Stockholders'/Members' Equity (Deficit) (Tables)

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Schedule of Stockholders Equity

The statement of members' deficit for the three months ended September 30, 2020 is as follows (in thousands, except unit amounts):

	Series D Convertible Preferred Stock				Class C Preferred Units						Class A Units						Common Stock				Additional Paid-in			Accumulated			Noncontrolling			Total Members’
	Units		Amount		Units			Amount			Units			Amount			Units		Amount		Capital			Deficit			Interest			Deficit
Balance at June 30, 2020		—	$	—		23,968,178		$	89,345			54,600,000		$	750			—	$	—	$	2,295		$	(156,180	)	$	(47	)	$	(63,837	)
Issuance of Series D convertible preferred stock for cash, net of $4,317 of issuance costs		140,626,711		68,183		—			—			—			—			—		—		—			—			—			—
Issuance of Series D convertible preferred stock in connection with settlement of convertible promissory notes		59,164,808		30,594		—			—			—			—			—		—		—			—			—			—
LLC Conversion		—		—		(23,968,178	)		(89,345	)		(54,600,000	)		(750	)		6,220,050		1		(3,196	)		93,290			—			—
Assumption of profits interest liability by affiliate		—		—		—			—			—			—			—				991			—			—			991
Change in profits interest liability pushed down from affiliate		—		—		—			—			—			—			—		—		(24	)	$	—			—			(24	)
Noncontrolling interest—distribution of net assets to affiliate and related deconsolidation		—		—		—			—			—			—			—		—		(66	)	$	—			47			(19	)
Net loss		—		—		—			—			—			—			—		—		—			(11,632	)		—			(11,632	)
Balance at September 30, 2020		199,791,519	$	98,777		—		$	—			—		$	—			6,220,050	$	1	$	—		$	(74,522	)	$	—		$	(74,521	)

The statement of members' deficit for the nine months ended September 30, 2020 is as follows (in thousands, except unit amounts):

	Series D Convertible Preferred Stock				Class C Preferred Units						Class A Units						Common Stock				Additional Paid-in			Accumulated			Noncontrolling			Total Members’
	Units		Amount		Units			Amount			Units			Amount			Units		Amount		Capital			Deficit			Interest			Deficit
Balance at December 31, 2019		—	$	—		23,968,178		$	89,345			54,600,000		$	750			—	$	—	$	2,295		$	(148,354	)	$	(47	)	$	(56,011	)
Issuance of Series D convertible preferred stock for cash, net of $4,317 of issuance costs		140,626,711		68,183		—			—			—			—			—		—		—			—			—			—
Issuance of Series D convertible preferred stock in connection with settlement of convertible promissory notes		59,164,808		30,594		—			—			—			—			—		—		—			—			—			—
LLC Conversion		—		—		(23,968,178	)		(89,345	)		(54,600,000	)		(750	)		6,220,050		1		(3,196	)		93,290			—			—
Assumption of profits interest liability by affiliate		—		—		—			—			—			—			—		—		991			—			—			991
Change in profits interest liability pushed down from affiliate		—		—		—			—			—			—			—		—		(24	)		—			—			(24	)
Noncontrolling interest—distribution of net assets to affiliate and related deconsolidation		—		—		—			—			—			—			—		—		(66	)		—			47			(19	)
Net loss		—		—		—			—			—			—			—		—		—			(19,458	)		—			(19,458	)
Balance at September 30, 2020		199,791,519	$	98,777		—		$	—			—		$	—			6,220,050	$	1	$	—		$	(74,522	)	$	—		$	(74,521	)

Schedule of Stock-Based Compensation Expense

Stock-based compensation expense for the three and nine months ended September 30, 2021 has been reported in the consolidated statements of operations and comprehensive loss as follows (in thousands):

	Three Months Ended September 30, 2021		Nine Months Ended September 30, 2021
Research and development	$	1,267	$	3,376
General and administrative		3,099		17,931
Total	$	4,366	$	21,307

Summary of Restricted Stock Units

The following table summarizes RSU activity under the 2020 Plan for the nine months ended September 30, 2021:

	Number of Shares			Weighted - Average Grant Date Fair Value
Outstanding at December 31, 2020		1,920,037		$	18.00
Vested		(327,241	)	$	18.00
Outstanding at September 30, 2021		1,592,796		$	18.00

Summary of Stock Option Activity

The following table summarizes stock option activity under the 2020 Plan for the nine months ended September 30, 2021 (in thousands, except share and per share data and years):

	Number of Options			Weighted - Average Exercise Price Per Share		Weighted -Average Remaining Contractual Term (In Years)		Aggregate Intrinsic Value
Balance at December 31, 2020		615,106		$	18.00		9.95	$	9,848
Granted		353,043		$	42.21
Exercised		(7,747	)	$	18.00
Balance at September 30, 2021		960,402		$	26.83	9.39		$	6,948
Vested and expected to vest at September 30, 2021		960,402		$	26.83	9.39		$	6,948
Exercisable at September 30, 2021		-

Summary of Assumptions Used in Black-Scholes Model

The assumptions used in the Black-Scholes option pricing model to determine the fair value of stock option grants were as follows:

	Nine Months Ended September 30, 2021
Expected volatility	74.7%
Risk-free interest rate	0.99%
Expected dividend yield	0.0%
Expected term	5.86 years

Schedule of Common Stock Warrants

As of September 30, 2021 all the common stock warrants below are exercisable and expire as follows:

Outstanding and Exercisable		Exercise Price per Share		Expiration Date
	566,586	$	88.25	December 17, 2021
	151,088	$	132.37	March 12, 2022
	717,674

Schedule of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance are as follows in common equivalent shares:

	September 30, 2021		December 31, 2020
Warrants for the purchase of common stock		717,674		717,674
Common stock options and restricted stock units issued and outstanding		2,553,198		2,535,143
Awards available for future issuance under the 2020 Plan		3,338,354		2,404,535
Awards available for future issuance under the ESPP		828,713		464,829
Total common stock reserved for future issuance		7,437,939		6,122,181