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Equity Incentive Plans (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2024

 

 

4,464,388

 

 

$

9.23

 

 

 

6.5

 

 

$

2,769

 

Grants

 

 

—

 

 

 

-

 

 

 

 

 

 

 

Forfeited/cancelled

 

 

(200,623

)

 

 

13.63

 

 

 

 

 

 

 

Exercised/released

 

 

(35,168

)

 

 

1.78

 

 

 

 

 

 

 

Balances as of March 31, 2025

 

 

4,228,597

 

 

$

9.08

 

 

 

6.4

 

 

$

1,016

 

Vested and exercisable as of March 31, 2025

 

 

3,346,187

 

 

$

9.39

 

 

 

6.0

 

 

$

888

 

Vested and expected to vest as of March 31, 2025

 

 

4,228,597

 

 

$

9.08

 

 

 

6.4

 

 

$

1,016

 
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options

 

 

Three Months Ended
March 31,

 

 

 

2025

 

2024

 

Expected term (in years)

 

N/A

 

6.13

 

Expected volatility

 

N/A

 

61.67%

 

Risk-free interest rate

 

N/A

 

4.28%

 

Dividend yield

 

N/A

 

–

 
Share-based Payment Arrangement, Restricted Stock Unit, Activity

The following table summarizes RSU activity under the 2021 Plan during the periods presented:

 

 

Number of
Shares

 

 

Weighted-Average Grant Date Fair Value Per Share

 

Outstanding, December 31, 2024

 

 

4,341,818

 

 

$

5.57

 

Grants

 

 

2,346,751

 

 

 

2.79

 

Forfeited/cancelled

 

 

(154,327

)

 

 

5.41

 

Vested

 

 

(403,584

)

 

 

8.92

 

Outstanding, March 31, 2025

 

 

6,130,658

 

 

$

4.27

 

 
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,

 

 

 

 

2025

 

 

2024

 

 

Cost of goods sold

 

$

115

 

 

$

106

 

 

Research and development

 

 

785

 

 

 

605

 

 

Selling, general and administrative

 

 

3,343

 

 

 

3,795

 

 

Total stock-based compensation expense

 

$

4,243

 

 

$

4,506

 

 
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 grant date fair value of shares issuable under the ESPP was calculated using the Black-Scholes valuation model using the following assumptions:

 

 

 

Three Months Ended
March 31,

 

 

 

2025

 

2024

 

Expected term (in years)

 

0.49

 

0.49

 

Expected volatility

 

72.80%

 

197.51%

 

Risk-free interest rate

 

4.47%

 

5.40%

 

Dividend yield

 

–

 

–