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Equity Incentive Plan (Tables)

9 Months Ended

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