CAPITAL STOCK

12 Months Ended

Dec. 31, 2019

Common Stock

Each share of the Company’s common stock is entitled to one vote, and the holders of the Company’s common stock are entitled to receive dividends when and as declared or paid by its board of directors. The Company has reserved authorized shares of common stock for future issuance at December 31, 2019 as follows:



	December 31, 2019
Common stock options outstanding	1,793,602
Common stock warrants	720,982
Options available for grant under the Vical Plan	86,584
Options available for grant under the 2009 Plan	59,011
Total	2,660,179

Preferred Stock

In August 2019, in conjunction with the Merger, all outstanding shares of redeemable convertible preferred stock converted into shares of common stock at a ratio of 1:1 and were immediately exchanged for common stock at an Exchange Ratio of 2.4165 as a result of the Merger.

Redeemable convertible preferred stock consisted of the following prior to the conversion on August 31, 2019 (in thousands, except share data):



	Preferred Shares Authorized	Preferred Shares Issued and Outstanding	Par Value		Carrying Value		Common Stock Issued Upon Conversion
Series A	1,162,505	401,309	$	4	$	12,164	401,309
Series B	882,216	286,151	3		10,084		286,151
Series C	869,565	256,583	3		11,630		256,583
Series C-1	1,531,942	312,423	3		14,138		312,423
	4,446,228	1,256,466	$	13	$	48,016	1,256,466

Redeemable convertible preferred stock consisted of the following as of December 31, 2018 (in thousands, except share data):



	Preferred Shares Authorized	Preferred Shares Issued and Outstanding	Par Value		Carrying Value		Common Stock Issuable Upon Conversion
Series A	1,162,505	401,309	$	4	$	16,098	401,309
Series B	882,216	286,151	3		13,011		286,151
Series C	869,565	256,583	3		13,018		256,583
Series C-1	1,268,657	312,423	3		16,163		312,423
	4,182,943	1,256,466	$	13	$	58,290	1,256,466

As of December 31, 2019, the Company had no outstanding shares of redeemable convertible preferred stock and had not designated the rights, preferences, or privileges of any class or series of preferred stock. Although, the Company’s board of directors has the authority, at its discretion, to issue preferred stock in one or more classes or series and to fix the designations, powers, preferences and rights, and the qualifications, limitations, or restrictions thereof, including dividend rights, conversion right, voting rights, terms of redemption, liquidation preferences, and the number of shares constituting any class or series of preferred stock, without further vote or action by the stockholders.