Redeemable Convertible Preferred Stock

9 Months Ended

Sep. 30, 2021

Temporary Equity [Abstract]

Redeemable Convertible Preferred Stock

8. Redeemable Convertible Preferred Stock

On July 15, 2021, upon the closing of the Merger (Note 2), all of the outstanding redeemable convertible preferred stock was converted to the Company’s common stock pursuant to the conversion rate of approximately 2.053 effective immediately prior to the Merger and the remaining amount was reclassified to additional paid-in capital. As of September 30, 2021, the Company does not have any redeemable convertible preferred stock outstanding.

As of December 31, 2020, the Company was authorized to issue 30,537,358 shares and had 61,809,312 issued and outstanding shares of redeemable convertible preferred stock issued in various individual series. Share information, liquidation preference, and conversion rates by each series of convertible preferred stock class as of December 31, 2020 were as follows (in thousands, except share and per share amounts):

	Issue Price		Shares Authorized		Shares Issued and Outstanding		Liquidation Preference
Series A	$	0.3709		13,173,360		26,157,622	$	9,702
Series A-1		0.7039		9,856,925		20,238,201		14,245
Series B		1.5366		6,022,956		12,366,306		19,000
Series B-1		1.2293		1,484,117		3,047,183		3,745
				30,537,358		61,809,312	$	46,692

Upon the consummation of the Merger, all of these shares were converted into common stock. See Note 2 for further information.