Stockholders’ Equity

3 Months Ended

Mar. 31, 2020

Redeemable Convertible Preferred Stock

In conjunction with our IPO in July 2019, all shares of redeemable convertible preferred stock then outstanding, totaling 58,615,488 shares, were automatically converted into an equivalent number of shares of common stock on a one-to-one basis and their carrying value, totaling $237.0 million, inclusive of accretion of redeemable convertible preferred stock, was reclassified into stockholders’ equity on our condensed consolidated balance sheets. No shares of redeemable convertible preferred stock were issued or outstanding as of March 31, 2020 or December 31, 2019.

Accretion to the redemption price of our redeemable convertible preferred stock was zero and less than $0.1 million for the three months ended March 31, 2020 and 2019, respectively. Accretion is recognized as a reduction of additional paid-in capital with a corresponding increase to the carrying value of our redeemable convertible preferred stock. Upon completion of the IPO, the accretion rights of our redeemable convertible preferred stock were terminated.

Undesignated Preferred Stock

In connection with the IPO, we filed an Amended and Restated Certificate of Incorporation which authorizes the issuance of 100,000,000 shares of undesignated preferred stock, par value of $0.001 per share, with rights and preferences, including voting rights, designated from time to time by our board of directors.

Common Stock

In December 2019, we completed a secondary offering in which certain stockholders sold 2,777,327 shares of common stock at an offering price of $27.00 per share. The selling stockholders received all of the net proceeds from the sale of shares in this offering. We did not sell any shares or receive any proceeds in this secondary offering.

In July 2019, upon completion of our IPO, we sold 14,590,050 shares of our common stock at an offering price of $28.00 per share, including 1,903,050 shares of common stock pursuant to the exercise in full of the underwriters' option to purchase additional shares. We raised net proceeds of $377.5 million, after deducting underwriting discounts and commissions of $28.6 million and offering costs of approximately $2.4 million.

In connection with the IPO, we filed an Amended and Restated Certificate of Incorporation which authorizes the issuance of 900,000,000 shares of common stock with a par value of $0.001 per share.

As of March 31, 2020 and December 31, 2019, we reserved shares of common stock, on an as-if-converted basis, for future issuance as follows:



	March 31,	December 31,
	2020	2019
	(in thousands)
Outstanding warrants to purchase common stock	695	695
Outstanding options to purchase common stock	12,629	14,020
Outstanding restricted stock units	4,713	5,208
Restricted stock awards subject to repurchase	614	736
Estimated shares for future ESPP purchase	1,843	890
Available for future issuance under 2019 Plan	11,866	8,160
Total	32,360	29,709

Common Stock Warrants

Common stock warrants outstanding as of March 31, 2020 and December 31, 2019 are as follows:

Holder

Issue Date

Outstanding

Exercise

Price

Exercisable

Expiration

Date

(in thousands, except per share data)

Partner

3/1/2015

695

$2.28

695

2/28/2025

695

No common stock warrants were exercised during the three months ended March 31, 2020.