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v3.25.2

Equity Incentive Plans (Tables) | 6 Months Ended
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Jun. 30, 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 |  |  | (251,048 | ) |  |  | 13.54 |  |  |  |  |  |  |
Exercised/released |  |  | (77,538 | ) |  |  | 1.56 |  |  |  |  |  |  |
Balances as of June 30, 2025 |  |  | 4,135,802 |  |  | $ | 9.11 |  |  |  | 6.2 |  |  | $ | 3,253 |
Vested and exercisable as of June 30, 2025 |  |  | 3,433,934 |  |  | $ | 9.50 |  |  |  | 5.9 |  |  | $ | 2,553 |
Vested and expected to vest as of June 30, 2025 |  |  | 4,135,802 |  |  | $ | 9.11 |  |  |  | 6.2 |  |  | $ | 3,253 |
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Expected term (in years) |  | N/A |  | 6.13 |  | N/A |  | 6.13
Expected volatility |  | N/A |  | 61.67% |  | N/A |  | 61.67%
Risk-free interest rate |  | N/A |  | 4.28% |  | N/A |  | 4.28%
Dividend yield |  | N/A |  | – |  | 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 |  |  | 2,717,608 |  |  |  | 2.92 |
Forfeited/cancelled |  |  | (250,137 | ) |  |  | 5.24 |
Vested |  |  | (874,208 | ) |  |  | 7.30 |
Outstanding, June 30, 2025 |  |  | 5,935,081 |  |  | $ | 4.16 |
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, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Cost of goods sold |  | $ | 106 |  |  | $ | 94 |  |  | $ | 222 |  |  | $ | 200 |
Research and development |  |  | 702 |  |  |  | 594 |  |  |  | 1,487 |  |  |  | 1,199 |
Selling, general and administrative |  |  | 3,033 |  |  |  | 3,629 |  |  |  | 6,376 |  |  |  | 7,424 |
Total stock-based compensation expense |  | $ | 3,841 |  |  | $ | 4,317 |  |  | $ | 8,085 |  |  | $ | 8,823 |
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 June 30, |  | Six Months Ended June 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Expected term (in years) |  | 0.49 – 0.50 |  | 0.49 – 0.50 |  | 0.49 – 0.50 |  | 0.49 – 0.50
Expected volatility |  | 71.55% – 72.80% |  | 100.00% – 197.51% |  | 71.55% – 72.80% |  | 100.00% – 197.51%
Risk-free interest rate |  | 4.27% – 4.47% |  | 5.37% – 5.40% |  | 4.27% – 4.47% |  | 5.37% – 5.40%
Dividend yield |  | – |  | – |  | – |  | –

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