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Equity Incentive Plans (Tables) | 12 Months Ended
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Dec. 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 2011 and 2021 Plans:
|  | Number of Shares |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Contractual Term (in years) |  |  | Average Intrinsic Value (in thousands) |
Outstanding, December 31, 2022 |  |  | 4,819,906 |  |  | $ | 9.67 |  |  |  | 7.7 |  |  | $ | 19,463 |
Grants |  |  | 1,360,308 |  |  |  | 6.37 |  |  |  |  |  |  |
Forfeited/cancelled |  |  | (829,897 | ) |  |  | 12.18 |  |  |  |  |  |  |
Exercised |  |  | (370,127 | ) |  |  | 1.03 |  |  |  |  |  |  |
Outstanding, December 31, 2023 |  |  | 4,980,190 |  |  | $ | 9.00 |  |  |  | 7.4 |  |  | $ | 5,924 |
Vested and exercisable as of December 31, 2023 |  |  | 2,670,019 |  |  | $ | 8.62 |  |  |  | 6.4 |  |  | $ | 3,797 |
Vested and expected to vest as of December 31, 2023 |  |  | 4,980,190 |  |  | $ | 9.00 |  |  |  | 7.4 |  |  | $ | 5,924 |
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options | The Company estimated the fair value of stock options using the Black-Scholes option-pricing model. The fair value of stock options is recognized on a straight-line basis over the requisite service periods of the awards. The fair value of stock options was estimated using the following weighted-average assumptions:
|  | Years ended December 31,
|  | 2023 |  | 2022
Expected term (in years) |  | 5.60 – 6.07 |  | 5.38 – 6.95
Expected volatility |  | 60.72% – 61.80% |  | 58.74% – 64.97%
Risk-free interest rate |  | 3.07% – 4.35% |  | 1.35% – 3.97%
Dividend yield |  | – |  | –
Summary of restricted share award activity | The following table summarizes restricted share award activity:
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value Per Share |
Outstanding, December 31, 2022 |  |  | 1,014,123 |  |  | $ | 14.25 |
Grants |  |  | 2,392,662 |  |  |  | 6.28 |
Forfeited/cancelled |  |  | (441,759 | ) |  |  | 12.14 |
Vested |  |  | (243,665 | ) |  |  | 13.96 |
Outstanding, December 31, 2023 |  |  | 2,721,361 |  |  | $ | 7.61 |
Summary of Stock-Based Compensation Expense by Function | The following is a summary of stock-based compensation expense by function (in thousands):
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |
Cost of goods sold |  | $ | 289 |  |  | $ | 167 |
Research and development |  |  | 2,111 |  |  |  | 1,315 |
Selling, general and administrative |  |  | 12,181 |  |  |  | 11,481 |
Total stock-based compensation expense |  | $ | 14,581 |  |  | $ | 12,963 |
Two Thousand Twenty One Employee Stock Purchase Plan [ Member] |
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 ESPP was estimated using the Black-Scholes valuation model with the following assumptions for the years ended December 31, 2023 and 2022, respectively:
|  | Years ended December 31, |
|  | 2023 |  | 2022 |
Expected term (in years) |  | 0.48 - 0.50 |  | 0.48 - 0.50 |
Expected volatility |  | 66.72% - 197.51% |  | 76.50% - 97.38% |
Risk-free interest rate |  | 4.62% - 5.40% |  | 1.51% - 4.62% |
Dividend yield |  | – |  | – |

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