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Redeemable Convertible Preferred Stock | 9 Months Ended
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Sep. 30, 2021
Temporary Equity [Abstract] |
Redeemable Convertible Preferred Stock | 7. REDEEMABLE CONVERTIBLE PREFERRED STOCK As of December 31, 2020, the Company’s redeemable convertible preferred stock consisted of the following balances.
|  | ISSUE PRICE PER SHARE |  |  | SHARES AUTHORIZED |  |  | SHARES ISSUED AND OUTSTANDING |  |  | CARRYING VALUE |  |  | AGGREGATE LIQUIDATION PREFERENCE |
Series Seed |  | $ | 1.01 |  |  |  | 1,010,456 |  |  |  | 1,010,456 |  |  | $ | 1,789 |  |  | $ | 1,020 |
Series Seed-1 |  |  | 1.92 |  |  |  | 1,787,640 |  |  |  | 1,787,640 |  |  |  | 3,718 |  |  |  | 3,430 |
Series A |  |  | 2.15 |  |  |  | 6,120,111 |  |  |  | 6,120,111 |  |  |  | 12,851 |  |  |  | 13,136 |
Series B |  |  | 4.29 |  |  |  | 5,097,566 |  |  |  | 5,097,566 |  |  |  | 21,737 |  |  |  | 21,882 |
Series C |  |  | 0.59 |  |  |  | 168,756,599 |  |  |  | 168,756,599 |  |  |  | 99,481 |  |  |  | 99,870 |
Total |  |  |  |  |  | 182,772,372 |  |  |  | 182,772,372 |  |  | $ | 139,576 |  |  | $ | 139,338 |
In October 2020, the Company issued 135,180,800 shares of Series C redeemable convertible preferred stock for a purchase price of $0.5918 per share, payable in cash. Gross proceeds to the Company were $80,000. The Series C redeemable convertible preferred stock financing triggered the automatic conversion of the Company’s outstanding convertible notes into 11,404,246 shares of Series C redeemable convertible preferred stock based on price of $0.5030 per share (85% of the $0.5918 original issuance price of the Series C redeemable convertible preferred stock). In addition, the Company issued 22,171,553 shares of Series C redeemable convertible preferred stock to Ares as the initial payment for the Company’s license of atacicept from Ares (see Note 11). In May 2021, immediately prior to the completion of the IPO (see Note 1), all outstanding shares of redeemable convertible preferred stock were automatically converted into 15,774,014 shares of common stock.

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