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Equity Incentive Plans (Tables)
 9 Months Ended
Sep. 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

 

 

755,499

 

 

 

9.79

 

 

 

 

 

 

 

Forfeited/cancelled

 

 

(704,631

)

 

 

12.45

 

 

 

 

 

 

 

Exercised/released

 

 

(165,384

)

 

 

1.68

 

 

 

 

 

 

 

Balances as of September 30, 2023

 

 

4,705,390

 

 

$

9.57

 

 

 

7.2

 

 

$

2,810

 

Vested and exercisable as of September 30, 2023

 

 

2,671,146

 

 

$

7.79

 

 

 

6.3

 

 

$

2,627

 

Vested and expected to vest as of September 30, 2023

 

 

4,705,390

 

 

$

9.57

 

 

 

7.2

 

 

$

2,810

 
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,

 

 

2023

 

2022

 

2023

 

2022

Expected term (in years)

 

5.99 – 6.01

 

5.91 – 6.06

 

5.60 – 6.07

 

5.38 – 6.94

Expected volatility

 

79.82%

 

64.12% – 64.61%

 

78.53% – 79.82%

 

58.74% – 64.61%

Risk-free interest rate

 

4.04%

 

3.25% – 3.97%

 

3.48% – 4.04%

 

1.34% – 3.97%

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

 

 

1,319,033

 

 

 

9.69

 

Forfeited/cancelled

 

 

(297,892

)

 

 

12.37

 

Vested

 

 

(181,607

)

 

 

14.41

 

Outstanding, September 30, 2023

 

 

1,853,657

 

 

$

11.27

 
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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Cost of goods sold

 

$

77

 

 

$

39

 

 

$

206

 

 

$

117

 

Research and development

 

 

549

 

 

 

259

 

 

 

1,664

 

 

 

1,012

 

Selling, general and administrative

 

 

3,231

 

 

 

2,925

 

 

 

9,251

 

 

 

8,600

 

Total stock-based compensation expense

 

$

3,856

 

 

$

3,223

 

 

$

11,121

 

 

$

9,729

 
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, 2023:

 

 

 

Three Months Ended
September 30,

 

Nine Months Ended
September 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

 

–

 

–

 

–

 

–