Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Stock Options Activity

The following table summarizes the stock option activity under the stock incentive plans (in thousands, except share and per share data):

	Number of Shares			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value
Outstanding at December 31, 2020		2,246,544		$	0.95		9.41	$	10,081
Granted		644,817		$	17.10		—		—
Exercised		(100	)	$	0.84		—		—
Cancelled or forfeited		(127,149	)	$	2.91		—		—
Outstanding at December 31, 2021		2,764,112		$	4.63		8.69	$	45,280
Exercisable at December 31, 2021		731,354		$	0.90		8.51	$	14,322
Vested and expected to vest at December 31, 2021		2,479,430		$	5.11		8.88	$	39,579

Schedule of Stock-Based Compensation Expense

Summary of Stock-Based Compensation Expense

Stock-based compensation expense included in the accompanying financial statements was as follows (in thousands):

	For the Year Ended December 31,
	2021		2020
Cost of sales	$	7	$	—
Research and development		157		—
Sales and marketing		66		—
General and administrative		1,321		300
Total stock-based compensation expense	$	1,551	$	300

Schedule of Weighted-Average Assumptions used in Black-Scholes Option-Pricing Model

The weighted average assumptions used in the Black-Scholes option-pricing model are as follows:

	For the Year Ended December 31,
	Employee Stock Option Plans						Employee Stock Purchase Plan
	2021			2020			2021			2020
Estimated dividend yield	-%			-%			-%			N/A
Weighted-average expected stock price volatility		33.51	%		36.13	%		25.47	%	N/A
Weighted-average risk-free interest rate		1.06	%		0.45	%		0.06	%	N/A
Expected average term of options (in years)		6.17			6.25			0.50		N/A
Weighted-average fair value of common stock	$	19.89		$	4.84		$	24.63		N/A
Weighted-average fair value per option	$	6.45		$	3.15		$	5.46		N/A

N/A - Not applicable during the period