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Subsequent Events
6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Subsequent events have been evaluated through September 3, 2021, which represents the date the financial statements were available to be issued.

In July 2021, the Board of Directors and the stockholders of the Company approved a five-for-one reverse stock split of the Company’s outstanding common stock and preferred stock. The stock split was effective as of July 9, 2021. All common stock, preferred stock, and per share information has been retroactively adjusted to give effect to this stock split and the adjusted conversion ratios for all periods presented. Shares of common stock underlying outstanding stock options and other equity instruments were proportionately decreased and the respective par value, and exercise prices, if applicable, were proportionately increased in accordance with the terms of the agreements governing such securities.

On July 21, 2021, the Company completed the IPO of its common stock pursuant to a Registration Statement on Form S-1. In the IPO, the Company sold an aggregate of 7,500,000 shares of common stock, including 500,000 shares issued pursuant to the underwriters’ option to purchase additional shares at a public offering price of $32.00 per share. The IPO resulted in net proceeds of approximately $223.2 million, after deducting underwriting discounts and commissions of $16.8 million. An existing stockholder sold an additional 200,000 shares of common stock pursuant the underwriters’ option to purchase additional shares of common stock at $32.00 per share. The Company did not receive any proceeds from the sale of shares by the selling stockholder in the IPO. Offering expenses incurred by the Company for the IPO were approximately $3.6 million and will be recorded against stockholders’ equity. Upon the completion of the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock were converted into 35,793,483 shares of common stock.securities.
In July 2021, the Board of Directors adopted, and stockholders approved, the 2021 Equity Incentive Plan (2021 Plan), which became effective on the date of the underwriting agreement related to the IPO. As a result of the 2021 Plan, the option pool increased by 4.7 million shares. No grants have been made under the 2021 Equity Incentive Plan.