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Equity Incentive Plans (Tables)
 12 Months Ended
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

 

–

 

–