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Stock Plans (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Available for Grant
A summary of shares available for grant under the 2021 Plan is as follows:
Shares Available for Grant
Shares available for grant as of January 1, 2021818,889 
Authorized2,900,000 
Retired(485,581)
Granted/Awarded(1,218,021)
Canceled117,463 
Shares available for grant as of December 31, 20212,132,750 
Authorized1,222,649 
Granted/Awarded(2,260,197)
Canceled340,308 
Withheld for taxes8,436 
Shares available for grant as of December 31, 20221,443,946 
Summary of Stock Option Activity A summary of stock option activity for the years ended December 31, 2022 and 2021 is set forth below:
Options Outstanding
Number of SharesWeighted-Average Exercise PriceWeighted Average Remaining Contractual Term (in Years)
Balances as of January 1, 20212,835,265 $0.03 9.57
Granted588,980 $13.40 
Exercised(300,768)$0.03 
Canceled(84,507)$0.48 
Balances as of December 31, 2021
3,038,970 $2.61 8.83
Granted690,218 $7.83 
Exercised(157,447)$0.03 
Canceled(125,158)$6.99 
Balances at December 31, 2022
3,446,583 $3.61 8.06
Vested and exercisable at December 31, 2022
1,682,772 $2.13 7.76
Vested and expected to vest at December 31, 2022
3,446,583 $3.61 8.06
Schedule of Restricted Stock Units Activity with respect to restricted stock units, or RSUs, was as follows:
Number of Shares Underlying Outstanding Restricted Stock UnitsWeighted Average Grant Date Fair Value
Unvested, January 1, 2021— $— 
Granted629,041 $22.14 
Canceled(32,956)$23.58 
Unvested, December 31, 2021596,085 $22.06 
Granted1,569,979 $7.72 
Vested(194,705)$22.78 
Canceled(215,150)$13.95 
Unvested, December 31, 20221,756,209 $10.15 
Share-based Payment Arrangement, Expensed and Capitalized, Amount
The Company recognized stock-based compensation as follows (in thousands):
Year Ended December 31,
2022
2021
Cost of goods sold$518 $270 
Research and development2,304 1,227 
Selling, general and administrative5,527 2,791 
Total stock-based compensation$8,349 $4,288 
The above stock-based compensation expense related to the following equity-based awards (in thousands):
Year Ended December 31,
2022
2021
Stock options and restricted stock units$7,949 $3,128 
ESPP400 1,160 
Total stock-based compensation$8,349 $4,288 
Schedule of Employee Stock Options, Valuation Assumptions The fair value of employee stock options was estimated using the following assumptions for the years ended December 31, 2022 and December 31, 2021:
Year Ended December 31,
2022
2021
Expected term (in years)
5.27 - 6.25
6.00 - 6.25
Expected volatility
50% - 52%
50% - 53%
Weighted average risk-free interest rate
1.79% - 3.56%
0.59% - 1.33%
Fair value of common stock
$6.30 - $8.15
$0.40 - $21.67
Dividend yield—%—%