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Redeemable Convertible Preferred Stock Warrants and Common Stock Warrants (Tables)
12 Months Ended
Dec. 31, 2020
Liabilities And Stockholders Equity [Abstract]  
Schedule of Redeemable Convertible Preferred Stock Warrant Liability using Black-Scholes Option-Pricing Model

The redeemable convertible preferred stock warrant liability was valued using the following assumptions under the Black-Scholes option-pricing model:

 

 

September 14, 2020 (Conversion Date)

 

 

April 28, 2020

(Issuance Date of

PacWest Warrants)

 

 

December 31, 2019

 

Stock price

 

$

16.59

 

 

$

11.61

 

 

$

11.32

 

Expected term (years)

 

5.86 - 6.62

 

 

 

7.00

 

 

6.57 - 6.74

 

Expected volatility

 

81.1% - 82.1%

 

 

 

91.17

%

 

82.1% - 93.3%

 

Risk-free interest rate

 

0.35% - 0.42%

 

 

 

0.52

%

 

1.53% - 1.93%

 

Dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

Schedule of Outstanding Warrants

The following table provides a roll forward of outstanding warrants:

 

 

 

Number of

Warrants

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Contractual

Term (Years)

 

Outstanding and exercisable warrants to purchase

   preferred shares as of December 31, 2019

 

 

1,781,387

 

 

$

1.4034

 

 

 

 

 

Issued

 

 

128,260

 

 

 

 

 

 

 

 

 

Impact of converting to warrants for the purchase of common stock

   and adjusted for the Exchange Ratio and Reverse Stock Split

 

 

(1,683,456

)

 

 

 

 

 

 

 

 

Outstanding and exercisable warrants to purchase

   common stock as of December 31, 2020

 

 

226,191

 

 

$

11.3177

 

 

 

5.66

 

Schedule of Outstanding Warrants to Purchase Shares of Common Stock

As of December 31, 2020, the Company’s outstanding warrants to purchase shares of common stock, including the New PacWest Warrant, consisted of the following:

 

Issuance Date

 

Number of

Shares of

Common

Stock Issuable

 

 

Exercise

Price

 

 

Classification

 

Expiration Date

September 15, 2020

 

 

101,610

 

 

$

11.3177

 

 

Equity

 

July 25, 2026

September 15, 2020

 

 

30,924

 

 

$

11.3177

 

 

Equity

 

August 21, 2026

September 15, 2020

 

 

77,312

 

 

$

11.3177

 

 

Equity

 

September 19, 2026

September 15, 2020

 

 

11,044

 

 

$

11.3177

 

 

Equity

 

September 26, 2026

September 15, 2020

 

 

5,301

 

 

$

11.3177

 

 

Equity

 

April 28, 2027

 

 

 

226,191

 

 

 

 

 

 

 

 

 

Schedule of Outstanding Warrants to Purchase Shares of Redeemable Convertible Preferred Stock

As of December 31, 2019, the Company’s outstanding warrants to purchase shares of redeemable convertible preferred stock (which converted into warrants to purchase common stock upon close of the Merger) consisted of the following (not adjusted for the Exchange Ratio):

 

Warrant Name

 

Issuance Date

 

Number of

Shares of

Preferred

Stock Issuable

 

 

Exercise

Price

 

 

Exercisable

for

 

Classification

 

Expiration Date

Series B warrants

 

July 25, 2019

 

 

819,438

 

 

$

1.4034

 

 

Series B

 

Liability

 

July 25, 2026

Series B warrants

 

August 21, 2019

 

 

249,394

 

 

$

1.4034

 

 

Series B

 

Liability

 

August 21, 2026

Series B warrants

 

September 19, 2019

 

 

623,486

 

 

$

1.4034

 

 

Series B

 

Liability

 

September 19, 2026

Series B warrants

 

September 26, 2019

 

 

89,069

 

 

$

1.4034

 

 

Series B

 

Liability

 

September 26, 2026

 

 

 

 

 

1,781,387