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Equity Incentive Plans (Tables) | 9 Months Ended
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Sep. 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 |  |  | 1,375,700 |  |  |  | 17.09 |  |  |  |  |  |  |
Forfeited/cancelled |  |  | (763,040 | ) |  |  | 6.97 |  |  |  |  |  |  |
Exercised/released |  |  | (581,539 | ) |  |  | 0.74 |  |  |  |  |  |  |
Balances as of September 30, 2022 |  |  | 5,028,066 |  |  | $ | 9.54 |  |  |  | 8.0 |  |  | $ | 8,138 |
Vested and exercisable as of September 30, 2022 |  |  | 2,188,978 |  |  | $ | 6.20 |  |  |  | 6.9 |  |  | $ | 6,437 |
Vested and expected to vest as of September 30, 2022 |  |  | 5,028,066 |  |  | $ | 9.54 |  |  |  | 8.0 |  |  | $ | 8,138 |
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,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Expected term (in years) |  | 5.91 – 6.06 |  | 5.90 – 6.07 |  | 5.38 – 6.94 |  | 5.00 – 6.08
Expected volatility |  | 64.12% – 64.61% |  | 60.33% – 60.68% |  | 58.74% – 64.61% |  | 56.75% – 60.81%
Risk-free interest rate |  | 3.25% – 3.97% |  | 0.95% – 1.16% |  | 1.34% – 3.97% |  | 0.48% – 1.16%
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 |  |  | 767,323 |  |  |  | 15.39 |
Forfeited/cancelled |  |  | (114,985 | ) |  |  | 17.62 |
Vested |  |  | (4,715 | ) |  |  | 21.27 |
Outstanding, September 30, 2022 |  |  | 700,873 |  |  | $ | 15.54 |
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, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Cost of goods sold |  | $ | 39 |  |  | $ | 22 |  |  | $ | 117 |  |  | $ | 46 |
Research and development |  |  | 259 |  |  |  | 169 |  |  |  | 1,012 |  |  |  | 307 |
Selling, general and administrative |  |  | 2,925 |  |  |  | 1,708 |  |  |  | 8,600 |  |  |  | 2,754 |
Total stock-based compensation expense |  | $ | 3,223 |  |  | $ | 1,899 |  |  | $ | 9,729 |  |  | $ | 3,107 |
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 and nine-months ended September 30, 2022:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2022 |
Expected term (in years) |  | 0.50 |  | 0.50 |
Expected volatility |  | 76.50% |  | 76.50% |
Risk-free interest rate |  | 1.51% |  | 1.51% |
Dividend yield |  | – |  | – |

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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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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