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Equity Incentive Plans (Tables) | 6 Months Ended
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Jun. 30, 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 |  |  | (156,554 | ) |  |  | 9.38 |  |  |  |  |  |  |
Exercised/released |  |  | (155,183 | ) |  |  | 1.00 |  |  |  |  |  |  |
Balances as of June 30, 2024 |  |  | 4,675,830 |  |  | $ | 9.25 |  |  |  | 7.2 |  |  | $ | 7,271 |
Vested and exercisable as of June 30, 2024 |  |  | 2,887,287 |  |  | $ | 9.45 |  |  |  | 6.4 |  |  | $ | 4,419 |
Vested and expected to vest as of June 30, 2024 |  |  | 4,675,830 |  |  | $ | 9.25 |  |  |  | 7.2 |  |  | $ | 7,271 |
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 June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Expected term (in years) |  | 6.13 |  | 6.03 – 6.07 |  | 6.13 |  | 5.60 – 6.07
Expected volatility |  | 61.67% |  | 78.53% – 79.60% |  | 61.67% |  | 78.53% – 79.73%
Risk-free interest rate |  | 4.28% |  | 3.48% – 3.65% |  | 4.28% |  | 3.48% – 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 |  |  | 2,875,178 |  |  |  | 4.43 |
Forfeited/cancelled |  |  | (162,543 | ) |  |  | 6.42 |
Vested |  |  | (648,472 | ) |  |  | 8.78 |
Outstanding, June 30, 2024 |  |  | 4,785,524 |  |  | $ | 5.57 |
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 June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cost of goods sold |  | $ | 94 |  |  | $ | 71 |  |  | $ | 200 |  |  | $ | 130 |
Research and development |  |  | 594 |  |  |  | 587 |  |  |  | 1,199 |  |  |  | 1,115 |
Selling, general and administrative |  |  | 3,629 |  |  |  | 3,084 |  |  |  | 7,424 |  |  |  | 6,020 |
Total stock-based compensation expense |  | $ | 4,317 |  |  | $ | 3,742 |  |  | $ | 8,823 |  |  | $ | 7,265 |
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 and six months ended June 30, 2024 and 2023, respectively:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Expected term (in years) |  | 0.49 – 0.50 |  | 0.48 – 0.50 |  | 0.49 – 0.50 |  | 0.48 – 0.50
Expected volatility |  | 100.00% – 197.51% |  | 66.72% – 97.38% |  | 100.00% – 197.51% |  | 66.72% – 97.38%
Risk-free interest rate |  | 5.37% – 5.40% |  | 4.62% – 5.32% |  | 5.37% – 5.40% |  | 4.62% – 5.32%
Dividend yield |  | – |  | – |  | – |  | –

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