Common Stock Warrants |
9 Months Ended |
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Sep. 30, 2021 | |
Equity [Abstract] | |
Common Stock Warrants | 12. Common Stock Warrants In 2016, the Company issued a warrant for 45,000 shares of the Company’s common stock to a service provider with an exercise price of $1.14 per share, of which 15,000 warrant shares become exercisable upon completion of an offering of securities in a private placement by the Company with net proceeds in excess of $25.0 million and 30,000 warrant shares become exercisable upon completion of an IPO by the Company. The warrant expires in 2023. As the services had been completed at the date the warrant had been issued, the fair value of the warrant was determined at the issuance date. 15,000 of these warrant shares became exercisable upon the completion of the Series B financing in 2018 and 30,000 of these warrants became exercisable upon completion of the IPO in December 2020. No expense was recognized during the three months and nine months ended September 30, 2021 and 2020 with respect to the warrant shares. In May 2018, the Company issued a warrant for 23,669 shares of the Company’s common stock to a service provider with an exercise price of $3.19 per share and recorded $0.1 million within additional paid-in-capital upon issuance of the warrant. The warrant expires in 2025. In December 2020, the Company issued a warrant for 30,000 shares of the Company’s common stock to a service provider with an exercise price of $18.00 per share. This warrant vests over a period of four years and expires in 2027. The fair value of the warrant was determined at the issuance date using the Black-Scholes model. In April 2021, the Company issued a warrant for 40,000 shares of the Company’s common stock to a former employee with an exercise price of $9.41 per share as a result of a settlement agreement with such former employee. The warrant was exercised in May 2021. The Company previously recorded an accrual within accrued and other current liabilities within the condensed balance sheet at December 31, 2020 to accrue for the settlement. Upon the issuance of the warrant in April 2021 in connection with the settlement, $1.1 million was reclassified from accrued and other current liabilities to additional paid-in capital within the condensed balance sheet as of September 30, 2021. For the three months and nine months ended September 30, 2021, expense related to the vested portion of warrant shares was immaterial and recorded within operating expenses in the condensed statements of operations and within additional paid-in-capital on the condensed balance sheet. |