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Equity Incentive Plans (Tables)
 12 Months Ended
Dec. 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 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, 2023

 

 

4,980,190

 

 

$

9.00

 

 

 

7.4

 

 

$

5,924

 

Grants

 

 

7,377

 

 

 

4.43

 

 

 

 

 

 

 

Forfeited/cancelled

 

 

(316,075

)

 

 

10.87

 

 

 

 

 

 

 

Exercised

 

 

(207,104

)

 

 

1.22

 

 

 

 

 

 

 

Outstanding, December 31, 2024

 

 

4,464,388

 

 

$

9.23

 

 

 

6.5

 

 

$

2,769

 

Vested and exercisable as of December 31, 2024

 

 

3,353,744

 

 

$

9.45

 

 

 

6.1

 

 

$

2,116

 

Vested and expected to vest as of December 31, 2024

 

 

4,464,388

 

 

$

9.23

 

 

 

6.5

 

 

$

2,769

 
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,

 

 

2024

 

2023

Expected term (in years)

 

6.13

 

5.60 – 6.07

Expected volatility

 

61.67%

 

60.72% – 61.80%

Risk-free interest rate

 

4.28%

 

3.07% – 4.35%

Dividend yield

 

–

 

–
Summary of restricted share award activity

The following table summarizes RSU activity under the 2021 Plan:

 

 

Number of
Shares

 

 

Weighted-Average Grant Date Fair Value Per Share

 

Outstanding, December 31, 2023

 

 

2,721,361

 

 

$

7.61

 

Grants

 

 

3,344,312

 

 

 

4.46

 

Forfeited/cancelled

 

 

(477,172

)

 

 

6.61

 

Vested

 

 

(1,246,683

)

 

 

6.41

 

Outstanding, December 31, 2024

 

 

4,341,818

 

 

$

5.57

 
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,

 

 

 

2024

 

 

2023

 

Cost of goods sold

 

$

314

 

 

$

289

 

Research and development

 

 

2,157

 

 

 

2,111

 

Selling, general and administrative

 

 

14,606

 

 

 

12,181

 

Total stock-based compensation expense

 

$

17,077

 

 

$

14,581

 
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, 2024 and 2023, respectively:

 

 

Years ended December 31,

 

 

 

2024

 

2023

 

Expected term (in years)

 

0.49 - 0.50

 

0.48 - 0.50

 

Expected volatility

 

72.80% - 197.51%

 

66.72% - 197.51%

 

Risk-free interest rate

 

4.47% - 5.40%

 

4.62% - 5.40%

 

Dividend yield

 

–

 

–