General form of registration statement for all companies including face-amount certificate companies

Equity Instruments (Tables)

v3.21.2
Equity Instruments (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Equity [Abstract]    
Schedule of Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock consisted of the following:
As of June 30, 2021 and December 31, 2020
(In thousands, except share and per share data)
Shares Original issue
price per share		 Liquidation
Preference		 Carrying
value
Authorized Issued and
Outstanding
Series A 8,906,694  6,726,134  $ 2.928  $ 19,696  $ 17,030 
Series B 10,385,804  8,386,456  $ 3.851  32,300  32,176 
Series C 8,848,760  8,399,058  $ 5.524  46,400  39,378 
Series D 97,278,007  94,222,735  $ 0.375  35,366  35,120 
125,419,265  117,734,383  $ 133,762  $ 123,704 
Redeemable convertible preferred stock consisted of the following:
December 31, 2020
(In thousands, except share and per share data)
Shares
Original issue
price per share
Liquidation
Preference
Carrying
value
Authorized
Issued and
Outstanding
Series A 8,906,694  6,726,134  $ 2.928  $ 19,696  $ 17,030 
Series B 10,385,804  8,386,456  $ 3.851  32,300  32,176 
Series C 8,848,760  8,399,058  $ 5.524  46,400  39,378 
Series D 97,278,007  94,222,735  $ 0.375  35,366  35,120 
125,419,265  117,734,383  $ 133,762  $ 123,704 
December 31, 2019
(In thousands, except share and per share data)
Shares
Original issue
price per share
Liquidation
Preference
Carrying
value
Authorized
Issued and
Outstanding
Series A 8,906,694  8,893,332  $ 2.928  $ 26,042  $ 21,004 
Series B 10,385,804  10,385,804  $ 3.851  40,000  39,876 
Series C 8,848,760  8,688,760  $ 5.524  48,000  40,978 
28,141,258  27,967,896  $ 114,042  $ 101,858 
Schedule of Shares of Common Stock Reserved for Issuance
Shares of common stock reserved for issuance on an “as if converted” basis were as follows:
June 30, December 31,
2021 2020
(share data)
Redeemable convertible preferred 147,876,672  147,876,672 
Convertible promissory note 6,756,757  — 
Redeemable convertible preferred stock warrants 408,729  408,729 
Common stock warrants 293,856  262,638 
Common stock options issued and outstanding 26,997,994  26,347,331 
Shares available for future grant under 2014 Stock Option Plan 6,370,750  7,223,913 
Total shares of common stock reserved
188,704,758  182,119,283 
Shares of common stock reserved for issuance on an “as if converted” basis were as follows:
December 31,
2020 2019
(share data)
Redeemable convertible preferred stock 147,876,672  27,967,896 
Convertible promissory note —  4,006,668 
Redeemable convertible preferred stock warrants 408,729  173,362 
Common stock warrants 262,638  63,621 
Common stock options issued and outstanding 26,347,331  5,946,782 
Shares available for future grant under 2014 Stock Option Plan 7,223,913  3,093,095 
Total shares of common stock reserved 182,119,283  41,251,424 
Schedule of Warrants for Shares of Stock
Warrants for shares of common stock consisted of the following:
June 30, 2021
Issue Date Expiration
Date		 Number of
Warrant		 Exercise
Price		 Fair Value on
Issue Date per warrant
Common stock 12/02/2015 12/02/2025 13,660  $ 0.71  $ 0.57 
Common stock 07/02/2018 07/02/2028 49,961  $ 2.01  $ 1.63 
Common stock 12/17/2020 12/17/2030 199,017  $ 0.15  $ 0.14 
Common stock 02/18/2021 02/18/2031 6,244  $ 0.15  $ 5.28 
Common stock 03/26/2021 03/26/2031 12,487  $ 0.15  $ 5.28 
Common stock 04/26/2021 04/26/2031 12,487  $ 0.15  $ 5.28 
Total outstanding 293,856 
Warrants for shares of Series A and Series C redeemable convertible preferred stock consisted of the following (dollars in thousands, except share and per share amounts):
As of June 30, 2021 and December 31, 2020
Issue Date Expiration
Date		 Number of
Warrant		 Exercise Price
per Warrant		 Fair Value on
Issue Date per Warrant
Series A redeemable convertible preferred stock 11/14/2014 11/13/2024 13,362 $1.12 $1.25
Series C redeemable convertible preferred stock 04/18/2019 04/18/2029 160,000 $5.52 $1.05
Total outstanding 173,362
Warrants for shares of common stock consisted of the following:
December 31, 2020
Issue Date
Expiration
Date
Number of
Warrants
Exercise Price
per Warrant
Fair Value on
Issue Date
per Warrant
Common stock 12/02/2015 12/02/2025 13,660  $ 0.71  $ 0.57 
Common stock 07/02/2018 07/02/2028 49,961  $ 2.01  $ 1.63 
Common stock 12/17/2020 12/17/2030 199,017  $ 0.15  $ 0.14 
Total outstanding 262,638 
December 31, 2019
Issue Date
Expiration
Date
Number of
Warrants
Exercise Price
per Warrant
Fair Value on
Issue Date
per Warrant
Common stock 12/02/2015 12/02/2025 13,660  $ 0.71  $ 0.57 
Common stock 07/02/2018 07/02/2028 49,961  $ 2.01  $ 1.63 
Total outstanding 63,621 
Warrants for shares of Series A and Series C redeemable convertible preferred stock consisted of the following (dollars in thousands, except share and per share amounts):
December 31, 2020
Issue Date
Expiration
Date
Number of
Warrants
Exercise Price
per Warrant
Fair Value on
Issue Date
per Warrant
Series A redeemable convertible preferred stock 11/14/2014 11/13/2024 13,362  $ 1.12  $ 1.25 
Series C redeemable convertible preferred stock 04/18/2019 04/18/2029 160,000  $ 5.52  $ 1.05 
Total outstanding 173,362 
December 31, 2019
Issue Date
Expiration
Date
Number of
Warrants
Exercise Price
per Warrant
Fair Value on
Issue Date
per Warrant
Series A redeemable convertible preferred stock 11/14/2014 11/13/2024 13,362  $ 1.12  $ 1.25 
Series A redeemable convertible preferred stock 04/18/2019 04/18/2029 160,000  $ 5.52  $ 1.05 
Total outstanding 173,362 
Warrant Liability Rollforward
Rollforward of the liability for warrants on redeemable convertible preferred stock:
(in thousands)
Balance as of December 31, 2019
$ 185 
Change in fair value (Other income (expense), net) (7)
Balance as of June 30, 2020 (Other noncurrent liabilities)
$ 178 
Balance as of December 31, 2020
 $ 181 
Change in fair value (Other income (expense), net) 1,741 
Balance as of June 30, 2021 (Other noncurrent liabilities)
$ 1,922 
Rollforward of the liability for warrants on redeemable convertible preferred stock:
(in thousands)
Balance as of January 1, 2019 $ 17 
Issuance of new warrant 168 
Change in fair value (5)
Balance as of December 31, 2019
 180 
Change in fair value (3)
Balance as of December 31, 2020
 $ 177 
Fair Value Assumptions The level 3 fair value assumptions used in the Black-Scholes model for the recurring valuation of the redeemable convertible preferred stock warrant liability were as follows:
Six months ended June 30,
2021 2020
Expected volatility
55% – 65%
35% – 45%
Risk-free interest rate
0.1% – 0.5%
0.1% – 0.8%
Dividend yield —  — 
The level 3 fair value assumptions used in the
Black-Scholes model for the recurring valuation of the redeemable convertible preferred stock warrant liability were as follows:
Year ended December 31,
2020 2019
Expected volatility
35% – 45%
41% – 54%
Risk-free interest rate
0.1% – 0.8%
1.6% – 1.9%
Dividend yield —  —