Subsequent Events

6 Months Ended

Jun. 30, 2021

(10)	Subsequent Events

Initial Public Offering

Effective on July 2, 2021, the Company completed its IPO and issued a total of 9,984,463 shares of common stock, which includes the allotment-option of shares exercised by underwriters in the IPO, at an offering price of $14.00 per share. In aggregate, the Company received net proceeds of approximately $127.0 million, after deducting underwriting discounts and commissions of $9.8 million and $3.0 million of IPO-related costs. In connection with the IPO, the following events occurred subsequent to June 30, 2021:

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On July 2, 2021, the outstanding 44,052,154 shares of redeemable convertible preferred stock converted into an aggregate of 14,182,854 shares of common stock;

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On July 2, 2021, total common shares outstanding were 24,410,393, which includes common shares outstanding as of June 30, 2021, shares issued in the IPO and redeemable convertible preferred stock converted and reclassified; and

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On July 2, 2021, the Company’s amended and restated certificate of incorporation became effective, authorizing 150,000,000 shares of common stock and 10,000,000 shares of undesignated preferred stock.

The table below shows, on a pro forma basis, the impact of the Company’s IPO on certain condensed balance sheet items as if all the transactions occurred on June 30, 2021:


			Pro Forma
	June 30, 2021		June 30, 2021
Cash and cash equivalents	$	59,150	$	186,150
Deferred offering costs		3,016		—
Convertible preferred stock		79,819		—
Common stock		—		2
Additional paid-in capital		407		207,224
Total stockholders' (deficit) equity	$	(21,578)	$	185,241

Lease Agreement

On August 6, 2021, the Company entered into a new lease agreement for office space located in Waltham, Massachusetts for the Company’s future corporate headquarters. The commencement date of this lease is expected to be on September 1, 2021 for an initial term of 39 months. The base rent for the Company under this lease will be approximately $0.2 million per year over the lease term. As of June 30, 2021, the Company had not taken control of the space and the lease term had not commenced. Accordingly, no right-of-use asset or lease liability related to the lease has been recorded.