Convertible Preferred Stock and Stockholders’ Deficit

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Convertible Preferred Stock and Stockholders’ Deficit

Note 8 – Convertible Preferred Stock and Stockholders’ Deficit

Convertible Preferred Stock

The Amendment authorized eight classes of preferred stock, Series A through F, the “Prior Preferred Stock” and Series G and H, the “Senior Preferred Stock”. As of December 31, 2020 the Company’s convertible preferred stock was classified as temporary equity in the accompanying condensed consolidated balance sheets, as all such preferred stock is redeemable either at the option of the holder or upon an event outside the control of the Company (i.e., a change in control). The redeemable convertible preferred stock was previously redeemable per the Special Redemption (see Note 7) or upon certain change in control events (including liquidation, sale or transfer of control of the Company); however, all change in control events are outside of the Company’s control. In the event of the Special Redemption, the holders would have received redemption proceeds as defined in the Warrant Agreement. In the event of liquidation, holders of the convertible preferred stock may have the right to receive its liquidation preference under the terms of the Company’s Amendment.

As a result of management’s determination that the Special Redemption was probable, but not certain, the Company began accreting to the expected redemption value of the redeemable convertible preferred stock in October 2017. In December 2020, management determined that the Special Redemption was no longer probable, at which point accretion to redemption value ceased. As of March 31, 2021, the Series W Warrant expired unexercised, and all redemption provisions of the Special Redemption lapsed. Upon completion of the Company's IPO in July 2021, all Convertible Preferred Stock outstanding was converted to Common Stock.

The following table summarizes information related to issuance of the Company’s preferred stock (in thousands, except number of shares and per share amounts):

	As of December 31, 2020
	Par Value		Date of Issuance	Shares Price at Issuance		Shares Authorized(1)		Shares Issued and Outstanding(1)		Liquidation Preference		Carrying Value (2) Share Capital
Series A	$	0.001	Feb-2000	$	40.81		355,921		355,903	$	14,523	$	13,535
Series B	$	0.001	May-2003	$	9.07		1,741,452		1,741,399		15,795		39,715
Series C	$	0.001	Feb-2007	$	12.92		1,168,344		1,168,311		15,086		28,136
Series D	$	0.001	Aug-2009	$	18.08		663,808		663,728		12,000		18,503
Series E	$	0.001	Oct-2011	$	20.66		353,339		353,327		7,300		10,350
Series F	$	0.001	May-2012	$	25.83		507,744		499,159		12,891		18,305
Series G	$	0.001	Jun-2015	$	12.40		5,832,685		5,788,878		71,759		135,682
Series H	$	0.001	Feb-2017	$	12.40		5,949,499		3,805,567		47,174		89,074
							16,572,792		14,376,272	$	196,528	$	353,300

(1)The shares authorized, issued and outstanding do not reflect any anti-dilution provisions of Series C, Series D, Series E and Series F as a result of the Series G financing.

(2)The carrying value reflects the gross proceeds received from the sale of the preferred stock less issuance costs and the fair value at issuance of preferred stock warrants classified as a liability, plus accretion of redemption value.

Common Stock

Each share of common stock is entitled to one vote. Common stock reserved for future issuance consisted of the following:

	September 30, 2021		December 31, 2020
Conversion of preferred stock		—		14,851,007
Preferred stock warrants		—		225,945
Common stock warrant		—		1
Stock options issued and outstanding under the 2006, 2015 and 2021 plans		5,454,112		4,201,935
Restricted stock units		657,729		—
Total shares of common stock reserved		6,111,841		19,278,888