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Stock Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
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, 2022 | 2,132,750 |
Authorized | 1,222,649 |
Granted/Awarded | (2,260,197) |
Canceled | 340,308 |
Withheld for taxes | 8,436 |
Shares available for grant as of December 31, 2022 | 1,443,946 |
Authorized | 1,252,287 |
Granted/Awarded | (2,758,399) |
Canceled | 1,322,669 |
Withheld for taxes | 53,999 |
Shares available for grant as of December 31, 2023 | 1,314,502 |
Summary of Stock Option Activity | A summary of stock option activity for the years ended December 31, 2023 and 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 | (157,447) |  |  | $ | 0.03 |  |  |
Canceled | (125,158) |  |  | $ | 6.99 |  |  |
Balances as of December 31, 2022 | 3,446,583 |  |  | $ | 3.61 |  |  | 8.06
Granted | 695,225 |  |  | $ | 3.85 |  |  |
Exercised | (889,968) |  |  | $ | 0.17 |  |  |
Canceled | (663,075) |  |  | $ | 5.00 |  |  |
Balances as of December 31, 2023 | 2,588,765 |  |  | $ | 4.51 |  |  | 7.17
Vested and exercisable at December 31, 2023 | 1,623,869 |  |  | $ | 4.22 |  |  | 6.28
Vested and expected to vest at December 31, 2023 | 2,588,765 |  |  | $ | 4.51 |  |  | 7.17
Schedule of Employee Stock Purchase Plan | Compensation expense is calculated using the fair value of the employees' purchase rights under the Black-Scholes model, which was estimated using the following assumptions:
| Year Ended December 31,
| 2023 |  | 2022
Expected term (in years) | 0.5 |  | 0.5
Expected volatility | 63% - 90% |  | 65% - 67%
Weighted average risk-free interest rate | 5.36% - 5.43% |  | 1.75% - 4.72%
Fair value of common stock | $4.20 - $8.49 |  | $1.72 - $6.14
Dividend yield | —% |  | —%
Schedule of Restricted Stock Units | Activity with respect to restricted stock units, or RSUs, 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 | 1,569,979 |  |  | $ | 7.72 |
Vested | (194,705) |  |  | $ | 22.78 |
Canceled | (215,150) |  |  | $ | 13.95 |
Unvested, December 31, 2022 | 1,756,209 |  |  | $ | 10.15 |
Granted | 2,063,174 |  |  | $ | 4.77 |
Vested | (728,986) |  |  | $ | 9.76 |
Canceled | (659,594) |  |  | $ | 7.14 |
Unvested, December 31, 2023 | 2,430,803 |  |  | $ | 6.52 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | The Company recognized stock-based compensation as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022
Cost of goods sold | $ | 606 |  |  | $ | 518 |
Research and development | 2,749 |  |  | 2,304 |
Selling, general and administrative | 6,203 |  |  | 5,527 |
Total stock-based compensation | $ | 9,558 |  |  | $ | 8,349 |
The above stock-based compensation expense related to the following equity-based awards (in thousands):
| Year Ended December 31,
| 2023 |  | 2022
Stock options and restricted stock units | $ | 9,271 |  |  | $ | 7,949 |
ESPP | 287 |  |  | 400 |
Total stock-based compensation | $ | 9,558 |  |  | $ | 8,349 |
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, 2023 and December 31, 2022:
| Year Ended December 31,
| 2023 |  | 2022
Expected term (in years) | 5.27 - 6.25 |  | 5.27 - 6.25
Expected volatility | 60% - 63% |  | 50% - 52%
Weighted average risk-free interest rate | 3.74% - 3.94% |  | 1.79% - 3.56%
Fair value of common stock | $1.54 - $4.50 |  | $6.30 - $8.15
Dividend yield | —% |  | —%

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