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Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Summary of Fair Value Measurement Inputs and Valuation Techniques

The assumptions used in the Black-Scholes option pricing model to determine the fair value of the preferred stock warrant liability were as follows:

 

 

 

February 24, 2021
(date of
Merger close)

 

Expected volatility

 

90.2%

 

Risk-free interest rate

 

1.38%

 

Expected dividend yield

 

0%

 

Expected term

 

9.3 years

 

Fair value per share of preferred stock

 

$

17.15

 

Summary of reconciliation of warrant liability measured at fair value

The following table provides a reconciliation of the preferred stock warrant liability measured at fair value using Level 3 significant unobservable inputs (in thousands):

 

 

 

Preferred Stock
Warrant
Liability

 

Balance at December 31, 2020

 

$

106

 

Change in fair value of preferred stock warrant liability

 

 

290

 

Reclassification to equity

 

 

(396

)

Balance at December 31, 2021

 

$

 

 

Summary of antidilutive securities excluded from the calculation of weighted average dilutive common shares

The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Shares issuable upon conversion of preferred stock

 

 

292,799

 

 

 

292,799

 

Common stock options and RSUs outstanding

 

 

6,277,172

 

 

 

4,266,928

 

Warrants to purchase common stock

 

 

23,100

 

 

 

23,100

 

Total excluded securities

 

 

6,593,071

 

 

 

4,582,827