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Stock-Based Incentive Compensation Plans (Tables) | 9 Months Ended
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Sep. 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 | (1,073,758) |
Cancelled | 527,313 |
Withheld for taxes | 56,006 |
Shares available for grant as of September 30, 2024 | 2,215,236 |
Schedule of Stock Option Activity | A summary of stock option activity for the nine months ended September 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 | 487,654 |  |  | $ | 12.33 |  |  |
Exercised | (519,314) |  |  | $ | 1.56 |  |  |
Cancelled | (142,689) |  |  | $ | 14.67 |  |  |
Balances at September 30, 2024 | 2,414,416 |  |  | $ | 6.12 |  |  | 7.37
Vested and exercisable at September 30, 2024 | 1,548,358 |  |  | $ | 4.67 |  |  | 6.50
Vested and expected to vest at September 30, 2024 | 2,414,416 |  |  | $ | 6.12 |  |  | 7.37
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 | 586,104 |  |  | $ | 13.45 |
Vested | (983,744) |  |  | $ | 6.45 |
Cancelled | (384,624) |  |  | $ | 7.61 |
Unvested, September 30, 2024 | 1,648,539 |  |  | $ | 8.77 |
Schedule of 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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Cost of goods sold | $ | 180 |  |  | $ | 155 |  |  | $ | 539 |  |  | $ | 449 |
Research and development | 816 |  |  | 751 |  |  | 2,421 |  |  | 1,984 |
Selling, general and administrative | 1,595 |  |  | 1,515 |  |  | 4,719 |  |  | 4,768 |
Total stock-based compensation | $ | 2,591 |  |  | $ | 2,421 |  |  | $ | 7,679 |  |  | $ | 7,201 |
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,
| 2024 |  | 2023 |  | 2024 |  | 2023
Stock options and restricted stock units | $ | 2,462 |  |  | $ | 2,333 |  |  | $ | 7,284 |  |  | $ | 7,010 |
ESPP | 129 |  |  | 88 |  |  | 395 |  |  | 191 |
Total stock-based compensation | $ | 2,591 |  |  | $ | 2,421 |  |  | $ | 7,679 |  |  | $ | 7,201 |

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