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Subsequent Events | 6 Months Ended
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Jun. 30, 2021
Subsequent Events [Abstract] |
Subsequent Events | 14. SUBSEQUENT EVENTS Subsequent events have been evaluated through the date of filing of the unaudited condensed financial statements. The Company has identified the following subsequent events that require disclosure. Initial Public Offering On August 3, 2021, the Company completed its IPO in which the Company issued and sold 4,000,000 shares of its common stock, at a public offering price of $10.00 per share, for aggregate gross proceeds of $40.0 million. The Company received approximately $32.6 million in net proceeds after deducting underwriting discounts, commissions and estimated offering expenses. In connection with the IPO, all outstanding shares of Series A convertible preferred stock converted into 10,990,065 shares of the Company’s common stock. 2020 Equity Incentive Plan The 2020 Equity Incentive Plan (the “2020 Plan”) was approved by the Board of Directors and the Company’s stockholders and became effective on July 29, 2021. The 2020 Plan provides for the grant of incentive stock options ("ISOs") within the meaning of Section 422 of the U.S. Internal Revenue Code of 1986, as amended, to employees, and for the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of awards to employees, directors and consultants and any affiliates’ employees and consultants. The number of shares initially reserved for issuance under the 2020 Plan was 4,200,000, which will automatically increase on January 1 of each year for a period of 10 years, beginning on January 1, 2022 and continuing through January 1, 2031, in an amount equal to 5% of the total number of shares of common stock outstanding on the last day of the immediately preceding year, or a lesser number of shares determined by the Board of Directors no later than the last day of the immediately preceding year. The maximum number of shares of common stock that may be issued on the exercise of ISOs under the 2020 Plan will be 13,000,000 shares. 2020 Employee Stock Purchase Plan The 2020 Employee Stock Purchase Plan (the “2020 ESPP”) was approved by the Company’s Board of Directors and the Company’s stockholders and became effective on July 29, 2021. A total of 200,000 shares of common stock were initially reserved for issuance under this plan, which will automatically increase on January 1 of each year for a period of 10 years, beginning on January 1, 2021 and continuing through January 1, 2031, by the lesser of 1% of the total number of shares of common stock outstanding on the last day of the immediately preceding year; and 400,000 shares, except before the date of any such increase, the Board of Directors may determine that such increase will be less than the amount set forth above. New York Operating Lease In September 2021, the Company entered into a new operating lease for general office purposes in New York, New York, with a term commencing on September 15, 2021 and continuing through September 2026. The commitment under the new lease is approximately $0.3 million annually. Alabama Build-to-Suit Lease In September 2021, the Company entered into a build-to-suit lease agreement with ECBuild to build out the Company's labs in Birmingham Alabama. The agreement has a threshold of $4.0 million in total costs incurred. Repayment Loan Payable In A ugust 2021, the Company repaid the PPP loan of $0.2 million received in April 2020 in full. Refer to Note 5 “Debt” for further details.

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- 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
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