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Equity Incentive Plans (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
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, 2023 |  |  | 4,980,190 |  |  | $ | 9.00 |  |  |  | 7.4 |  |  | $ | 5,924 |
Grants |  |  | 7,377 |  |  |  | 4.43 |  |  |  |  |  |  |
Forfeited/cancelled |  |  | (116,730 | ) |  |  | 8.41 |  |  |  |  |  |  |
Exercised/released |  |  | (132,958 | ) |  |  | 1.09 |  |  |  |  |  |  |
Balances as of March 31, 2024 |  |  | 4,737,879 |  |  | $ | 9.23 |  |  |  | 7.5 |  |  | $ | 5,363 |
Vested and exercisable as of March 31, 2024 |  |  | 2,662,119 |  |  | $ | 9.22 |  |  |  | 6.7 |  |  | $ | 3,283 |
Vested and expected to vest as of March 31, 2024 |  |  | 4,737,879 |  |  | $ | 9.23 |  |  |  | 7.5 |  |  | $ | 5,363 |
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options | The fair value for options granted was calculated using the following weighted average assumptions:
|  | Three Months Ended March 31, |
|  | 2024 |  | 2023 |
Expected term (in years) |  | 6.13 |  | 5.60 – 6.02 |
Expected volatility |  | 61.67% |  | 79.73% |
Risk-free interest rate |  | 4.28% |  | 3.66% – 3.67% |
Dividend yield |  | – |  | – |
Share-based Payment Arrangement, Restricted Stock Unit, Activity | The following table summarizes restricted share award activity:
|  | Number of Shares |  |  | Weighted-Average Grant Date Fair Value Per Share |
Outstanding, December 31, 2023 |  |  | 2,721,361 |  |  | $ | 7.61 |
Grants |  |  | 2,700,788 |  |  |  | 4.29 |
Forfeited/cancelled |  |  | (40,957 | ) |  |  | 7.64 |
Vested |  |  | (301,694 | ) |  |  | 11.86 |
Outstanding, March 31, 2024 |  |  | 5,079,498 |  |  | $ | 5.58 |
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, |  |
|  | 2024 |  |  | 2023 |  |
Cost of goods sold |  | $ | 106 |  |  | $ | 59 |  |
Research and development |  |  | 605 |  |  |  | 529 |  |
Selling, general and administrative |  |  | 3,795 |  |  |  | 2,935 |  |
Total stock-based compensation expense |  | $ | 4,506 |  |  | $ | 3,523 |  |
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 ESPP was estimated using the Black-Scholes valuation model with the following assumptions for the three months ended March 31, 2024 and 2023, respectively:
|  | Three Months Ended March 31, |
|  | 2024 |  | 2023 |
Expected term (in years) |  | 0.49 |  | 0.48 |
Expected volatility |  | 197.51% |  | 97.38% |
Risk-free interest rate |  | 5.40% |  | 4.62% |
Dividend yield |  | – |  | – |

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