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Stock-Based Incentive Compensation Plans (Tables) | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Available for Grant | A summary of shares available for grant under the Company’s 2021 Equity Incentive Plan, or the 2021 Plan, is as follows:
| Shares Available for Grant
Shares available for grant as of January 1, 2022 | 2,132,750 |
Authorized | 1,222,649 |
Granted/Awarded | (2,219,220) |
Cancelled | 239,914 |
Withheld for taxes | 7,039 |
Shares available for grant as of September 30, 2022 | 1,383,132 |
Summary of Stock Option Activity | A summary of stock option activity for the nine months ended September 30, 2022 is set forth below:
| Options Outstanding
| Number of Shares |  | Weighted-Average Exercise Price |  | Weighted Average Remaining Contractual Term (in Years)
Balances as of January 1, 2022 | 3,038,970 |  |  | $ | 2.61 |  |  | 8.83
Granted | 690,218 |  |  | $ | 7.83 |  |  |
Exercised | (129,200) |  |  | $ | 0.03 |  |  |
Cancelled | (93,232) |  |  | $ | 7.69 |  |  |
Balances at September 30, 2022 | 3,506,756 |  |  | $ | 3.59 |  |  | 8.36
Vested and exercisable at September 30, 2022 | 1,518,126 |  |  | $ | 1.94 |  |  | 8.03
Vested and expected to vest at September 30, 2022 | 3,506,756 |  |  | $ | 3.59 |  |  | 8.36
Schedule of Restricted Stock Units | Activity with respect to restricted stock units was as follows:
| Number of Shares Underlying Outstanding Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Unvested, January 1, 2022 | 596,085 |  |  | $ | 22.06 |
Granted | 1,529,002 |  |  | $ | 7.89 |
Vested | (156,196) |  |  | $ | 23.52 |
Cancelled | (146,682) |  |  | $ | 14.68 |
Unvested, September 30, 2022 | 1,822,209 |  |  | $ | 10.64 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | The Company recognized stock-based compensation as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Cost of goods sold | $ | 129 |  |  | $ | 93 |  |  | $ | 402 |  |  | $ | 134 |
Research and development | 563 |  |  | 348 |  |  | 1,751 |  |  | 694 |
Selling, general and administrative | 1,490 |  |  | 666 |  |  | 4,120 |  |  | 1,584 |
Total stock-based compensation | $ | 2,182 |  |  | $ | 1,107 |  |  | $ | 6,273 |  |  | $ | 2,412 |
The above stock-based compensation expense related to the following equity-based awards (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Stock options and restricted stock units | $ | 2,054 |  |  | $ | 714 |  |  | $ | 5,897 |  |  | $ | 1,839 |
ESPP | 128 |  |  | 393 |  |  | 376 |  |  | 573 |
Total stock-based compensation | $ | 2,182 |  |  | $ | 1,107 |  |  | $ | 6,273 |  |  | $ | 2,412 |

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