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Stock Option Plan (Tables)

6 Months Ended

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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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.

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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.

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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.

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