Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Equity

Note 8. Equity

Common Stock

The Company’s certificate of incorporation, as amended, authorizes the Company to issue up to 500,000,000 shares of $0.00001 par value common stock. Holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders of the Company.

Subject to the preferences that may be applicable to any outstanding shares of preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by the Board of Directors. No dividends have been declared to date.

Common shares reserved for future issuance, on an as-if-converted basis, as of June 30, 2022 and December 31, 2021, consists of the following:

	June 30, 2022		December 31, 2021
Series A redeemable convertible preferred stock		—		6,076,196
Series B redeemable convertible preferred stock		—		5,333,292
Stock options, issued and outstanding		2,468,491		1,589,120
Stock options, authorized for future issuance		1,955,430		937,673
Total		4,423,921		13,936,281

Preferred Stock

The Company’s certificate of incorporation, as amended, authorizes the Company to issue up to 10,000,000 shares of $0.00001 par value preferred stock. The preferred stock is not convertible. No shares of preferred stock were issued and outstanding at June 30, 2022 and December 31, 2021.

Redeemable Convertible Preferred Stock

Immediately prior to the closing of the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock converted into 11,409,488 shares of common stock and the related carrying value was reclassified to common stock and additional paid-in capital. There were no shares of redeemable convertible preferred stock outstanding as of June 30, 2022.

At December 31, 2021, redeemable convertible preferred stock consisted of the following (in thousands, except share and per share amounts):

	Shares Authorized		Shares Issued and Outstanding		Issuance Price Per Share		Carrying Value		Liquidation Preference
Series A		6,076,228		6,076,196	$	2.55	$	24,308	$	17,787
Series B		5,333,308		5,333,292	$	15.00		85,011		85,277
		11,409,536		11,409,488			$	109,319	$	103,064