Redeemable Convertible Preferred Stock

12 Months Ended

Dec. 31, 2019

Temporary Equity Disclosure [Abstract]

The Company had the following redeemable convertible preferred stock issued and outstanding at December 31, 2018 (in thousands except share amounts):


	Shares Authorized	Shares Issued and Outstanding	Per share Preference		Preferential Liquidation Value (in thousands)		Carrying Value (in thousands)
Series
Series A	1,629,629	1,629,626	$	2.70	$	4,400	$	4,369
Series A-1	1,111,111	1,111,109	$	3.38	3,755		3,723
Series B	6,264,470	6,264,463	$	6.11	38,276		38,014
Series C	15,064,405	12,227,992	$	6.11	74,713		59,129
	24,069,615	21,233,190			$	121,144	$	105,235

Upon the closing of the IPO, all shares of redeemable convertible preferred stock then outstanding converted into shares of common stock. As of December 31, 2019, the Company does not have any redeemable convertible preferred stock issued or outstanding.

Redeemable Convertible Preferred Stock Warrants

Upon the closing of the IPO, all of the outstanding redeemable convertible preferred stock warrants were exercised, or net exercised based on the IPO price of $20.00 per share, into 1,945,365 shares of common stock. As of December 31, 2019 and 2018, warrants to purchase an aggregate of 0 and 2,672,502, respectively, shares of Series C redeemable convertible preferred stock were outstanding.

Stockholders' Equity (Deficit)

Preferred Stock

At December 31, 2019, the Company’s certificate of incorporation, as amended and restated, authorizes the Company to issue up to 5,000,000 shares of preferred stock with $0.001 par value per share, of which no shares were issued and outstanding.

Common Stock

At December 31, 2019, the Company’s certificate of incorporation, as amended and restated, authorizes the Company to issue up to 100,000,000 shares of common stock with $0.001 par value per share, of which 31,255,267 shares were issued and outstanding. The holders of common stock are also entitled to receive dividends whenever funds are legally available, when and if declared by the Board of Directors. As of December 31, 2019, no dividends have been declared to date. Each share of common stock is entitled to one vote.

At December 31, 2019 and 2018, the Company had reserved common stock for future issuances as follows:


	December 31,
	2019	2018
Conversion of Series A redeemable convertible preferred stock	—	1,629,629
Conversion of Series A-1 redeemable convertible preferred stock	—	1,111,111
Conversion of Series B redeemable convertible preferred stock	—	6,264,470
Conversion of Series C redeemable convertible preferred stock and warrants	—	15,064,405
Exercise of options under stock plan	4,310,790	4,364,377
Issuance of options under stock plan	1,554,690	57,889
Issuance of common stock under employee stock purchase plan	372,352	—
Warrants to purchase common stock	—	7,527
	6,237,832	28,499,408

Common Stock Warrants

In connection with the IPO, the common stock warrants were cash, or net exercised based on the IPO price of $20.00 per share into 5,968 shares of common stock. As of December 31, 2019 and 2018, warrants to purchase an aggregate of 0 and 7,527 shares of common stock were outstanding.