XML 54 R31.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Stock Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule 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, 2023 | 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 |
Authorized | 1,391,173 |
Granted/Awarded | (1,157,793) |
Canceled | 587,813 |
Withheld for taxes | 65,317 |
Shares available for grant as of December 31, 2024 | 2,201,012 |
Schedule of Stock Option Activity | A summary of stock option activity for the years ended December 31, 2024 and 2023 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, 2023 | 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
Granted | 510,654 |  |  | $ | 12.04 |  |  |
Exercised | (556,718) |  |  | $ | 1.45 |  |  |
Canceled | (174,493) |  |  | $ | 15.89 |  |  |
Balances as of December 31, 2024 | 2,368,208 |  |  | $ | 6.01 |  |  | 7.27
Vested and exercisable at December 31, 2024 | 1,568,345 |  |  | $ | 4.51 |  |  | 6.49
Vested and expected to vest at December 31, 2024 | 2,368,208 |  |  | $ | 6.01 |  |  | 7.27
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,
| 2024 |  | 2023
Expected term (in years) | 0.5 |  | 0.5
Expected volatility | 76% - 78% |  | 63% - 90%
Weighted average risk-free interest rate | 4.34% - 5.40% |  | 5.36% - 5.43%
Fair value of common stock | $6.47 - $10.95 |  | $4.20 - $8.49
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, 2023 | 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 |
Granted | 647,139 |  |  | $ | 13.00 |
Vested | (1,184,284) |  |  | $ | 6.65 |
Canceled | (413,320) |  |  | $ | 7.68 |
Unvested, December 31, 2024 | 1,480,338 |  |  | $ | 8.92 |
Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount | The Company recognized stock-based compensation as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023
Cost of goods sold | $ | 723 |  |  | $ | 606 |
Research and development | 3,270 |  |  | 2,749 |
Selling, general and administrative | 6,289 |  |  | 6,203 |
Total stock-based compensation | $ | 10,282 |  |  | $ | 9,558 |
The above stock-based compensation expense related to the following equity-based awards (in thousands):
| Year Ended December 31,
| 2024 |  | 2023
Stock options and restricted stock units | $ | 9,745 |  |  | $ | 9,271 |
ESPP | 537 |  |  | 287 |
Total stock-based compensation | $ | 10,282 |  |  | $ | 9,558 |
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, 2024 and December 31, 2023:
| Year Ended December 31,
| 2024 |  | 2023
Expected term (in years) | 5.27 - 6.25 |  | 5.27 - 6.25
Expected volatility | 71% - 78% |  | 60% - 63%
Weighted average risk-free interest rate | 3.62% - 4.64% |  | 3.74% - 3.94%
Fair value of common stock | $6.00 - $17.11 |  | $1.54 - $4.50
Dividend yield | —% |  | —%

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardEmployeeStockPurchasePlanValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration