,689		$	5,174		$	15,436		$	24,299
Deemed dividends on preferred stock		200			306			1,066			1,572
Balance at December 31, 2016	$	3,889		$	5,480		$	16,502		$	25,871
Deemed dividends on preferred stock		119			178			661			958
Conversion to common stock in merger		(4,008	)		(5,658	)		(17,163	)		(26,829	)
Balance at December 31, 2017	$	—		$	—		$	—		$	—