Subsequent Events	9 Months Ended
Sep. 30, 2021
Subsequent Events
Subsequent Events	11. Subsequent Events The Company has evaluated events occurring after the date of its condensed balance sheet through December 9, 2021, the date the condensed financial statements were available to be issued. Reverse Stock Split On October 22, 2021, the Company effected a 1-for-7.235890014 reverse stock split of the Company’s common stock and adjusted the number of shares under the 2016 Plan and the Company’s Amended and Restated Certificate of Incorporation, as well as the share amounts of restricted stock grants under the 2016 Plan and the number of options and exercise prices of options under the plan as a result of the 1-for-7.235890014 reverse stock split. All common shares, stock options, and per share information presented in the accompanying financial statements and notes thereto have been adjusted, where applicable, to reflect the reverse stock split on a retroactive basis for all periods presented, including reclassification of par and additional paid-in capital amounts. The per share par value and authorized number of shares of the Company’s common stock were not adjusted as a result of the reverse stock split. 2021 Stock Option and Incentive Plan In September 2021, the Company’s board of directors adopted, and in October 2021 the Company’s stockholders approved, the 2021 Stock Option and Incentive Plan (2021 Plan), which became effective as of the date immediately prior to the date of the effectiveness of the registration statement for the IPO. The 2021 Plan allows the board of directors to make equity-based incentive awards to the Company’s officers, employees, directors, and other key persons. Upon effectiveness of the 2021 Plan, the number of shares of common stock reserved for issuance under the 2021 Plan was the sum of (i) 3,902,672 shares; plus (ii) the number of shares under the 2021 Plan which are not needed to fulfill the Company’s obligations for awards issued under the 2021 Plan as a result of forfeiture, expiration, cancellation, termination or net issuances of awards thereunder; plus (iii) the number of shares under the 2016 Plan which are not needed to fulfill the Company’s obligations for awards issued under the 2016 Plan as a result of forfeiture, expiration, cancellation, termination or net issuances of awards thereunder; plus (iv) an annual increase, to be added on January 1st of each year beginning on January 1, 2022 and continuing through and including 2031 by the lesser of (A) 4% of the number of shares of Stock outstanding as of such date and (B) an amount determined by the board of directors. The 2016 Plan was replaced with the 2021 Plan. 2021 Employee Stock Purchase Plan In September 2021, the Company’s board of directors adopted, and in October 2021 the Company’s stockholders approved, the 2021 Employee Stock Purchase Plan (ESPP), which became effective as of the date immediately prior to the date of the effectiveness of the registration statement for the IPO. The ESPP is administered by the person or persons appointed by the Company’s board of directors for such purpose. The ESPP initially provides participating employees with the opportunity to purchase up to an aggregate of 278,762 shares of common stock. The number of shares of common stock reserved for issuance under the ESPP will automatically increase on January 1st of each year beginning in 2022 and continuing through and including 2031 by the least of (i) 1% of the outstanding number of shares of our common stock of the immediately preceding December, (ii) 557,524 shares or (iii) such number of shares as determined by the ESPP administrator. Initial Public Offering In November 2021, the Company completed its IPO in which the Company issued and sold 10,436,250 of its common stock, including 1,361,250 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $20.00 per share, for aggregate gross proceeds of $208.7 million. The Company received approximately $190.9 million in net proceeds after deducting underwriting discounts and estimated offering expenses payable by the Company. In connection with the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock then automatically converted into 19,185,183 shares of the Company’s common stock at the applicable conversion ratio then in effect. Subsequent to the closing of the IPO, there were no shares of redeemable convertible preferred stock outstanding.

Subsequent Events

9 Months Ended

Sep. 30, 2021

11. Subsequent Events

The Company has evaluated events occurring after the date of its condensed balance sheet through December 9, 2021, the date the condensed financial statements were available to be issued.

Reverse Stock Split

On October 22, 2021, the Company effected a 1-for-7.235890014 reverse stock split of the Company’s common stock and adjusted the number of shares under the 2016 Plan and the Company’s Amended and Restated Certificate of Incorporation, as well as the share amounts of restricted stock grants under the 2016 Plan and the number of options and exercise prices of options under the plan as a result of the 1-for-7.235890014 reverse stock split. All common shares, stock options, and per share information presented in the accompanying financial statements and notes thereto have been adjusted, where applicable, to reflect the reverse stock split on a retroactive basis for all periods presented, including reclassification of par and additional paid-in capital amounts. The per share par value and authorized number of shares of the Company’s common stock were not adjusted as a result of the reverse stock split.

2021 Stock Option and Incentive Plan

In September 2021, the Company’s board of directors adopted, and in October 2021 the Company’s stockholders approved, the 2021 Stock Option and Incentive Plan (2021 Plan), which became effective as of the date immediately prior to the date of the effectiveness of the registration statement for the IPO. The 2021 Plan allows the board of directors to make equity-based incentive awards to the Company’s officers, employees, directors, and other key persons. Upon effectiveness of the 2021 Plan, the number of shares of common stock reserved for issuance under the 2021 Plan was the sum of (i) 3,902,672 shares; plus (ii) the number of shares under the 2021 Plan which are not needed to fulfill the Company’s obligations for awards issued under the 2021 Plan as a result of forfeiture, expiration, cancellation, termination or net issuances of awards thereunder; plus (iii) the number of shares under the 2016 Plan which are not needed to fulfill the Company’s obligations for awards issued under the 2016 Plan as a result of forfeiture, expiration, cancellation, termination or net issuances of awards thereunder; plus (iv) an annual increase, to be added on January 1st of each year beginning on January 1, 2022 and continuing through and including 2031 by the lesser of (A) 4% of the number of shares of Stock outstanding as of such date and (B) an amount determined by the board of directors. The 2016 Plan was replaced with the 2021 Plan.

2021 Employee Stock Purchase Plan

In September 2021, the Company’s board of directors adopted, and in October 2021 the Company’s stockholders approved, the 2021 Employee Stock Purchase Plan (ESPP), which became effective as of the date immediately prior to the date of the effectiveness of the registration statement for the IPO. The ESPP is administered by the person or persons appointed by the Company’s board of directors for such purpose. The ESPP initially provides participating employees with the opportunity to purchase up to an aggregate of 278,762 shares of common stock. The number of shares of common stock reserved for issuance under the ESPP will automatically increase on January 1st of each year beginning in 2022 and continuing through and including 2031 by the least of (i) 1% of the outstanding number of shares of our common stock of the immediately preceding December, (ii) 557,524 shares or (iii) such number of shares as determined by the ESPP administrator.

Initial Public Offering

In November 2021, the Company completed its IPO in which the Company issued and sold 10,436,250 of its common stock, including 1,361,250 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $20.00 per share, for aggregate gross proceeds of $208.7 million. The Company received approximately $190.9 million in net proceeds after deducting underwriting discounts and estimated offering expenses payable by the Company. In connection with the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock then automatically converted into 19,185,183 shares of the Company’s common stock at the applicable conversion ratio then in effect. Subsequent to the closing of the IPO, there were no shares of redeemable convertible preferred stock outstanding.