Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of the Components of Share-Based Compensation Expense

The following table sets forth the share-based compensation for the periods presented:

	December 31,
	2022		2021
Cost of goods sold	$	149	$	—
Research and development	28,325		9,721
Selling, general, and administrative	13,411		13,184
Total	$	41,885	$	22,905

Schedule of Profit Interest Activity

The following table sets forth the changes in the Company’s outstanding aforementioned non-option awards for the years ended December 31, 2022 and 2021:

	Number of Shares	Weighted average grant date fair value		Shares Retained to Cover Statutory Minimum Withholding Taxes
Nonvested shares as of December 31, 2020	3,841,822	$	2.61
Granted	6,237,471	$	9.00
Vested	(3,070,760)	$	4.17	153,636
Forfeited	(337,026)	$	4.04
Nonvested shares as of December 31, 2021	6,671,507	$	7.79
Granted	6,610,213	$	7.81
Vested	(3,594,696)	$	7.51	—
Forfeited	(436,667)	$	10.46
Nonvested shares as of December 31, 2022	9,250,357	$	8.52

Schedule of Changes in Outstanding Options

The following table sets forth the changes in the Company’s outstanding options in the 2021 plan for the year ended December 31, 2022:

	Options	Weighted-average exercise price		Weighted-average remaining contractual term (years)		Aggregate intrinsic value
Outstanding at December 31, 2021	—	$	—			$	—
Granted	384,108	$	10.77
Exercised	—	$	—
Forfeited or expired	(15,233)	$	11.69
Outstanding at December 31, 2022	368,875	$	10.74	9.07		$	—
Exercisable at December 31, 2022	—	$	—	$	—	$	—
Vested or expected to vest	—	$	—	—		$	—

The following table sets forth the changes in the Company’s outstanding options for the year ended December 31, 2022:

	Options	Weighted-average exercise price		Weighted-average remaining contractual term (years)	Aggregate intrinsic value
Outstanding at December 31, 2021	1,450,081	$	0.20	5.93	$	17,095
Granted	—	$	—
Exercised	(235,144)	$	0.44
Forfeited or expired	(893)	$	0.05
Outstanding at December 31, 2022	1,214,044	$	0.16	4.88	$	6,889
Exercisable at December 31, 2022	1,214,044	$	0.16	4.88	$	6,889
Vested or expected to vest	1,214,044	$	0.16		$	6,889

Schedule of Weighted Average Assumptions

The following assumptions were used in the Black-Scholes model to calculate the fair value of stock options granted for the year ended December 31, 2022 for the 2021 Plan.

	December 31, 2022
Expected life of options (in years) (1)	6
Dividend yield (2)	—	%
Risk-free interest rate (3)	1.35% - 3.39%
Volatility (4)	53.95% - 77.74%

(1)The Company opted for simplified method permitted by ASC 718 for companies that offers plain vanilla options and do not have sufficient historical data to provide a reasonable basis to estimate the expected term. Under the simplified term, expected term = ((vesting term + original contractual term) / 2).

(2)The Company has assumed a dividend yield of zero as it has no plans to declare dividends in the foreseeable future.

(3)Risk free rate was obtained from US treasury notes for the expected terms noted as of the valuation date.

(4)Volatility, or the standard deviation of annualized returns, was calculated based on the Company’s internal volatility.