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Redeemable Convertible Preferred Stock Tranche Liability | 9 Months Ended
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Sep. 30, 2021
Temporary Equity Disclosure [Abstract] |
Redeemable Convertible Preferred Stock Tranche Liability | . Redeemable Convertible Preferred Stock Tranche Liability The purchasers of Series A-1 redeemable convertible preferred stock also received tranche rights, which provided them the right to purchase additional shares of Series A-1 redeemable convertible preferred stock in an additional future tranche. This tranche was for the purchase of Series A-1 and was valued based upon the Company achieving certain future milestones and utilized a valuation model that reflected both potential outcomes of success or failure to meet the milestone. Upon issuance in October 2020, the Series A-1 redeemable convertible preferred tranche liability was valued at $0.86 per share. There was no change in value from the date of issuance and December 31, 2020. The Company estimated the fair value of the Series A-1 Tranche Rights using a probability-weighted present value model that considered the probability of triggering the Series A-1 Tranche Rights through achievement of the clinical development milestones specified in the Series A-1 Purchase Agreement. These estimates were based, in part, on subjective assumptions. Changes to these assumptions could have had a significant impact on the reported fair value of the Series A-1 Tranche Rights. The following reflects the significant quantitative inputs used in the valuation of the redeemable convertible preferred stock tranche liability:
|  | Series A-1 Tranche Call Option |
Estimated fair value of redeemable convertible preferred stock |  | $6.94 - $11.10 |
Discount rate |  |  | 0.10 | %
Dividend yield |  |  | 0 | %
Expected term (years) |  | 0.25 - 0.45 |
Expected volatility |  | N/A |
Probability of milestone achievement |  | 80% - 100% |
Strike price |  | $ | 7.80 |
Fair value of each tranche feature |  | $0.86 - $3.32 |
The Series A-1 redeemable convertible preferred tranche liability was settled on March 9, 2021 with the achievement of milestones set forth in the Series A-1 stock purchase agreement. The fair value of the liability was remeasured prior to settlement, resulting in the Company recognizing a loss in the consolidated statement of operations and comprehensive loss of $11.7 million during the nine months ended September 30, 2021. Immediately thereafter, the balance of the redeemable convertible preferred stock tranche liability of $12.3 million was reclassified to Series A-1 redeemable convertible preferred stock. A rollforward of the redeemable convertible preferred stock tranche liability is as follows (in thousands):
Balance at December 31, 2020 |  | $ | 551 |
Change in fair value |  |  | 11,718 |
Settlement upon issuance of Series A-1 redeemable convertible preferred stock |  |  | (12,269 | )
Balance at September 30, 2021 |  | $ | — |

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- Definition Redeemable convertible preferred stock tranche liability. + References No definition available. + Details
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