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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, 20231,443,946 
Authorized1,252,287 
Granted/Awarded(2,758,399)
Canceled1,322,669 
Withheld for taxes53,999 
Shares available for grant as of December 31, 2023
1,314,502 
Authorized1,391,173 
Granted/Awarded(1,157,793)
Canceled587,813 
Withheld for taxes65,317 
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 SharesWeighted-Average Exercise PriceWeighted Average Remaining Contractual Term (in Years)
Balances as of January 1, 20233,446,583 $3.61 8.06
Granted695,225 $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
Granted510,654 $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)0.50.5
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 UnitsWeighted Average Grant Date Fair Value
Unvested, January 1, 20231,756,209 $10.15 
Granted2,063,174 $4.77 
Vested(728,986)$9.76 
Canceled(659,594)$7.14 
Unvested, December 31, 2023
2,430,803 $6.52 
Granted647,139 $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 development3,270 2,749 
Selling, general and administrative6,289 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 
ESPP537 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—%—%