Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the Company’s board of directors, however, holders of convertible preferred stock were entitled to any dividend received by the common stockholders if each preferred share had been converted into common stock. As of December 31, 2020 and 2019, no dividends had been declared.

The Company issued restricted shares of common stock to its founders and non-employees. In addition, the Company issued restricted shares of common stock upon the early exercise of stock options under the Company’s 2016 Stock Option and Grant Plan (the “2016 Stock Plan”). The restrictions on the common shares generally lapse over four years. The Company included the proceeds from the sale of the restricted shares of common stock as a restricted stock liability on the accompanying consolidated balance sheets. Amounts are reclassified to additional paid-in capital as the restrictions lapse. The Company has the right to repurchase any unvested shares of restricted common stock at the original cost in the event of termination.

The following table summarizes the restricted stock activity for the year ended December 31, 2020:

	Shares			Weighted- Average Purchase Price
Unvested at December 31, 2019		679,158		$	0.21
Vested		(579,825	)		0.26
Cancelled		(14,844	)		0.03
Unvested at December 31, 2020		84,489			0.04

The fair value of shares that vested during the year ended December 31, 2020 was $9,619.

	December 31,
	2020		2019
Conversion of Series A preferred stock		—		16,002,820
Conversion of Series B preferred stock		—		8,783,102
Conversion of Series C preferred stock		—		35,097,955
Shares reserved under the compensation plan		8,026,772		8,407,169
Total shares of common stock reserved for issuance		8,026,772		68,291,046

On July 8, 2020, the Company’s stockholders approved the 2020 Employee Stock Purchase Plan (the “ESPP”). The ESPP became effective on the date immediately prior to the effectiveness of Company’s registration statement on Form S-1 for its IPO. As of December 31, 2020, the ESPP provides for the issuance of up to 1,092,532 of share-based awards. As of December 31, 2020, no shares have been issued under the ESPP.