Common Stock and Preferred Stock

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Common Stock

On October 20, 2020, the Company completed its IPO, pursuant to which it issued and sold 11,500,000 shares of its common stock at a public offering price of $19.00 per share, including 1,500,000 shares of common stock issued and sold pursuant to the underwriters’ exercise of their option to purchase additional shares of common stock. The IPO resulted in net proceeds of $200.3 million, after deducting underwriting discounts and commissions and other offering expenses. Upon the closing of the IPO, all 53,644,314 outstanding shares of the Redeemable Convertible Preferred Stock automatically converted into 25,067,977 shares of common stock pursuant to the terms of the Company's Amended and Restated Certificate of Incorporation at the then-current conversion ratio for each series, as adjusted for the Company's reverse stock split.

As of December 31, 2020, the authorized capital stock of the Company included 150,000,000 shares of common stock, $0.0001 par value, pursuant to the Amended and Restated Certificate of Incorporation effective upon the completion of the IPO. Holders of such shares of common stock have the exclusive right to vote for the election of the Company's directors and are entitled to one vote per share. In the event of the voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of common stock are entitled to a pro rata distribution of the Company's net assets. Dividends may be declared and paid to such holders only when, as, and if declared by the Board or an authorized committee thereof.

As of December 31, 2019, the authorized capital stock of the Company included 46,000,000 shares of common stock, $0.0001 par value. Such holders had rights, preferences and privileges subject to and qualified by the rights, preferences and privileges of the Redeemable Convertible Preferred Stock. Such holders of common stock were entitled to one vote per share, together with the holders of the Redeemable Convertible Preferred Stock, on all matters submitted to the stockholders for a vote, and were not entitled to receive dividends. In the event of a voluntary or involuntary liquidation, dissolution or winding up of the Company, after the payment of preferential amounts required to be paid to the holders of the Redeemable Convertible Preferred Stock, the holders of common stock were entitled to a pro rata distribution of the Company's remaining assets based on the number of shares held by each such holder.

As of December 31, 2020, the Company did not hold any treasury shares.

Shares Reserved for Future Issuance

The Company had reserved the following shares of common stock for future issuance:


	December 31,
	2020	2019
Shares reserved for exercise of outstanding stock options	5,944,546	1,634,686
Shares reserved for future awards under the 2020 Stock Option and Incentive Plan	3,036,776	—
Shares reserved for future awards under the 2020 Employee Stock Purchase Plan	327,102	—
Shares reserved for future awards under the 2017 Stock Incentive Plan	—	617,101
Series A Preferred Stock	—	3,773,820
Series B Preferred Stock	—	6,969,173
Series B-1 Preferred Stock	—	1,246,133
Series C Preferred Stock	—	4,582,257
Shares reserved for vesting of restricted stock	—	48,190
Total shares of authorized common stock reserved for future issuance	9,308,424	18,871,360

Preferred Stock

As of December 31, 2020, the Company was authorized to issue 10,000,000 shares of undesignated preferred stock, $0.0001 par value, in one or more series, and is authorized to fix the powers, designations, preferences and relative participating option or other rights thereof, including dividend rights, conversion rights, voting rights, redemption rights, liquidation preferences and the number of shares constituting any series, without any further vote or action by the Company's shareholders. The Company was not authorized to issue any such shares as of December 31, 2019. As of December 31, 2020, the Company had no shares of undesignated preferred stock issued or outstanding.