Redeemable Convertible Preferred Stock

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Upon the closing of the IPO, all shares of the Company’s outstanding redeemable convertible preferred stock automatically converted into 19,243,795 shares of common stock.

As of December 31, 2020, redeemable convertible preferred stock consisted of the following:


	December 31, 2020
(in thousands, except share amounts)	Preferred Stock Designated	Preferred Stock Issued and Outstanding	Carrying Value		Liquidation Preference		Common Stock Issuable Upon Conversion
Series A preferred stock	21,662,000	7,220,666	$	94,604	$	94,623	7,220,666
Series B preferred stock	10,996,181	3,665,390	62,931		62,935		3,665,390
Series C preferred stock	3,182,158	1,060,719	21,137		21,137		1,060,719
Series C-1 preferred stock	5,966,682	1,988,891	35,089		35,098		1,988,891
Series D preferred stock	15,964,843	5,308,129	84,764		87,507		5,308,129
	57,771,864	19,243,795	$	298,525	$	301,300	19,243,795

In January 2021, the Company’s preferred stockholders executed an Agreement and Waiver of Preferred Stockholders, which waived redemption rights for their preferred stock in connection with a non-qualified IPO event during the effective period. A non-qualified IPO is an IPO that does not result in: (i) aggregate gross proceeds to the Company of at least $50.0 million and (ii) a price per share paid by the public of an amount greater than or equal to $24.93, as appropriately adjusted for stock splits, stock combinations, and stock dividends. The waiver was effective from the date the Company filed with or confidentially submitted to the United States Securities and Exchange Commission a registration statement on Form S-1 relating to a contemplated IPO, through June 30, 2022, or the earliest to occur of one of several termination events as defined therein, including the Company’s completion of an IPO.