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Equity Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2023

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 during the periods presented:

		Number of Shares				Weighted-Average Exercise Price				Weighted-Average Contractual  Term (in years)				Average Intrinsic Value (in thousands)
Balances as of December 31, 2022			4,819,906			$	9.67				7.7			$	19,463
Grants			633,700				9.78
Forfeited/cancelled			(309,914	)			12.71
Exercised/released			(47,736	)			1.07
Balances as of March 31, 2023			5,095,956			$	9.60				7.5			$	10,891
Vested and exercisable as of March 31, 2023			2,508,970			$	7.32				6.2			$	9,076
Vested and expected to vest as of March 31, 2023			5,095,956			$	9.60				7.5			$	10,891

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 March 31,
		2023		2022
Expected term (in years)		5.60 – 6.02		5.38 – 6.94
Expected volatility		79.73%		58.75% – 60.12%
Risk-free interest rate		3.66% – 3.67%		1.34% – 2.40%
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, 2022			1,014,123			$	14.25
Grants			984,600				9.78
Forfeited/cancelled			(52,367	)			15.47
Vested			(106,032	)			17.07
Outstanding, March 31, 2023			1,840,324			$	11.66

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 March 31,
		2023				2022
Cost of goods sold		$	59			$	36
Research and development			529				343
Selling, general and administrative			2,935				2,595
Total stock-based compensation expense		$	3,523			$	2,974

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 March 31, 2023:

		Three Months Ended March 31,
		2023
Expected term (in years)		0.48
Expected volatility		97.38%
Risk-free interest rate		4.62%
Dividend yield		–

X

- 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.

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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.

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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.

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