XML 31 R20.htm IDEA: XBRL DOCUMENT
v3.21.2

SUBSEQUENT EVENTS | 9 Months Ended
--- | ---
Sep. 30, 2021
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS IPO On October 29, 2021, the Company completed its IPO, in which it issued and sold 5,750,000 shares of the common stock at the public offering price of $14.00 per share, including 750,000 shares issued upon the full exercise of the underwriters’ option to purchase additional shares. The Company received net proceeds of $71.1 million after deducting underwriting discounts and commissions and estimated offering expenses. In connection with the IPO, all of the shares of the Company’s outstanding redeemable convertible preferred stock automatically converted into an aggregate of 4,471,316 shares of the common stock immediately prior to the closing of the IPO. Changes to Authorized Common Stock and Preferred Stock On October 29, 2021 in connection with the IPO, the Company amended and restated its certificate of incorporation to authorize 300,000,000 shares of common stock and 10,000,000 shares of preferred stock, which shares of preferred stock are currently undesignated. 2021 Stock Plan In September 2021, the Company’s board of directors adopted, and its stockholders approved, the 2021 Incentive Award Plan (“2021 Plan”), which became effective in connection with the IPO. The 2021 Plan provides for the grant of incentive stock options, stock appreciation rights, restricted stock, RSU, performance stock units, performance bonus awards, dividend equivalents, and other stock or cash based awards. The number of shares of the Company’s common stock reserved for issuance under the 2021 Plan is 3,640,000 shares. 2021 Employee Stock Purchase Plan In September 2021, the Company’s board of directors adopted, and its stockholders approved, the 2021 Employee Stock Purchase Plan (“2021 ESPP”), which became effective in connection with the IPO. The 2021 ESPP authorizes the issuance of shares of common stock pursuant to purchase rights granted to employees. A total of 607,000 shares of common stock were initially reserved for issuance under this plan. The number of shares of common stock that may be issued under the 2021 ESPP will automatically increase on the first day of each calendar year, first day of each fiscal year, beginning in 2022 and ending in 2031, equal to the lesser of (i) 1% of the shares of our common stock outstanding on the last day of the immediately preceding fiscal year and (ii) such number of shares of common stock as determined by our board of directors; provided, however, no more than 5,000,000 shares of our common stock may be issued under the 2021 ESPP. Stock-based Compensation Prior to the effectiveness of the IPO, the Company granted 2.7 million RSUs with both a service-based vesting condition and a performance-based vesting condition as described in Note 11 - Stock-based Compensation, of which the service-based vesting condition for these awards is generally satisfied by rendering continuous service for four years, and the performance-based vesting condition is satisfied when the Company becomes a publicly listed company. Upon the effectiveness of the IPO, the performance-based vesting condition was satisfied, and therefore, the Company recognized cumulative stock-based compensation expense of $2.5 million for the portion of the awards for which the service-based vesting condition has been fully or partially satisfied.

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration