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 six months ended June 30, 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. The 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.

On July 1, 2020, the Company issued 10,669,834 shares of its Series B redeemable convertible preferred stock for cash at a

purchase price of $2.16 per share, resulting in gross proceeds of $23.0 million. Proceeds received in advance of the July 1, 2020 issuance of Series B redeemable convertible preferred stock totaled $12.0 million. Given the noncancelable nature of the Series B issuance on July 1, 2020 and in light of the call exercise notice mailed by the Company 20 days prior, the proceeds received in June 2020 were recorded as mezzanine equity at June 30, 2020 despite the related shares not becoming legally issued and outstanding until July 1, 2020.

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


	June 30,		December 31,
	2021		2020
Shares underlying outstanding equity awards		6,467,507		6,316,569
Shares available for future equity award grants		2,930,614		1,506,806
Shares underlying early exercised equity awards		35,287		100,263
Shares underlying ESPP withholdings		—		4,393
Total		9,433,408		7,928,031