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Equity Incentive Plan (Tables) | 9 Months Ended
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Sep. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] |
Summary of Stock Option Activity | Activity under the 2011 Plan and 2021 Plan is set forth below:
|  | Shares Available for Grant |  |  | Number of Shares |  |  | 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 |  |  | 7,260,000 |  |  |  |  |  |  |  |  |  |  |  |  |
Grants |  |  | (2,487,203 | ) |  |  | 2,487,203 |  |  |  | 11.13 |  |  |  |  |  |  |
Forfeited/cancelled |  |  | 107,128 |  |  |  | (107,128 | ) |  |  | 2.89 |  |  |  |  |  |  |
Exercised/released |  |  |  |  |  | (264,882 | ) |  |  | 1.01 |  |  |  |  |  |  |
Balances as of September 30, 2021 |  |  | 5,331,595 |  |  |  | 5,252,969 |  |  | $ | 5.72 |  |  |  | 7.6 |  |  | $ | 89,340 |
Vested and exercisable as of September 30, 2021 |  |  |  |  |  | 2,054,954 |  |  | $ | 1.46 |  |  |  | 5.2 |  |  | $ | 43,650 |
Vested and expected to vest as of September 30, 2021 |  |  |  |  |  | 5,222,969 |  |  | $ | 5.75 |  |  |  | 7.7 |  |  | $ | 88,662 |
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 September 30, |  | Nine Months Ended September 30,
|  | 2021 |  | 2020 |  | 2021 |  | 2020
Expected term (in years) |  | 5.90 – 6.07 |  | 6.02 |  | 5.00 – 6.08 |  | 5.85 – 6.09
Expected volatility |  | 60.3% – 60.7% |  | 55.6% |  | 56.8% – 60.8% |  | 48.3% – 55.6%
Risk-free interest rate |  | 0.95% – 1.16% |  | 0.34% |  | 0.48% – 1.16% |  | 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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Cost of goods sold |  | $ | 22 |  |  | $ | 6 |  |  | $ | 46 |  |  | $ | 11 |
Research and development |  |  | 169 |  |  |  | 28 |  |  |  | 307 |  |  |  | 51 |
Selling, general and administrative |  |  | 1,708 |  |  |  | 131 |  |  |  | 2,754 |  |  |  | 229 |
Total stock-based compensation expense |  | $ | 1,899 |  |  | $ | 165 |  |  | $ | 3,107 |  |  | $ | 291 |

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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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