Warrants to Purchase Convertible Preferred Stock

3 Months Ended

Mar. 31, 2021

Warrants And Rights Note Disclosure [Abstract]

Warrants to Purchase Convertible Preferred Stock

Note 8 – Warrants to Purchase Convertible Preferred Stock

The Company issued warrants to purchase shares of convertible preferred stock in conjunction with the sale of certain of the convertible preferred shares and issuance of debt. At March 31, 2020 and through the closing of the Company’s initial public offering in October 2020, the preferred warrants were classified as liabilities with estimated fair value remeasured at each reporting date reported within in the accompanying statements of operations.

The following table presents the activity for convertible preferred stock warrants outstanding as of March 31, 2020 (in thousands, except weighted average exercise price):

	Series E						Series G (1)
	Warrants			Weighted Average Exercise price			Warrants		Weighted Average Exercise price
Outstanding ‑ January 1, 2020		925		$	5.00			613	$	0.75
Granted		—			—			—		—
Forfeited/canceled		(91	)		(5.00	)		—		—
Exercised		—			—			—		—
Outstanding ‑ March 31, 2020		834		$	5.00			613	$	0.75

The warrants to purchase Series E convertible preferred stock were not exercised and expired during the three months ended June 2020.

⁽¹⁾ On October 27, 2020, all convertible preferred stock converted to common stock at the completion of our initial public offering, and as a consequence, the warrants to purchase Series G convertible preferred stock were converted to 103,326 warrants to purchase common stock, which have an expiration date of February 23, 2028.