Stockholders' Equity (Deficit)

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

7. Stockholders’ Equity (Deficit)

Redeemable Convertible Preferred Stock

Prior to its conversion to common stock in December 2020, the Company’s redeemable convertible preferred stock was classified as mezzanine equity on the Company’s balance sheets as the shares are contingently redeemable upon a deemed liquidation such as a change in control and in that event, there is no guarantee that all stockholders would be entitled to receive the same form of consideration. No accretion to redemption value was recorded during the three months ended March 31, 2020 as a deemed liquidation event was not considered probable.

In March 2020, the Company issued 14,701,054

shares of its Series B redeemable convertible preferred stock, including

4,673,388

shares issued upon conversion of then outstanding convertible notes and accrued interest, and

10,027,666

shares issued for cash at a purchase price of

$2.16

per share, resulting in gross proceeds of $21.5 million. The Series B purchase agreement provided that the Company would issue, and the Series B holders would purchase, an additional

21,732,862

shares of the Company’s Series B redeemable convertible preferred stock across two tranches for aggregate proceeds of

$46.9

million in the event that certain agreed upon milestones were achieved or the preferred majority approved their closing. As of March 31, 2020, these future Series B tranches did not meet the definition of freestanding instruments or the definition of derivatives, therefore, they were not accounted for separately or bifurcated.

Common Stock

The Company has reserved shares of common stock for the following potential future issuances:


	March 31,		December 31,
	2021		2020
Shares underlying outstanding equity awards		6,308,582		6,316,569
Shares available for future equity award grants		3,152,910		1,506,806
Shares underlying early exercised equity awards		76,293		100,263
Shares underlying ESPP withholdings		19,126		4,393
Total		9,556,911		7,928,031