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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

 

–

 

–