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Equity Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Stock Option Activity

 

 

Number of
Shares

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average
Contractual
 Term (in years)

 

 

Average Intrinsic Value
(in thousands)

 

Outstanding, December 31, 2020

 

 

3,137,776

 

 

$

0.94

 

 

 

6.8

 

 

$

18,656

 

Grants

 

 

2,487,253

 

 

 

11.35

 

 

 

 

 

 

 

Forfeited/cancelled

 

 

(150,520

)

 

 

3.77

 

 

 

 

 

 

 

Exercised

 

 

(477,564

)

 

 

0.78

 

 

 

 

 

 

 

Outstanding, December 31, 2021

 

 

4,996,945

 

 

$

6.05

 

 

 

7.6

 

 

$

58,420

 

Vested and exercisable as of December 31, 2021

 

 

2,098,249

 

 

$

2.22

 

 

 

5.6

 

 

$

32,268

 

Vested and expected to vest as of December 31, 2021

 

 

4,963,575

 

 

$

6.09

 

 

 

7.6

 

 

$

57,895

 

Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options

The Company estimated the fair value of stock options using the Black-Scholes option-pricing model. The fair value of stock options is recognized on a straight-line basis over the requisite service periods of the awards. The fair value of stock options was estimated using the following weighted-average assumptions:

 

 

Years ended December 31,

 

 

2021

 

2020

Expected term (in years)

 

4.99 – 6.18

 

5.85-6.08

Expected volatility

 

56.74% – 61.08%

 

48.27%-55.64%

Risk-free interest rate

 

0.47% – 1.33%

 

0.33%-1.77%

Dividend yield

 

 

Summary of restricted share award activity

The following table summarizes restricted share award activity:

 

 

Number of
Shares

 

 

Weighted-Average Grant Date Fair Value Per Share

 

Outstanding, December 31, 2020

 

 

 

 

$

 

Grants

 

 

53,250

 

 

 

22.91

 

Forfeited/cancelled

 

 

 

 

 

 

Vested

 

 

 

 

 

 

Outstanding, December 31, 2021

 

 

53,250

 

 

$

22.91

 

 

Summary of Stock-Based Compensation Expense by Function

The following is a summary of stock-based compensation expense by function (in thousands):

 

 

Years Ended December 31,

 

 

 

2021

 

 

2020

 

Cost of goods sold

 

$

71

 

 

$

20

 

Research and development

 

 

495

 

 

 

84

 

Selling, general and administrative

 

 

4,517

 

 

 

393

 

Total stock-based compensation expense

 

$

5,083

 

 

$

497