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Stock-Based Incentive Compensation Plans (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule 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, 2024 | 1,314,502 |
Authorized | 1,391,173 |
Granted/Awarded | (910,445) |
Cancelled | 449,581 |
Withheld for taxes | 46,774 |
Shares available for grant as of June 30, 2024 | 2,291,585 |
Schedule of Stock Option Activity | A summary of stock option activity for the six months ended June 30, 2024 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, 2024 | 2,588,765 |  |  | $ | 4.51 |  |  | 7.17
Granted | 400,284 |  |  | $ | 13.45 |  |  |
Exercised | (504,053) |  |  | $ | 1.54 |  |  |
Cancelled | (109,411) |  |  | $ | 12.59 |  |  |
Balances at June 30, 2024 | 2,375,585 |  |  | $ | 6.27 |  |  | 7.68
Vested and exercisable at June 30, 2024 | 1,389,902 |  |  | $ | 5.09 |  |  | 6.76
Vested and expected to vest at June 30, 2024 | 2,375,585 |  |  | $ | 6.27 |  |  | 7.68
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, 2024 | 2,430,803 |  |  | $ | 6.52 |
Granted | 510,161 |  |  | $ | 14.38 |
Vested | (765,001) |  |  | $ | 6.21 |
Cancelled | (340,170) |  |  | $ | 7.43 |
Unvested, June 30, 2024 | 1,835,793 |  |  | $ | 8.66 |
Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount | The Company recognized stock-based compensation as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of goods sold | $ | 197 |  |  | $ | 148 |  |  | $ | 359 |  |  | $ | 294 |
Research and development | 796 |  |  | 733 |  |  | 1,605 |  |  | 1,233 |
Selling, general and administrative | 1,555 |  |  | 1,774 |  |  | 3,124 |  |  | 3,253 |
Total stock-based compensation | $ | 2,548 |  |  | $ | 2,655 |  |  | $ | 5,088 |  |  | $ | 4,780 |
The above stock-based compensation expense related to the following equity-based awards (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Stock options and restricted stock units | $ | 2,418 |  |  | $ | 2,606 |  |  | $ | 4,822 |  |  | $ | 4,677 |
ESPP | 130 |  |  | 49 |  |  | 266 |  |  | 103 |
Total stock-based compensation | $ | 2,548 |  |  | $ | 2,655 |  |  | $ | 5,088 |  |  | $ | 4,780 |

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