Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Significant Accounting Policies

Summary of the items included within net loss regularly provided to the CODM

	Year ended December 31,
	2024		2023		2022
Revenue	$	69,300	$	58,453	$	41,418
Cost of revenue (excluding amortization of intangible assets)		22,432		17,961		13,570
Amortization of intangible assets		380		380		804
Gross profit		46,488		40,112		27,044
Sales and marketing:
Sales and sales management		44,132		35,469		13,657
International		5,072		3,916		1,191
Other sales and marketing (a)		15,444		20,296		28,404
Total sales and marketing		64,648		59,681		43,252
General and Administrative:
Finance and Legal		7,503		7,715		6,461
Other General and administrative (b)		7,219		7,172		7,401
Total general and administrative		14,722		14,887		13,862
Research and Development:
Clinical		4,068		3,891		1,064
Regulatory and quality		1,452		2,189		1,493
Other research and development (c)		3,293		3,539		6,380
Total research and development		8,813		9,619		8,937
Gain on sale of product line		7,580		—		—
Other segment items (d)		(3,726)		(2,589)		(5,289)
Net loss	$	(37,841)	$	(46,664)	$	(44,296)
(a) Other sales and marketing includes strategy, analytics and allocated facility expenses.
(b) Other general and administrative includes executive, human resources, information technology and allocated facility expenses.
(c) Other research and development includes engineering and allocated facility expenses.
(d) Other segment items include other operating income and other expenses as disclosed in the consolidated statements of operations and comprehensive loss; interest expense, loss on extinguishment of debt, other income and income tax benefit.

Schedule of reconciliation of all captions of cash, cash equivalents and restricted cash

	December 31,
	2024		2023
Cash and cash equivalents	$	52,670	$	46,729
Restricted cash		265		265
Total cash and cash equivalents and restricted cash shown in Statement of cash flows	$	52,935	$	46,994

Schedule of Inventory

Inventory consists of purchased materials, primarily finished goods and is identified and tracked by lot and stated at the lower of cost or net realizable value, with cost being determined on a first-in, first-out basis. Inventories consisted of the following (in thousands):

	December 31,
	2024		2023
Finished goods	$	12,645	$	13,102
Raw materials		136		60
Total inventory	$	12,781	$	13,162

Disaggregation of Revenue

The following table presents revenue disaggregated (in thousands):

	Year ended December 31,
	2024		2023		2022
OviTex	$	45,925	$	39,416	$	28,879
OviTex PRS		22,745		18,736		12,431
Other		630		301		108
Total revenue	$	69,300	$	58,453	$	41,418

Schedule of fair value of assets and liabilities measured on recurring basis

The following fair value hierarchy table presents information about each major category of the Company’s financial assets and liabilities measured at fair value on a recurring basis (in thousands):

	Fair value measurement at reporting date using
	Quoted prices in
	active markets		Significant other		Significant
	for identical		observable		unobservable
	assets		inputs		inputs
	(Level 1)		(Level 2)		(Level 3)
December 31, 2024:
Cash equivalents – money market fund	$	48,131	$	—	$	—
December 31, 2023:
Cash equivalents – money market fund	$	41,561	$	—	$	—

Schedule of allowance for credit losses

The following table presents a rollforward of the allowance of credit losses (in thousands):

		Balance at Beginning of Period	Bad Debt Expense Recognized	Write-offs of Uncollectible Balances		Balance at End of Period
Year ended December 31, 2022	$	(52)	(116)	25	$	(143)
Year ended December 31, 2023	$	(143)	(306)	33	$	(416)
Year ended December 31, 2024	$	(416)	(65)	206	$	(275)

Schedule of dilutive securities excluded

	Year ended December 31,
	2024	2023	2022
Stock options	2,119,183	2,162,453	2,071,848
Unvested restricted stock units	948,788	907,203	311,991
Common stock warrants	88,556	88,556	88,556
Total	3,156,527	3,158,212	2,472,395