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Stock Option Plan (Tables) | 6 Months Ended
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Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Summary of Stock Option Activity | The following tables summarize the Company’s stock option activity for the three months ended June 30, 2021:
|  |  |  |  | Options Outstanding |
|  | Shares Available for Grant |  |  | Number of Options |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Contractual Term (in years) |  |  | Average Intrinsic Value (in thousands) |
Balances as of December 31, 2020 |  |  | 451,670 |  |  |  | 3,137,776 |  |  | $ | 0.94 |  |  |  | 6.8 |  |  | $ | 18,656 |
Additional shares reserved |  |  | 2,060,000 |  |  |  |  |  |  |  |  |  |  |  |  |
Options granted |  |  | (2,339,000 | ) |  |  | 2,339,000 |  |  |  | 10.56 |  |  |  |  |  |  |
Options forfeited/cancelled |  |  | 68,190 |  |  |  | (68,190 | ) |  |  | 2.21 |  |  |  |  |  |  |
Options exercised |  |  |  |  |  | (222,850 | ) |  |  | 0.94 |  |  |  |  |  |  |
Balances as of June 30, 2021 |  |  | 240,860 |  |  |  | 5,185,736 |  |  | $ | 5.26 |  |  |  | 7.8 |  |  | $ | 39,934 |
Vested and exercisable as of June 30, 2021 |  |  |  |  |  | 1,841,606 |  |  | $ | 0.75 |  |  |  | 5.0 |  |  | $ | 18,337 |
Vested and expected to vest as of June 30, 2021 |  |  |  |  |  | 5,155,736 |  |  | $ | 5.29 |  |  |  | 8.0 |  |  | $ | 39,625 |
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options | The fair value of stock options was estimated using the following weighted-average assumptions:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Expected term (in years) |  | 5.74 – 6.18 |  | 5.85 – 6.08 |  | 4.99 – 6.18 |  | 5.85 – 6.08
Expected volatility |  | 59.9% – 61.1% |  | 53.9% – 54.7% |  | 56.7% – 61.1% |  | 48.3% – 54.7%
Risk-free interest rate |  | 0.95% – 1.05% |  | 0.33% – 0.56% |  | 0.48% – 1.05% |  | 0.33% – 1.77%
Dividend yield |  | – |  | – |  | – |  | –
Summary of Stock-Based Compensation Expense by Function | The following is a summary of stock-based compensation expense by function (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Cost of goods sold |  | $ | 17 |  |  | $ | 4 |  |  | $ | 24 |  |  | $ | 5 |
Research and development |  |  | 101 |  |  |  | 14 |  |  |  | 138 |  |  |  | 23 |
Selling, general and administrative |  |  | 813 |  |  |  | 47 |  |  |  | 1,046 |  |  |  | 98 |
Total stock-based compensation expense |  | $ | 931 |  |  | $ | 65 |  |  | $ | 1,208 |  |  | $ | 126 |

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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