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Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) | 12 Months Ended
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Dec. 31, 2020
Redeemable Convertible Preferred Stock And Stockholders Deficit Equity [Abstract] |
Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) | 11. Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) Redeemable Convertible Preferred Stock As of December 31, 2019, the Company had eight outstanding series of redeemable convertible preferred stock (collectively the “Series Preferred”). The Company classified its Series B through H Preferred Stock (collectively the “Senior Preferred Stock”) as temporary equity within the Company’s consolidated balance sheet as of December 31, 2019 because the instruments contained redemption rights. The Company concluded that the Senior Preferred Stock were considered probable of becoming redeemable through November 2019 and therefore recorded accretion to their redemption values of $132.8 million during the year ended December 31, 2019. During December 2019, the Company ceased accretion of the Senior Preferred Stock to their redemption values due to a sufficiently high likelihood of an IPO requiring a conversion of the instruments into common stock. As of December 31, 2019, the Company classified its Series A Preferred Stock as temporary equity within the Company’s consolidated balance sheets because the instrument contained liquidation features, including a liquidation preference in the event of a deemed liquidation event, that were not solely within the Company’s control. The Company did not adjust the carrying value of the Series A Preferred Stock to its redemption value because it was not probable that the Series A Preferred Stock would become redeemable. On January 8, 2020, the Company completed an additional closing of its Series H Preferred Stock whereby it sold and issued an aggregate of 1,964,766 shares of Series H Preferred Stock in exchange for gross proceeds of $26.7 million. The proceeds were used for general corporate purposes and business development. Immediately upon closing of the IPO, the Company’s outstanding preferred stock was automatically converted into an aggregate of 85,533,394 shares of the Company’s common stock. On June 11, 2020, the Company amended its certificate of incorporation to authorize the issuance of up to 10,000,000 shares of Preferred Stock. As of December 31, 2020, there was no preferred stock issued or outstanding. The authorized, issued and outstanding shares, issue price, conversion price, liquidation preference, and carrying value of the Series Preferred as of December 31, 2019 were as follows:
|  | As of December 31, 2019 |
|  | (in thousands, except share and per share amounts) |
|  | Shares authorized |  |  | Shares issued and outstanding |  |  | Issue price |  |  | Per share conversion price |  |  | Liquidation preference |  |  | Carrying value |
Series A |  |  | 3,983,996 |  |  |  | 3,983,996 |  |  | $ | 1.61 |  |  | $ | 1.61 |  |  | $ | 6,419 |  |  | $ | 6,167 |
Series B |  |  | 4,716,484 |  |  |  | 4,716,484 |  |  |  | 2.48 |  |  |  | 2.48 |  |  |  | 11,709 |  |  |  | 42,425 |
Series C |  |  | 9,134,242 |  |  |  | 9,134,242 |  |  |  | 5.93 |  |  |  | 5.93 |  |  |  | 54,209 |  |  |  | 88,739 |
Series D |  |  | 14,431,136 |  |  |  | 14,431,136 |  |  |  | 6.58 |  |  |  | 6.58 |  |  |  | 95,000 |  |  |  | 142,724 |
Series E |  |  | 6,163,792 |  |  |  | 6,163,792 |  |  |  | 8.11 |  |  |  | 8.11 |  |  |  | 50,000 |  |  |  | 64,042 |
Series F |  |  | 12,705,580 |  |  |  | 12,115,610 |  |  |  | 8.53 |  |  |  | 8.53 |  |  |  | 103,346 |  |  |  | 127,820 |
Series G |  |  | 16,280,040 |  |  |  | 16,280,040 |  |  |  | 8.98 |  |  |  | 8.98 |  |  |  | 146,113 |  |  |  | 174,764 |
Series H |  |  | 18,708,094 |  |  |  | 16,743,328 |  |  |  | 13.60 |  |  |  | 13.60 |  |  |  | 227,651 |  |  |  | 227,651 |
|  |  | 86,123,364 |  |  |  | 83,568,628 |  |  |  |  |  |  |  |  |  |  | $ | 694,447 |  |  | $ | 874,332 |
Common Stock On June 11, 2020, the Company amended its certificate of incorporation to effect a 2-for-1 forward stock split of shares of the Company’s outstanding common stock, such that each share of common stock, $0.001 par value became two shares of common stock, $0.001 par value per share. The shares of common stock authorized for issuance was increased to 500,000,000. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Warrants In connection with the offering of shares of Series B Preferred Stock, the Company issued warrants to an investor in return for providing ongoing advisory services (“Series B Warrants”). The Series B Warrants allowed the investor to purchase up to 161,136 shares of common stock with an exercise price of $0.72 per share. The Series B Warrants vested in equal monthly installments through October 1, 2017. Upon the closing of the IPO, all of the Series B Warrants were exercised cashless by the holder which resulted in the net issuance of 155,862 shares of the Company’s common stock. In August 2017, the Company issued a warrant (the “Series F Preferred Stock Warrant”) which allowed the holders to purchase up to 589,970 shares of the Company’s Series F Preferred Stock, or common stock upon conversion of the Company’s preferred stock into common stock, with an exercise price of $8.53 per share. The holders exercised the warrant on June 23, 2020 on a cashless basis, which resulted in the net issuance of 480,250 shares of the Company’s common stock. Prior to the conversion of the Company’s preferred stock into common stock, the Series F Preferred Stock Warrant was classified as a liability due to the contingent redemption features of the Series F Preferred Stock and was measured at fair value at each reporting date. Refer to Note 13 – Financial Instruments and Fair Value Measurements.

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- Definition Redeemable convertible preferred stock and stockholders' (deficit) equity. + References No definition available. + Details
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