Shareholders' Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Shareholders' Equity

5. Shareholders’ Equity

Authorized Shares

On November 2, 2021, the Company amended and restated its certificate of incorporation and bylaws which provide for, among other things, the Company’s authorized capital stock to consist of 500,000,000 shares of common stock, par value $0.001 per share, and 10,000,000 shares of preferred stock, par value $0.001 per share, which are unrelated to the shares of preferred stock that were converted to shares of common stock upon the closing of IPO.

Convertible Preferred Stock

The Company classified convertible preferred stock as temporary equity on the accompanying consolidated balance sheet as of December 31, 2020, as all such preferred stock is redeemable either at the option of the holder or upon an event outside the control of the Company. The requirements of a deemed liquidation event, as defined within its amended and restated certificate of incorporation filed in 2019 were not entirely within the Company’s control. In the event of such a deemed liquidation event, the proceeds from the event are distributed in accordance with the liquidation preferences, provided that the holders of preferred stock have not converted their shares into common stock. The Company recorded the issuance of preferred stock at the issuance price less related issuance costs. The Company did not adjust the carrying value of outstanding preferred stock to its liquidation preference because a deemed liquidation event was not probable of occurring as of the end of the reporting period.

The following table summarizes information related to issuance of the Company’s preferred stock as of December 31, 2020:

Preferred Stock Class	Number of Shares Authorized		Shares Issued and Outstanding		Carrying Value(1)		Number of Common Stock Equivalent Shares		Liquidation Preference
					(in thousands)				(in thousands)
Series A-1		730,591		730,591	$	500		730,591	$	500
Series B		955,573		955,573		6,999		955,573		6,941
Series C		917,554		917,554		9,073		917,554		9,210
Series C-1		1,671,229		1,643,832		17,941		1,643,832		18,000
Series D		4,261,994		3,982,359		70,686		3,982,359		70,847
Series E		8,991,266		8,801,978		176,143		8,801,978		176,700
		17,528,207		17,031,887	$	281,342		17,031,887	$	282,198

(1) The carrying value reflects the gross proceeds received from the sale of the preferred stock net of issuance costs and the fair value at issuance of preferred stock warrants classified as a liability

Upon the closing of the Company's IPO, all 17,031,887 outstanding shares of the Company’s convertible preferred stock were converted into an equal number of shares of common stock.