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Stockholder's Equity
3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Stockholder's Equity

Note 10. Stockholders’ equity

In October 2020, the Company authorized preferred stock issuable of 10,000,000 shares and increased its authorized common stock issuable to 150,000,000 shares, both with a $0.0001 par value per share.

Reverse stock split

As described in Note 1, Nature of the business and basis of presentation, on September 25, 2020 the Company effected a one-for-8.4335 reverse stock split of its issued and then outstanding common stock, stock options and common stock warrant and a proportional adjustment to the existing conversion ratios for the Company’s convertible preferred stock. Accordingly, all issued and then outstanding common stock, options to purchase common stock and per share amounts contained in the condensed consolidated financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented.

Initial public offering

Also as described in Note 1, Nature of the business and basis of presentation, on October 6, 2020, the Company completed its IPO at which time the Company issued 11,040,000 shares of its common stock at a price to the public of $19.00 per share, which number includes 1,440,000 shares of common stock that were issued to the underwriters for the IPO when they exercised in full their overallotment option. Upon the closing of the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock automatically converted into 30,355,379 shares of common stock.

Perceptive warrant

As described in Note 9, Long-term debt and warrant – related party, Perceptive holds a warrant to purchase up to 338,784 shares of the Company’s common stock at an exercise price of $8.86 per share. The warrant is exercisable at any time prior to the ten-year anniversary of the closing date of the Perceptive Credit Agreement.