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Equity Incentive Plans (Tables)
3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Summary of Stock Option Activity

 

 

 

Number of
Shares

 

 

Weighted-Average Exercise Price

 

 

Weighted-Average
Contractual
 Term (in years)

 

 

Average Intrinsic Value
(in thousands)

 

Balances as of December 31, 2021

 

 

4,996,945

 

 

$

6.05

 

 

 

7.6

 

 

$

58,420

 

Grants

 

 

1,328,000

 

 

 

17.43

 

 

 

 

 

 

 

Forfeited/cancelled

 

 

(294,402

)

 

 

0.85

 

 

 

 

 

 

 

Exercised/released

 

 

(85,644

)

 

 

0.93

 

 

 

 

 

 

 

Balances as of March 31, 2022

 

 

5,944,899

 

 

$

8.92

 

 

 

8.3

 

 

$

25,271

 

Vested and exercisable as of March 31, 2022

 

 

2,069,638

 

 

$

3.55

 

 

 

6.7

 

 

$

17,040

 

Vested and expected to vest as of March 31, 2022

 

 

5,914,899

 

 

$

8.97

 

 

 

8.3

 

 

$

24,927

 

 

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

 

 

 

Three Months Ended
March 31,

 

 

 

2022

 

2021

 

Expected term (in years)

 

5.38 – 6.94

 

5.00 6.07

 

Expected volatility

 

58.75% – 60.12%

 

56.75% – 57.69%

 

Risk-free interest rate

 

1.34% – 2.40%

 

0.48% – 0.81%

 

Dividend yield

 

 

 

 

Share-based Payment Arrangement, Restricted Stock Unit, Activity

The following table summarizes restricted share award activity under the 2021 Plan:

 

 

 

Number of
Shares

 

 

Weighted-Average Grant Date Fair Value Per Share

 

Outstanding, December 31, 2021

 

 

53,250

 

 

$

22.91

 

Grants

 

 

607,823

 

 

 

17.15

 

Forfeited/cancelled

 

 

(4,500

)

 

 

17.95

 

Vested

 

 

 

 

 

 

Outstanding, March 31, 2022

 

 

656,573

 

 

$

17.60

 

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,

 

 

 

 

2022

 

 

2021

 

 

Cost of goods sold

 

$

36

 

 

$

7

 

 

Research and development

 

 

343

 

 

 

37

 

 

Selling, general and administrative

 

 

2,595

 

 

 

233

 

 

Total stock-based compensation expense

 

$

2,974

 

 

$

277