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Stockholders' Deficit (Tables)
9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Schedule of Shares Reserved for Future Issuance

The Company has reserved shares of common stock for future issuances as follows:

 

 

 

September, 30

 

 

December, 31

 

 

 

2021

 

 

2020

 

Series A redeemable convertible preferred stock outstanding

 

 

450,692

 

 

 

450,692

 

Series B redeemable convertible preferred stock outstanding

 

 

675,397

 

 

 

675,397

 

Series C redeemable convertible preferred stock outstanding

 

 

2,223,888

 

 

 

2,223,888

 

Series D redeemable convertible preferred stock outstanding

 

 

9,047,861

 

 

 

9,047,861

 

Warrants to purchase Series D redeemable convertible preferred stock

 

 

77,842

 

 

 

77,842

 

Convertible notes*

 

 

 

 

 

 

Common stock options issued and outstanding

 

 

2,170,894

 

 

 

2,466,594

 

Common stock available for future grants

 

 

59,187

 

 

 

67,010

 

 

* At September 30, 2021 and December 31, 2020, the conversion of the convertible notes into redeemable convertible preferred stock was dependent on the outstanding loan balance including accrued interest and the conversion stock per share price at the date of qualified equity financing, non-qualified equity financing, or a change of control event. These factors were not estimable and the number of redeemable convertible preferred stock was not determinable. There were no conversions of convertible notes to preferred stock for the nine month period ended September 30, 2021 and twelve month period ended December 31, 2020.

Schedule of Stock Option Activity

A summary of stock option activity is set forth below (in thousands, except share and per share data):

 

 

 

Number of
Shares
Available
for Grant

 

 

Number of
Shares
Underlying
Outstanding
Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term (in years)

 

 

Aggregate
Intrinsic
Value

 

Outstanding, January 1, 2021

 

 

67,010

 

 

 

2,466,594

 

 

$

0.61

 

 

 

5.21

 

 

 

 

Options authorized

 

 

1,653,955

 

 

 

 

 

 

 

 

 

 

 

 

 

Options granted

 

 

(1,784,086

)

 

 

1,784,086

 

 

$

11.25

 

 

 

 

 

 

 

Options exercised

 

 

 

 

 

(1,957,478

)

 

$

0.61

 

 

 

 

 

 

 

Options forfeited or cancelled

 

 

122,308

 

 

 

(122,308

)

 

$

1.48

 

 

 

 

 

 

 

Outstanding, September 30, 2021

 

 

59,187

 

 

 

2,170,894

 

 

$

9.31

 

 

 

8.86

 

 

$

8,283

 

Shares exercisable September 30, 2021

 

 

 

 

 

1,451,709

 

 

$

9.28

 

 

 

8.57

 

 

$

5,579

 

Vested and expected to vest, September 30, 2021

 

 

 

 

 

2,170,894

 

 

$

9.31

 

 

 

8.86

 

 

$

8,283

 

Summary of Stock-Based Compensation Expense

Total stock-based compensation expense recognized was as follows (in thousands):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Cost of goods sold

$

 

66

 

 

$

 

46

 

 

$

 

236

 

 

$

 

116

 

Sales and marketing

 

 

406

 

 

 

 

49

 

 

 

 

1,701

 

 

 

 

256

 

Research and development

 

 

8

 

 

 

 

1

 

 

 

 

127

 

 

 

 

7

 

General and administrative

 

 

595

 

 

 

 

109

 

 

 

 

3,620

 

 

 

 

375

 

Total

$

 

1,075

 

 

$

 

205

 

 

$

 

5,684

 

 

$

 

754

 

Schedule of Fair Value of Stock Options Estimated Using Weighted-Average Assumptions The fair value of stock options was estimated using the following weighted-average assumptions:

 

 

 

Nine Months Ended September 30,

 

 

2021

 

2020

Expected volatility

 

72.9%-75.9%

 

61.6% - 75.2%

Risk-free interest rate

 

0.6%-1.1%

 

0.3%-0.7%

Dividend yield

 

0%

 

0%

Expected term

 

5-6.1 years

 

5-6.1 years