Preferred Stock

12 Months Ended

Dec. 31, 2021

Temporary Equity Disclosure [Abstract]

Preferred Stock

PREFERRED STOCK

Convertible Preferred Stock

On May 22, 2018, the Company completed a private placement (Series Seed Financing) in which it issued an aggregate of 7,806,977 shares of its Series Seed Convertible Preferred Stock (Series Seed Preferred Stock) at a purchase price of $2.30769 per share, for aggregate gross proceeds of $18.0 million.

On July 1, 2019, the Company completed a private placement (the Series A Financing) in which it issued 13,697,916 shares of its Series A Convertible Preferred Stock (Series A Preferred Stock) at a purchase price of $7.6654 per share, for aggregate gross proceeds of $105.0 million less issuance costs of $0.1 million.

Upon the completion of the IPO (see Note 1), all outstanding shares of convertible preferred stock were automatically converted into 22,687,625 shares of common stock.

The Convertible Preferred Stock consisted of the following as of December 31, 2019:

	December 31, 2019
	Preferred Stock Authorized	Preferred Stock Issued and Outstanding	Carrying Value		Liquidation Preference		Common Stock Issuable Upon Conversion
	(in thousands, except share amounts)
Series Seed Preferred Stock	7,806,977	7,806,977	$	17,985	$	18,016	8,236,347
Series A Preferred Stock	13,700,000	13,697,916	104,922		105,000		14,451,278
Total	21,506,977	21,504,893	$	122,907	$	123,016	22,687,625

Preferred Stock

Pursuant to the Amended and Restated Certificate of Incorporation filed on October 14, 2020, as amended, the Company is authorized to issue a total of 10,000,000 shares of undesignated preferred stock, par value $0.001, of which no shares were issued or outstanding as of December 31, 2021 and 2020.