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Redeemable Convertible Preferred Stock Warrants | 9 Months Ended
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Sep. 30, 2021
Warrants And Rights Note Disclosure [Abstract] |
Redeemable Convertible Preferred Stock Warrants | Note 9. Redeemable Convertible Preferred Stock Warrants 2019 Warrants In conjunction with the funding of Tranche 1 and Tranche 2 under the 2019 Term Loan, the Company issued the 2019 Initial Warrant to purchase 29,514 shares of its Series C redeemable convertible preferred stock (see Note 5). The 2019 Initial Warrant was immediately exercisable, at an exercise price per share of $9.49, and expires 10 years from its date of issuance. Further, depending on the funding of the 2019 Term Loan Tranche 3, the Company was obligated to issue the 2019 Additional Warrant to the Lender to purchase up to 12,649 shares of Series C redeemable convertible preferred stock at the respective exercise price. The estimated fair value of the 2019 Warrants on the date of issuance was $0.2 million. As of the issuance date, the fair value of the 2019 Warrants was calculated using the Black-Scholes option-pricing model and was based on a term of 10 years, a risk-free interest rate of 2.99%, expected volatility of 50.95%, and 0% expected dividend yield. At initial recognition, the 2019 Warrants were recorded at their estimated fair values and were subject to remeasurement at each balance sheet date, with changes in fair value recognized as a component of net income. On the completion of the IPO, the outstanding 2019 Initial Warrant was converted to 59,028 shares of common stock, which resulted in the re-classification of the convertible preferred stock warrant liability to additional paid-in capital. In August 2021, the 2019 Initial Warrant was net exercised and the Company issued 51,846 shares of common stock to Lender. As of December 31, 2020, the estimated fair value of the 2019 Warrants was $0.3 million. The fair value of the 2019 Warrants was calculated using the Black-Scholes option-pricing model with the following assumptions:
|  | July 19, |  | December 31,
|  | 2021 (1) |  | 2020
Expected term (in years) |  | 0.04 |  | 8.1 – 8.5
Expected volatility |  | 37.90% |  | 42.18% – 42.63%
Risk-free interest rate |  | 0.05% |  | 2.33% – 2.49%
Dividend yield |  | – |  | –
(1) Date the Company's registration statement (Form S-1) was declared effective 2020 Warrant In conjunction with entering into the 2020 Term Loan agreement, the Company issued the 2020 Warrant to purchase 300,000 shares of its Series F redeemable convertible preferred stock (see Note 5). The 2020 Warrant was immediately exercisable at an exercise price per share of $21.88, and expires 10 years from its date of issuance. The estimated fair value of the 2020 Warrant on the date of issuance was $1.8 million. As of the issuance date, the fair value of the 2020 Warrant was calculated using a Multi-scenario Method with Discounts for Lack of Marketability for each class of security. At initial recognition, the 2020 Warrant was recorded at its estimated fair values and was subject to remeasurement at each balance sheet date, with changes in fair value recognized as a component of net income. On the completion of the IPO, the outstanding 2020 Warrant was converted to purchase 600,000 shares of common stock, which resulted in the re-classification of the convertible preferred stock warrant liability to additional paid-in capital. In August 2021, the 2020 Warrant was net exercised and the Company issued 431,708 shares of common stock. As of December 31, 2020, the estimated fair values of the 2020 Warrant was $6.0 million. The fair value of the redeemable convertible preferred stock warrants was determined using the following assumption:
|  | July 19, |  | December 31,
|  | 2021 (1) |  | 2020
Term (in years) |  | 0.04 |  | 0.58 – 2.58
Expected volatility |  | 37.90% |  | 55.9% - 65.6%
Risk-free interest rate |  | 0.05% |  | 0.08% - 0.18%
(1) Date the Company's registration statement (Form S-1) was declared effective

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