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Stockholders' Equity
 6 Months Ended
Jun. 30, 2022
Equity [Abstract]  
Stockholders' Equity

Note 7. Stockholders' Equity

Common Stock

In connection with the Company’s IPO in July 2021, the Company’s certificate of incorporation was amended and restated to provide for 200,000,000 authorized shares of common stock with a par value of $0.001 per share and 10,000,000 authorized shares of preferred stock with a par value of $0.001 per share. The holders of common stock were also entitled to receive dividends whenever funds are legally available, when and if declared by the board of directors. As of June 30, 2022, no dividends have been declared to date. Each share of common stock is entitled to one vote.

At June 30, 2022 and December 31, 2021, the Company had reserved common stock for future issuances as follows:

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Common stock options issued and outstanding

 

 

5,709,691

 

 

 

4,996,945

 

Common stock available for future grant

 

 

3,576,258

 

 

 

5,321,687

 

Restricted stock units outstanding

 

 

766,598

 

 

 

53,250

 

Shares available for future purchase under ESPP

 

 

850,000

 

 

 

850,000

 

Total

 

 

10,902,547

 

 

 

11,221,882

 

 

Redeemable Convertible Preferred Stock

There was no redeemable convertible preferred stock outstanding as of June 30, 2022 and December 31, 2021. In connection with the Company’s IPO in July 2021, all then-outstanding shares of redeemable convertible preferred stock were converted into 25,534,404 shares of common stock. This resulted in the reclassification of the related redeemable convertible preferred stock to common stock and APIC.

Warrants

There were no warrants outstanding as of June 30, 2022 and December 31, 2021. The Company had previously issued redeemable convertible preferred stock warrants in connection with the Company's 2019 Term Loan agreement and 2020 Term Loan agreement. At initial recognition, the warrants were recorded at their estimated fair values and were subject to remeasurement at each balance sheet date. Upon completion of the IPO, the outstanding warrants were converted to common stock, resulting in the re-classification of the convertible preferred stock warrant liability to APIC. In August 2021, the warrants were net exercised and the Company issued 483,554 shares of common stock.