Common Stock

6 Months Ended

Jun. 30, 2022

Statement of Stockholders' Equity [Abstract]

Common Stock

8. Common Stock

Each share of the Company's common stock is entitled to one vote. The holders of shares of common stock are entitled to receive dividends, if and when declared by the Board of Directors. Prior to the IPO, the voting, dividend, and liquidation rights of the holders of common stock were subject to, and qualified by, the rights, powers, and preferences of the holders of preferred stock.

Upon the closing of the IPO, the Company amended and restated its certificate of incorporation to provide for 100,000,000 shares designated as common stock with a par value of $0.0001 per share as part of its authorized capital.

Restricted Stock

The Company issued restricted stock to its founders and certain officers of the Company. In general, the shares of restricted stock vested over a four-year period, with 25% of the shares vesting after one year, followed by monthly vesting over the remaining three years. As of June 30, 2022, all restricted stock awards were fully vested.

Common Stock Warrants

The Company issued warrants to purchase common stock in connection with a preferred stock financing in March 2016. These common stock warrants allow for the holders to purchase 71,544 shares of common stock at $1.21 per share. As of June 30, 2022, all of the common stock warrants were fully exercisable. The common stock warrants expire in 2031.

On April 1, 2022, in connection with the K2HV Loan Agreement, the Company issued a warrant to K2HV to purchase 390,056 shares of common stock. This warrant expires in 2032. Refer to Footnote 7 for further discussion.

Reserved Shares

The Company has reserved the following shares of common stock for the conversion or exercise of the following securities:

	JUNE 30, 2022		DECEMBER 31, 2021
Exercise of common stock warrants		461,600		71,544
Exercise of options to purchase common stock		5,188,778		3,681,793
Shares available for issuance under employee stock purchase plan		190,888		—
Shares available for issuance under equity incentive plans		1,880,377		2,132,067
Total		7,721,643		5,885,404