Convertible Preferred Units and Stockholders' Equity/Members' Deficit

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Convertible Preferred Units and Stockholders' Equity/Members' Deficit

8. Convertible Preferred Units and Stockholders’ Equity/Members’ Deficit

Convertible Preferred Units

The following table summarizes the authorized, issued and outstanding convertible preferred units of the Company:

	December 31, 2020
	Units Authorized		Units Issued and Outstanding		Issuance Price Per Unit		Net Proceeds		Aggregate Liquidation Preference
	(In thousands, except unit and per unit data)
Series A-1		3,500,000		875,000	$	4.00	$	3,500	$	3,500
Series A-2		2,809,731		702,433		6.33		4,385		4,444
Series B		23,749,923		5,873,478		8.64		47,807		50,768
Series C		31,438,492		5,239,629		10.37		51,682		54,348
Total convertible preferred units		61,498,146		12,690,540			$	107,374	$	113,060

In December 2020, the Company entered into the Series C Convertible Preferred Unit Purchase Agreement (Series C Agreement) for the issuance of up to 7,859,623 Series C Convertible Preferred Units at a price of $10.37 per unit. In the same month, the Company issued 5,239,629 Series C Convertible Preferred Units at a price of $10.37 per unit for net proceeds of $51.7 million (net of $2.7 million in issuance costs). In July 2021, the Company issued and sold the remaining 2,619,985 shares of Series C Convertible Preferred Units at a price of $10.37 per share for net proceeds of $26.0 million, net of $1.1 million in issuance costs.

In August 2021, the Company issued and sold an aggregate of 4,446,050 shares of Series C-1 Convertible Preferred Units at a price of $13.50 per share for net proceeds of $59.7 million, net of $0.3 million in issuance costs.

In September 2021, the Company completed the Conversion in which all outstanding convertible preferred units were converted into an equal number of shares of convertible preferred stock. Immediately prior to the closing of the IPO (See Note 1), all of the then-outstanding shares of convertible preferred stock converted into 19,756,590 shares of common stock.   

Common stock

The holders of the Company’s common stock have one vote for each share of common stock. Common stockholders are entitled to dividends when, as, and if declared by the Board of Directors. The holders have no preemptive or other subscription rights and there are no redemption or sinking fund provisions with respect to such shares. As of December 31, 2021, no dividends had been declared by the Board of Directors.