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Equity Incentive Plans (Tables) | 6 Months Ended
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Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of Stock Option Activity | The following table summarizes stock option activity under the 2021 Plan:
|  | Number of Shares |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Contractual Term (in years) |  |  | Average Intrinsic Value (in thousands) |
Balances as of December 31, 2021 |  |  | 4,996,945 |  |  | $ | 6.05 |  |  |  | 7.6 |  |  | $ | 58,420 |
Grants |  |  | 1,352,900 |  |  |  | 17.27 |  |  |  |  |  |  |
Forfeited/cancelled |  |  | (322,794 | ) |  |  | 1.30 |  |  |  |  |  |  |
Exercised/released |  |  | (317,360 | ) |  |  | 0.76 |  |  |  |  |  |  |
Balances as of June 30, 2022 |  |  | 5,709,691 |  |  | $ | 9.27 |  |  |  | 8.1 |  |  | $ | 15,844 |
Vested and exercisable as of June 30, 2022 |  |  | 2,169,525 |  |  | $ | 4.93 |  |  |  | 6.8 |  |  | $ | 11,389 |
Vested and expected to vest as of June 30, 2022 |  |  | 5,679,691 |  |  | $ | 9.32 |  |  |  | 8.2 |  |  | $ | 15,577 |
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,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Expected term (in years) |  | 5.98 – 6.04 |  | 5.74 – 6.18 |  | 5.38 – 6.94 |  | 4.99 – 6.18
Expected volatility |  | 58.74% – 59.24% |  | 59.93% – 61.07% |  | 58.74% – 60.12% |  | 56.75% – 61.08%
Risk-free interest rate |  | 2.82% – 3.14% |  | 0.95% – 1.05% |  | 1.34% – 3.14% |  | 0.48% – 1.05%
Dividend yield |  | – |  | – |  | – |  | –
Share-based Payment Arrangement, Restricted Stock Unit, Activity | The following table summarizes restricted share award activity under the 2021 Plan:
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value Per Share |
Outstanding, December 31, 2021 |  |  | 53,250 |  |  | $ | 22.91 |
Grants |  |  | 730,023 |  |  |  | 15.83 |
Forfeited/cancelled |  |  | (14,700 | ) |  |  | 17.63 |
Vested |  |  | (1,975 | ) |  |  | 17.41 |
Outstanding, June 30, 2022 |  |  | 766,598 |  |  | $ | 16.28 |
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, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Cost of goods sold |  | $ | 42 |  |  | $ | 17 |  |  | $ | 78 |  |  | $ | 24 |
Research and development |  |  | 410 |  |  |  | 101 |  |  |  | 753 |  |  |  | 138 |
Selling, general and administrative |  |  | 3,080 |  |  |  | 813 |  |  |  | 5,675 |  |  |  | 1,046 |
Total stock-based compensation expense |  | $ | 3,532 |  |  | $ | 931 |  |  | $ | 6,506 |  |  | $ | 1,208 |
2021 Employee Stock Purchase Plan |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options | The fair value of shares to be issued under the Company's 2021 ESPP was estimated using the Black-Scholes valuation model with the following assumptions for the three-months ended June 30, 2022:
|  | Three Months Ended June 30, |
|  | 2022 |
Expected term (in years) |  | 0.50 |
Expected volatility |  | 76.50% |
Risk-free interest rate |  | 1.51% |
Dividend yield |  | – |

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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=122041274&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 of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + 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 (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + 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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