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Equity Incentive Plans (Tables) | 9 Months Ended
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Sep. 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 |  |  | (210,159 | ) |  |  | 10.15 |  |  |  |  |  |  |
Exercised/released |  |  | (194,119 | ) |  |  | 1.20 |  |  |  |  |  |  |
Balances as of September 30, 2024 |  |  | 4,583,289 |  |  | $ | 9.28 |  |  |  | 7.0 |  |  | $ | 6,558 |
Vested and exercisable as of September 30, 2024 |  |  | 3,163,058 |  |  | $ | 9.32 |  |  |  | 6.4 |  |  | $ | 4,635 |
Vested and expected to vest as of September 30, 2024 |  |  | 4,583,289 |  |  | $ | 9.28 |  |  |  | 7.0 |  |  | $ | 6,558 |
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 September 30, |  | Nine Months Ended September 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Expected term (in years) |  | N/A |  | 5.99 – 6.01 |  | 6.13 |  | 5.60 – 6.07
Expected volatility |  | N/A |  | 79.82% |  | 61.67% |  | 78.53% – 79.82%
Risk-free interest rate |  | N/A |  | 4.04% |  | 4.28% |  | 3.48% – 4.04%
Dividend yield |  | N/A |  | – |  | – |  | –
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 |  |  | 2,949,065 |  |  |  | 4.46 |
Forfeited/cancelled |  |  | (213,175 | ) |  |  | 6.54 |
Vested |  |  | (883,206 | ) |  |  | 7.58 |
Outstanding, September 30, 2024 |  |  | 4,574,045 |  |  | $ | 5.62 |
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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Cost of goods sold |  | $ | 83 |  |  | $ | 77 |  |  | $ | 283 |  |  | $ | 206 |
Research and development |  |  | 588 |  |  |  | 549 |  |  |  | 1,787 |  |  |  | 1,664 |
Selling, general and administrative |  |  | 3,637 |  |  |  | 3,230 |  |  |  | 11,061 |  |  |  | 9,251 |
Total stock-based compensation expense |  | $ | 4,308 |  |  | $ | 3,856 |  |  | $ | 13,131 |  |  | $ | 11,121 |
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 nine months ended September 30, 2024 and 2023:
|  | Three Months Ended September 30, |  | Nine Months Ended September 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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