Common stock and common stock warrants

3 Months Ended

Mar. 31, 2025

Common Stock And Common Stock Warrants [Abstract]

As of both March 31, 2025 and December 31, 2024, the Company’s restated certificate of incorporation authorized the issuance of Class A and Class B common stock. Each share of Class A common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. The Company’s Class B common stock is non-voting. Class A and Class B common stockholders are entitled to receive dividends, as may be declared by the board of directors, if any, subject to the preferential dividend rights of Preferred Stock. As of March 31, 2025, no cash dividends had been declared or paid.

During the quarter ended March 31, 2025, a stockholder converted 810,000 shares of Class B common stock into Class A common stock on a one-for-one basis pursuant to the terms of the Company’s certificate of incorporation. Following the conversion, the total number of Class B shares outstanding decreased by 810,000, and the total number of Class A shares outstanding increased by the same amount. The conversion had no impact on the total number of shares outstanding or the Company’s equity balance.

As of March 31, 2025, the Company had reserved 28,866,867 shares of Class A common stock for the exercise of outstanding stock options and warrants, vesting of restricted stock units, the number of shares remaining available for grant under the Company’s 2021 Incentive Award Plan (see Note 10), the number of shares available for purchase under the Company’s Employee Stock Purchase Plan (see Note 10) and the conversion of Class B common stock.

Outstanding warrants to purchase common stock consisted of the following at both March 31, 2025 and December 31, 2025:



Issuance date	Contractual term	Balance sheet classification	Shares of common stock issuable upon exercise of warrant	Weighted average exercise price
	(in years)
July 24, 2017	10	Equity	15,035	$	298.96
April 12, 2018	10	Equity	30,000	$	1.00
July 14, 2021 *	10	Equity	975,109	$	1.46
			1,020,144

____________________________

*In connection with the Company's IPO, preferred stock warrants were automatically converted to Class A common stock warrants. The contractual term of the converted Class A common stock warrants remained consistent with the original term of the preferred stock warrants, with original issue dates between 2017-2020.