XML 34 R24.htm IDEA: XBRL DOCUMENT v3.23.2
Equity Incentive Plans (Tables)
 6 Months Ended
Jun. 30, 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

 

 

745,800

 

 

 

9.81

 

 

 

 

 

 

 

Forfeited/cancelled

 

 

(591,416

)

 

 

12.49

 

 

 

 

 

 

 

Exercised/released

 

 

(104,646

)

 

 

1.52

 

 

 

 

 

 

 

Balances as of June 30, 2023

 

 

4,869,644

 

 

$

9.54

 

 

 

7.4

 

 

$

9,721

 

Vested and exercisable as of June 30, 2023

 

 

2,552,922

 

 

$

7.49

 

 

 

6.4

 

 

$

8,480

 

Vested and expected to vest as of June 30, 2023

 

 

4,869,644

 

 

$

9.54

 

 

 

7.4

 

 

$

9,721

 
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,

 

 

2023

 

2022

 

2023

 

2022

Expected term (in years)

 

6.03 – 6.07

 

5.98 – 6.04

 

5.60 – 6.07

 

5.38 – 6.94

Expected volatility

 

78.53% – 79.60%

 

58.74% – 59.24%

 

78.53% – 79.73%

 

58.74% – 60.12%

Risk-free interest rate

 

3.48% – 3.65%

 

2.82% – 3.14%

 

3.48% – 3.67%

 

1.34% – 3.14%

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

 

 

1,298,236

 

 

 

9.71

 

Forfeited/cancelled

 

 

(236,092

)

 

 

12.66

 

Vested

 

 

(169,832

)

 

 

14.56

 

Outstanding, June 30, 2023

 

 

1,906,435

 

 

$

11.32

 
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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Cost of goods sold

 

$

71

 

 

$

42

 

 

$

130

 

 

$

78

 

Research and development

 

 

587

 

 

 

410

 

 

 

1,115

 

 

 

753

 

Selling, general and administrative

 

 

3,084

 

 

 

3,080

 

 

 

6,020

 

 

 

5,675

 

Total stock-based compensation expense

 

$

3,742

 

 

$

3,532

 

 

$

7,265

 

 

$

6,506

 
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 six months ended June 30, 2023:

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

2023

 

2022

 

2023

 

2022

Expected term (in years)

 

0.48 – 0.50

 

0.50

 

0.48 – 0.50

 

0.50

Expected volatility

 

66.72% – 97.38%

 

76.50%

 

66.72% – 97.38%

 

76.50%

Risk-free interest rate

 

4.62% – 5.32%

 

1.51%

 

4.62% – 5.32%

 

1.51%

Dividend yield

 

–

 

–

 

–

 

–