Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Options Activity

The following table summarizes the stock option activity for the six months ended June 30, 2022 (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 (in thousands)
Outstanding at January 1, 2022		2,764,112		$	4.63		8.69	$	45,280
Granted		916,150		$	14.98
Exercised		(55,232	)	$	1.79
Cancelled or forfeited		(108,969	)	$	10.09
Outstanding at June 30, 2022		3,516,061		$	7.20		8.54	$	15,798
Exercisable at June 30, 2022		1,068,360		$	2.62		8.20	$	6,946
Vested and expected to vest at June 30, 2022		3,231,379		$	7.80		8.72	$	13,536

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

The weighted average assumptions used in the Black-Scholes pricing model for stock options granted during the three and six months ended June 30, 2022 were as follows:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2022			2021			2022			2021
Estimated dividend yield	-%			-%			-%			-%
Weighted-average expected stock price volatility		33.47	%		33.86	%		33.14	%		35.28	%
Weighted-average risk-free interest rate		2.90	%		1.05	%		2.09	%		0.91	%
Expected average term of options (in years)		6.25			5.85			6.25			5.92
Weighted-average fair value of common stock	$	14.11		$	16.00		$	14.98		$	15.23
Weighted-average fair value per option	$	5.44		$	5.42		$	5.48		$	4.52

Schedule of restricted stock unit activity

The following table summarizes the restricted stock unit activity for the six months ended June 30, 2022 (in thousands, except share and per share data):

	Number of Shares		Weighted Average Grant Date Fair Value per Share
Outstanding at January 1, 2022		—	$	—
Granted		28,071	$	7.43
Vested		—	$	—
Forfeited		—	$	—
Outstanding at June 30, 2022		28,071	$	7.43

Schedule of Stock-Based Compensation Expense

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

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2022		2021		2022		2021
Cost of sales	$	44	$	—	$	63	$	—
Research and development		48		50		113		77
Sales and marketing		126		30		225		52
General and administrative		716		222		1,320		356
Total stock-based compensation expense	$	934	$	302	$	1,721	$	485