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Stockholders' Equity
12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

6. Stockholders' Equity

As of December 31, 2020, the preferred stock consisted of the following (in thousands, except for share data):

 

 

 

December 31, 2020

 

 

 

Preferred Stock Authorized

 

 

Preferred Stock Issued and Outstanding

 

 

Carrying Value

 

 

Liquidation
Preference

 

 

Common Stock
Issuable Upon
Conversion

 

Series A Preferred Stock

 

 

26,315,790

 

 

 

3,209,240

 

 

$

24,874

 

 

$

29,838

 

 

 

3,209,240

 

Series B Preferred Stock

 

 

31,601,732

 

 

 

3,853,864

 

 

 

34,807

 

 

 

39,037

 

 

 

3,853,864

 

Total

 

 

57,917,522

 

 

 

7,063,104

 

 

$

59,681

 

 

$

68,875

 

 

 

7,063,104

 

 

The preferred stock has the following rights and privileges:

Dividends

Holders of the preferred stock were entitled to receive non-cumulative dividends when, as and if declared by the Board. The Company did not declare dividends on any classes of preferred or common stock

Liquidation

In the event of any liquidation, dissolution, or winding-up of the Company, which would include the sale of the Company, the preferred stock was senior to common stock.

Voting

The holders of preferred stock were entitled to the number of votes equal to the number of shares of common stock into which the shares of preferred stock held by each were then convertible.

Conversion

The holders of preferred stock were able to convert, at any time, each share of preferred stock into shares of common stock at the stated conversion price.

In July 2021, the Company completed the initial public offering ("IPO") in which the Company issued and sold 6,666,667 shares of its voting common stock at a public offering price of $15.00 per share, for aggregate gross proceeds of $100 million and its shares started trading on the Nasdaq Global Market under the ticker symbol “TCRX.” The Company received $89.6 million in net proceeds after deducting $7.0 million in underwriting discounts and commissions, and $3.4 million in offering costs borne by the Company. Upon the completion of the Company’s IPO in July 2021, all outstanding shares of the Company’s preferred stock were converted into 15,616,272 shares of common stock (of which 5,143,134 shares are non-voting common stock). As a result, as of December 31, 2021, no shares of preferred stock are outstanding.