Equity Incentive Plan - (Tables)

6 Months Ended

Jun. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Restricted Stock Units Activity

The Company had the following activity for RSUs for the three and six months ended June 30, 2021:

	Underlying Shares		Weighted- Average Grant Date Fair Value		Aggregate Fair Value
Balance as of December 31, 2020		—		—		—
Granted		264,345	$	12.79	$	3,380,272
Vested		—		—		—
Canceled or forfeited		—		—		—
Balance as of March 31, 2021		264,345	$	12.79	$	3,380,272
Granted		833,590	$	4.85	$	4,042,912
Vested		—		—		—
Canceled or forfeited		—		—		—
Balance as of June 30, 2021		1,097,935	$	6.76	$	7,423,184

Summary of Stock Option Activity

A summary of stock option activity for the three and six months ended June 30, 2021 is as follows:

						Weighted-
						Average
				Weighted-		Remaining
				Average		Contractual		Aggregate
	Number of Options			Exercise Price		Term (years)		Intrinsic Value
Balance as of December 31, 2020		4,587,700		$	1.51		9.2	$	3,152
Granted		634,093			17.00		—		—
Exercised		(37,760	)		0.82		—		596
Cancelled		(32,480	)		17.00				—
Balance as of March 31, 2021		5,151,553		$	3.32		9.1	$	48,122
Granted		—			—		—		—
Exercised		(134,398	)		0.95		—		753
Cancelled		(11,493	)		8.19		—		—
Balance as of June 30, 2021		5,005,662		$	3.42		8.8	$	22,512
Options vested and expected to vest as of June 30, 2021		5,005,662		$	3.42		8.8	$	22,512
Options vested and exercisable as of June 30, 2021		1,198,274		$	1.52		8.2	$	6,421

Summary of Assumptions Used to Estimate Fair Value of Stock Options

The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions on a weighted-average basis for three and six months ended:

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Estimated fair value of common stock	$	-		$	0.73		$	17.00		$	0.73
Expected term (in years)		—			6.05			5.94			6.05
Risk-free interest rate		0.0	%		0.4	%		0.6	%		0.4	%
Dividend yield		—			—			—			—
Volatility		0.0	%		43.3	%		46.9	%		43.3	%

Summary of Compensation Cost for Share-Based Payment Arrangements Recognized

Total compensation cost for share-based payment arrangements recognized were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Cost of products sold	$	208	$	-	$	260	$	-
Research and development		291		31		421		67
Selling, general and administrative		446		28		792		50
	$	945	$	59	$	1,473	$	117

Summary of Assumptions Used to Estimate Fair Value of Employee Stock Purchase Plans

The fair value of shares to be issued under the Company’s ESPP was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions on a weighted-average basis for three months ended:

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Estimated fair value of common stock	$	-		$	-		$	17.00		$	-
Expected term (in years)		—			—			0.5			—
Risk-free interest rate		0.0	%		0.0	%		0.1	%		0.0	%
Dividend yield		—			—			—			—
Volatility		0.0	%		0.0	%		56.4	%		0.0	%