In May 2017, in connection with the term loan agreement, the Company issued warrants to purchase a total of 33,964 shares of Series D redeemable convertible preferred stock. All warrants were immediately exercisable and expire 10 years from issuance. In July 2019, in connection with an amendment to the term loan, the Company issued warrants to purchase a total of 43,878 shares of Series D redeemable convertible preferred stock at an exercise price equal to the original purchase price of the Series D redeemable convertible preferred stock (subject to certain adjustments). All warrants were immediately exercisable and expire 10 years from issuance. As of their issuance date in July 2019, the Company estimated the fair value of Series D warrants to be $73,406 using the Black-Scholes option-pricing model. As of December 31, 2020, warrants to purchase 77,842 shares of Series D redeemable convertible preferred stock were outstanding. All warrants for Series D redeemable convertible preferred stock were exercisable at a price of $11.31 per share as of December 31, 2020. On October 21, 2021 the Company estimated the fair value of Series D warrants upon the closing of the IPO, which was $0.4 million.

According to Series D Warrants agreements upon the closing of IPO the Series D warrants were to be automatically converted into common stock warrants. Upon the closing of the IPO, the redeemable convertible preferred stock warrant liability was reclassified to additional paid-in capital as the common stock warrants meet all criteria for equity classification. The redeemable convertible preferred stock warrant liability was valued using the following assumptions under the Black-Scholes option-pricing model:


				October 22, 2021
Expected dividends				0%
Expected volatility				51.4% -54.7%
Risk-free interest rate				1.3% -1.5%
Expected warrant life				5.5-7.7 years

As of December 31, 2022, the Company`s outstanding warrants to purchase shares of common stock, consisted of the following:


Issuance Date	Number of Shares of Common Stock Issuable	Exercise Price		Classification	Expiration Date
May 9, 2017	33,964	$	11.31	Equity	May 8, 2027
July 19, 2019	43,878	$	11.31	Equity	July 18, 2029
	77,842