Warrants for Convertible Preferred Stock

12 Months Ended

Dec. 31, 2020

Warrants and Rights Note Disclosure [Abstract]

Warrants for Convertible Preferred Stock

Warrants for Convertible Preferred Stock

A summary of the outstanding convertible preferred stock warrants is as follows (in thousands, except per share and share amounts):

			December 31, 2019
	Exercise Price Per share		Shares	Fair Value of Liability		Expiration Date
Series C-1 convertible preferred stock warrants	$	10.57	215,291	$	—	February 9, 2020

Series C-1 Convertible Preferred Stock Warrants

In February 2018, warrants to purchase 7,884 shares of Series C-1 convertible preferred stock were exercised at an exercise price of $10.57 per share, yielding $0.1 million. Pursuant to the February 2018 warrant amendment, shares issuable upon exercise of the warrants decreased from 430,588 to 215,291.

The Company revalued the remaining warrants at December 31, 2019 and December 31, 2018, and recorded income of less than $0.1 million and expense of less than $0.1 million, respectively, in change in other income (expense), net in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2019 and 2018, respectively.

In January and February 2020, warrants to purchase 213,876 shares of Series C-1 convertible preferred stock were exercised at an exercise price of $10.57 per share, yielding $2.3 million cash proceeds and warrants to purchase 1,415 shares of Series C-1 convertible preferred stock warrants expired.