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Preferred stock warrants

9 Months Ended

Sep. 30, 2021

11. Preferred stock warrants

In connection with the 2020 Term Loan, the Company issued 1,195,652 warrants to purchase shares of Series C1 Preferred Stock at an exercise price of $1.15 per share. The Company’s warrants were immediately exercisable and expire 10 years after issuance. The fair value of the warrants on the issuance date was $0.7 million. The Company also has outstanding warrants to purchase shares of Preferred Stock issued in connection with previous financing agreements.

In connection with the IPO, preferred stock warrants were automatically converted to Class A common stock warrants. The Company determined the event resulted in equity classification of the Class A common stock warrants and reclassified the fair value of the preferred stock warrant liability as of the IPO date into equity.

As of December 31, 2020, warrants to purchase the following classes of preferred stock outstanding consisted of the following:

December 31, 2020

Series of

Preferred

redeemable

shares

Weighted

Contractual

convertible

issuable upon

average

term

preferred

Balance sheet

exercise

Warrant fair

Issuance date

(in years)

stock

classification

of warrant

price

value

April 24, 2017

Series A1

Liability

3,823,524

0.01

1,875

April 12, 2018

Series B1

Liability

1,199,994

0.01

1,501

May 14, 2020

Series C1

Liability

1,195,652

1.15

741

6,219,170

4,117