Upon completion of the IPO on August 12, 2021, all of the Company’s then outstanding shares of redeemable convertible preferred stock were converted into an aggregate of 15,345,279 shares of common stock. As of June 30, 2022 and December 31, 2021, the Company had no redeemable convertible preferred stock outstanding.

As of June 30, 2021, the Company’s redeemable convertible preferred stock consisted of the following balance (in thousands, except share and per share amounts):


	As of June 30, 2021
	Issue Price		Shares Authorized		Shares Issued and Outstanding		Carrying Value		Aggregate Liquidation Preference
Series A	$	6.00		2,717,084		2,717,082	$	17,074	$	19,216
Series A (Athenen Acquisition)	$	5.80		2,500,000		2,500,000	$	14,500	$	15,848
Series A-1	$	7.80		6,282,049		6,282,047	$	61,224	$	51,506
Series B	$	15.60		3,846,153		3,846,150	$	59,961	$	60,526
Ending balance			$	15,345,286	$	15,345,279	$	152,759	$	147,096

In March 2021, Series A-1 preferred stockholders exercised their tranche rights in connection with milestone achievements related to Phase 1 clinical trial results of ETX-155. As a result, the Company issued an additional 4,358,972 shares of Series A-1 redeemable convertible preferred shares for gross proceeds of $34.0 million. Upon exercise of the tranche rights, the Company reclassified the $12.3 million in preferred stock tranche liability to Series A-1 redeemable convertible preferred stock on the consolidated balance sheet.

In May 2021, the Company issued 3,846,150 shares of Series B redeemable convertible preferred stock for gross proceeds of $60.0 million.

Prior to conversion, the holders of the Series A, Series A-1, and Series B redeemable convertible preferred stock had various rights, preferences, privileges, and restrictions, with respect to voting, dividends, liquidation, and conversion, which are further described in Note 5 Redeemable Convertible Preferred Stock to the consolidated financial statements in the Company's Annual Report on Form 10-K filed with the SEC on March 7, 2022.

As of June 30, 2021, the Company had total dividends in arrears for the Series A redeemable convertible preferred stock of $3.8 million, or $0.72 per share, and for Series A-1 redeemable convertible preferred stock of $2.5 million, or $0.40 per share. As of June 30, 2021,
the Company had total dividends in arrears for the Series B redeemable convertible preferred stock of $0.5 million, or $0.14 per share. As of June 30, 2022, the Company had no dividends in arrears as all shares of redeemable convertible preferred stock converted to common stock upon the completion of the IPO.