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Convertible Preferred Stock
12 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Convertible Preferred Stock

8. Convertible Preferred Stock

Issuance of Series C-1 and Series C-2 Convertible Preferred Stock

In June 2020, the Company entered into a preferred stock purchase agreement with existing and new investors to raise up to $93.5 million in two separate tranches. The first tranche closed in June 2020 with the issuance of Series C-1 convertible preferred stock and the investors agreed to buy, and the Company agreed to sell up to 5,611,065 shares of Series C-2 convertible preferred stock at a price per share of $9.2575, for potential additional gross proceeds of $51.9 million, upon the achievement of certain milestones as defined in the agreement. The commitment made by the investors to invest in the second tranche of the Series C-2 convertible preferred stock was considered a separate freestanding financial instrument and was recorded at fair value as a convertible preferred stock purchase right liability on the balance sheet with changes in fair value recorded as other income (expense) in the statement of operations and comprehensive loss. In January 2021, the Company issued the additional 5,611,059 shares of Series C-2 convertible preferred stock for net proceeds of $51.9 million and accordingly, this contractual obligation was settled, and the convertible preferred stock purchase right liability was remeasured to its fair value and reclassified to permanent equity, with changes in fair value of this liability totaling $6.1 million recorded in other income (expense) in the statement of operations and comprehensive loss. In February 2021, all outstanding shares of convertible preferred stock were converted into the Company’s common stock in connection with the IPO.