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Equity Incentive Plans (Tables)

6 Months Ended

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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