Common Stock

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Common Stock

8. Common Stock

Each share of common stock entitles the holder to one vote for each share of common stock held. Common stockholders are entitled to receive dividends, as may be declared by the Company’s Board. During each of the three and six months ended June 30, 2022 and the three and six months ended June 30, 2021, no dividends have been declared or paid.

Initial Public Offering

In January 2022, the Company completed its initial public offering (“IPO”) of its common stock. In connection with its IPO, the Company issued and sold 7,000,000 shares of its common stock, at a price to the public of $14.00 per share. As a result of the IPO, the Company received $88.0 million in net proceeds, after deducting underwriting discounts and commissions and offering costs of $10.0 million.

Upon the closing of the IPO, 54,179,688 shares of outstanding convertible preferred stock were automatically converted into 19,536,870 shares of common stock, after the effect of the one-for-2.7732 reverse stock split, with the related carrying value of $161.9 million reclassified to common stock and additional paid-in capital. In connection with the IPO, the Company amended and restated its certificate of incorporation to change the authorized capital stock to 150,000,000 shares designated as common stock and 10,000,000 shares designated as preferred stock, all with a par value of $0.0001 per share.

The Company has reserved the following number of shares of common stock for the exercise of outstanding stock options and future issuance of stock-based awards.

	June 30, 2022		December 31, 2021
Common stock options		4,373,298		3,089,065
Shares available for issuance under the 2020 Plan		—		276,261
Shares available for issuance under the 2021 Plan		1,855,252		3,145,281
Shares available for issuance under the 2021 ESPP		286,127		286,127
Series A convertible preferred stock outstanding		—		10,285,087
Series B convertible preferred stock outstanding		—		9,251,793
Total common stock reserved for future issuance		6,514,677		26,333,614