Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 08, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | SIGHT SCIENCES, INC. | |
Entity Central Index Key | 0001531177 | |
Entity File Number | 001-40587 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 80-0625749 | |
Entity Address, Address Line One | 4040 Campbell Ave | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Menlo Park | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94025 | |
City Area Code | 877 | |
Local Phone Number | 266-1144 | |
Title of 12(b) Security | Common Stock, par value $0.001 | |
Trading Symbol | SGHT | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Security Exchange Name | NASDAQ | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 47,307,477 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 271,475 | $ 61,511 |
Accounts receivable, net | 8,920 | 5,363 |
Inventory, net | 2,948 | 2,598 |
Prepaid expenses and other current assets | 4,493 | 1,161 |
Total current assets | 287,836 | 70,633 |
Property and equipment, net | 1,420 | 1,269 |
Operating lease right-of-use assets | 1,612 | 518 |
Other noncurrent assets | 182 | 386 |
Total assets | 291,050 | 72,806 |
Current liabilities: | ||
Accounts payable | 1,839 | 2,158 |
Accrued compensation | 4,639 | 4,070 |
Accrued and other current liabilities | 3,837 | 3,086 |
Total current liabilities | 10,315 | 9,314 |
Long-term debt | 32,486 | 31,955 |
Other noncurrent liabilities | 2,273 | 3,055 |
Total liabilities | 45,074 | 44,324 |
Commitments and contingencies (Note 6) | ||
Stockholders' equity (deficit): | ||
Common stock par value of $0.001 per share; 200,000,000 and 21,831,000 shares authorized as of September 30, 2021 and December 31, 2020, respectively; 47,292,022 and 9,509,182 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 49 | 9 |
Additional paid-in-capital | 382,992 | 1,183 |
Accumulated deficit | (137,065) | (90,041) |
Total stockholders' equity (deficit) | 245,976 | (88,849) |
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | 291,050 | 72,806 |
Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock: | ||
Convertible preferred stock, $0.001 par value; 10,000,000 shares authorized as of September 30, 2021, no shares issued and outstanding as of September 30, 2021; 14,241,390 shares authorized as of December 31, 2020, 12,767,202 shares issued and outstanding as of December 31, 2020; aggregate liquidation preference of $118.6 million as of December 31, 2020 | $ 0 | $ 117,331 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Convertible preferred stock, shares issued | 12,767,202 | |
Convertible preferred stock, shares outstanding | 12,767,202 | |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 21,831,000 |
Common stock, shares issued | 47,292,022 | 9,509,182 |
Common stock, shares outstanding | 47,292,022 | 9,509,182 |
Redeemable Convertible Preferred Stock | ||
Convertible preferred stock, par value | $ 0.001 | $ 0.001 |
Convertible preferred stock, shares authorized | 10,000,000 | 14,241,390 |
Convertible preferred stock, shares issued | 0 | 12,767,202 |
Convertible preferred stock, shares outstanding | 0 | 12,767,202 |
Convertible preferred stock, aggregate liquidation preference | $ 118,626 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 13,101 | $ 8,651 | $ 34,271 | $ 18,649 |
Cost of goods sold | 2,062 | 2,620 | 6,668 | 6,833 |
Gross profit | 11,039 | 6,031 | 27,603 | 11,816 |
Operating expenses: | ||||
Research and development | 4,279 | 2,158 | 11,265 | 6,001 |
Selling, general and administrative | 20,790 | 11,228 | 53,100 | 29,570 |
Total operating expenses | 25,069 | 13,386 | 64,365 | 35,571 |
Loss from operations | (14,030) | (7,355) | (36,762) | (23,755) |
Interest income | 1 | 30 | ||
Interest expense | (1,122) | (538) | (3,288) | (1,639) |
Other expense, net | (2,001) | (197) | (6,884) | 179 |
Loss before income taxes | (17,153) | (8,089) | (46,934) | (25,543) |
Provision for income taxes | 16 | 8 | 90 | 45 |
Net loss and comprehensive loss | $ (17,169) | $ (8,097) | $ (47,024) | $ (25,588) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.43) | $ (0.85) | $ (2.38) | $ (2.70) |
Weighted-average shares outstanding, basic and diluted | 39,849,769 | 9,493,548 | 19,772,145 | 9,467,039 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | IPO | Redeemable Convertible Preferred Stock | Redeemable Convertible Preferred StockIPO | Common Stock | Common StockIPO | Additional Paid-In Capital | Additional Paid-In CapitalIPO | Accumulated Deficit |
Beginning Balance at Dec. 31, 2019 | $ 64,256 | ||||||||
Beginning Balance, shares at Dec. 31, 2019 | 9,804,640 | ||||||||
Beginning Balance at Dec. 31, 2019 | $ (54,683) | $ 9 | $ 656 | $ (55,348) | |||||
Beginning Balance, shares at Dec. 31, 2019 | 9,319,466 | ||||||||
Issuance of Series E convertible preferred stock | 0 | $ 30,055 | |||||||
Issuance of Series E convertible preferred stock, shares | 1,899,847 | ||||||||
Exercise of stock options | 1 | 1 | |||||||
Exercise of stock options, shares | 1,500 | ||||||||
Stock-based compensation expense | 61 | 61 | |||||||
Net loss and comprehensive loss | (9,175) | (9,175) | |||||||
Ending Balance at Mar. 31, 2020 | $ 94,311 | ||||||||
Ending Balance, shares at Mar. 31, 2020 | 11,704,487 | ||||||||
Ending Balance at Mar. 31, 2020 | (63,796) | $ 9 | 718 | (64,523) | |||||
Ending Balance, shares at Mar. 31, 2020 | 9,320,966 | ||||||||
Beginning Balance at Dec. 31, 2019 | $ 64,256 | ||||||||
Beginning Balance, shares at Dec. 31, 2019 | 9,804,640 | ||||||||
Beginning Balance at Dec. 31, 2019 | (54,683) | $ 9 | 656 | (55,348) | |||||
Beginning Balance, shares at Dec. 31, 2019 | 9,319,466 | ||||||||
Net loss and comprehensive loss | (25,588) | ||||||||
Ending Balance at Sep. 30, 2020 | $ 94,244 | ||||||||
Ending Balance, shares at Sep. 30, 2020 | 11,704,487 | ||||||||
Ending Balance at Sep. 30, 2020 | (79,960) | $ 9 | 967 | (80,936) | |||||
Ending Balance, shares at Sep. 30, 2020 | 9,375,832 | ||||||||
Beginning Balance at Mar. 31, 2020 | $ 94,311 | ||||||||
Beginning Balance, shares at Mar. 31, 2020 | 11,704,487 | ||||||||
Beginning Balance at Mar. 31, 2020 | (63,796) | $ 9 | 718 | (64,523) | |||||
Beginning Balance, shares at Mar. 31, 2020 | 9,320,966 | ||||||||
Issuance of Series E convertible preferred stock | 0 | $ 12 | |||||||
Exercise of stock options | 7 | 7 | |||||||
Exercise of stock options, shares | 20,520 | ||||||||
Stock-based compensation expense | 65 | 65 | |||||||
Net loss and comprehensive loss | (8,316) | (8,316) | |||||||
Ending Balance at Jun. 30, 2020 | (72,040) | $ 94,299 | $ 9 | 790 | (72,839) | ||||
Ending Balance, shares at Jun. 30, 2020 | 11,704,487 | 9,341,486 | |||||||
Series F redeemable convertible preferred stock issuance cost | 0 | $ (55) | |||||||
Exercise of stock options | 12 | 12 | |||||||
Exercise of stock options, shares | 34,346 | ||||||||
Stock-based compensation expense | 165 | 165 | |||||||
Net loss and comprehensive loss | (8,097) | (8,097) | |||||||
Ending Balance at Sep. 30, 2020 | $ 94,244 | ||||||||
Ending Balance, shares at Sep. 30, 2020 | 11,704,487 | ||||||||
Ending Balance at Sep. 30, 2020 | $ (79,960) | $ 9 | 967 | (80,936) | |||||
Ending Balance, shares at Sep. 30, 2020 | 9,375,832 | ||||||||
Beginning Balance at Dec. 31, 2020 | $ 117,331 | ||||||||
Beginning Balance, shares at Dec. 31, 2020 | 12,767,202 | 12,767,202 | |||||||
Beginning Balance at Dec. 31, 2020 | $ (88,849) | $ 9 | 1,183 | (90,041) | |||||
Beginning Balance, shares at Dec. 31, 2020 | 9,509,182 | ||||||||
Exercise of stock options | 11 | 11 | |||||||
Exercise of stock options, shares | 16,862 | ||||||||
Stock-based compensation expense | 277 | 277 | |||||||
Net loss and comprehensive loss | (12,240) | (12,240) | |||||||
Ending Balance at Mar. 31, 2021 | $ 117,331 | ||||||||
Ending Balance, shares at Mar. 31, 2021 | 12,767,202 | ||||||||
Ending Balance at Mar. 31, 2021 | $ (100,801) | $ 9 | 1,471 | (102,281) | |||||
Ending Balance, shares at Mar. 31, 2021 | 9,526,044 | ||||||||
Beginning Balance at Dec. 31, 2020 | $ 117,331 | ||||||||
Beginning Balance, shares at Dec. 31, 2020 | 12,767,202 | 12,767,202 | |||||||
Beginning Balance at Dec. 31, 2020 | $ (88,849) | $ 9 | 1,183 | (90,041) | |||||
Beginning Balance, shares at Dec. 31, 2020 | 9,509,182 | ||||||||
Conversion of redeemable convertible preferred stock | 25,534,404 | ||||||||
Net loss and comprehensive loss | $ (47,024) | ||||||||
Ending Balance at Sep. 30, 2021 | $ 0 | ||||||||
Ending Balance, shares at Sep. 30, 2021 | 0 | ||||||||
Ending Balance at Sep. 30, 2021 | 245,976 | $ 49 | 382,992 | (137,065) | |||||
Ending Balance, shares at Sep. 30, 2021 | 47,292,022 | ||||||||
Beginning Balance at Mar. 31, 2021 | $ 117,331 | ||||||||
Beginning Balance, shares at Mar. 31, 2021 | 12,767,202 | ||||||||
Beginning Balance at Mar. 31, 2021 | (100,801) | $ 9 | 1,471 | (102,281) | |||||
Beginning Balance, shares at Mar. 31, 2021 | 9,526,044 | ||||||||
Exercise of stock options | 196 | 196 | |||||||
Exercise of stock options, shares | 205,988 | ||||||||
Stock-based compensation expense | 931 | 931 | |||||||
Net loss and comprehensive loss | (17,615) | (17,615) | |||||||
Ending Balance at Jun. 30, 2021 | $ 117,331 | ||||||||
Ending Balance, shares at Jun. 30, 2021 | 12,767,202 | ||||||||
Ending Balance at Jun. 30, 2021 | (117,289) | $ 9 | 2,598 | (119,896) | |||||
Ending Balance, shares at Jun. 30, 2021 | 9,732,032 | ||||||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering | $ 117,331 | $ (117,331) | $ 27 | $ 117,304 | |||||
Conversion of redeemable convertible preferred stock | (12,767,202) | 25,534,404 | |||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and other offering costs of $23.8 million | 252,174 | $ 12 | 252,162 | ||||||
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and other offering costs of $23.8 million, shares | 11,500,000 | ||||||||
Conversion of redeemable convertible preferred stock warrants to common stock warrants upon initial public offering | $ 8,973 | $ 8,973 | |||||||
Exercise of common stock warrants | 0 | $ 1 | (1) | ||||||
Exercise of common stock warrants, shares | 483,554 | ||||||||
Exercise of stock options | 57 | 57 | |||||||
Exercise of stock options, shares | 42,032 | ||||||||
Stock-based compensation expense | 1,899 | 1,899 | |||||||
Net loss and comprehensive loss | (17,169) | (17,169) | |||||||
Ending Balance at Sep. 30, 2021 | $ 0 | ||||||||
Ending Balance, shares at Sep. 30, 2021 | 0 | ||||||||
Ending Balance at Sep. 30, 2021 | $ 245,976 | $ 49 | $ 382,992 | $ (137,065) | |||||
Ending Balance, shares at Sep. 30, 2021 | 47,292,022 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2021 | Mar. 31, 2020 | |
IPO | ||
Issuance costs | $ 23.8 | |
Series E Convertible Preferred Stock | ||
Issuance costs | $ 94 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Net loss | $ (47,024,000) | $ (25,588,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 457,000 | 418,000 |
Accretion of debt discount and amortization of debt issuance costs | 531,000 | 421,000 |
Stock-based compensation expense | 3,107,000 | 291,000 |
Provision for doubtful accounts receivable | 149,000 | 188,000 |
Provision for excess and obsolete inventories | 297,000 | 1,093,000 |
Amortization of right-of-use asset | 448,000 | 414,000 |
Change in fair value of redeemable convertible preferred stock warrant | 6,861,000 | 175,000 |
Loss on disposal of property and equipment | (98,000) | 121,000 |
Proceeds from Paycheck Protection Program loan | (2,246,000) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,707,000) | (1,170,000) |
Inventory | (648,000) | (1,106,000) |
Prepaid expenses and other current assets | (3,331,000) | (421,000) |
Other noncurrent assets | 204,000 | 130,000 |
Accounts payable | (319,000) | (104,000) |
Accrued compensation | 569,000 | 634,000 |
Accrued and other current liabilities | 211,000 | 2,368,000 |
Other noncurrent liabilities | 279,000 | 758,000 |
Net cash used in operating activities | (41,818,000) | (23,624,000) |
Cash flows from investing activities | ||
Purchases of property and equipment | (656,000) | (651,000) |
Net cash used in investing activities | (656,000) | (651,000) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions | 256,680,000 | |
Payment of other offering costs related to the initial public offering | ||
Debt issuance costs - third party | (126,000) | |
Proceeds from the issuance of redeemable convertible preferred stock | 30,150,000 | |
Redeemable convertible preferred stock issuance cost | (161,000) | |
Proceeds from exercise of common stock options | 264,000 | 19,000 |
Net cash (used in) provided by financing activities | 252,438,000 | 29,882,000 |
Net change in cash and cash equivalents | 209,964,000 | 5,607,000 |
Cash and cash equivalents at beginning of period | 61,511,000 | 21,237,000 |
Cash and cash equivalents at end of period | 271,475,000 | 26,844,000 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 2,331,000 | 936,000 |
Supplemental noncash disclosure | ||
Acquisition of property and equipment included in accounts payable and accrued liabilities | 83,000 | 123,000 |
Noncash investing and financing: | ||
Common Stock issued on conversion of convertible preferred stock | 117,331,000 | |
Common stock warrants issued on conversion of preferred stock warrants and the reclassification of the warrant liability | $ 8,973,000 |
Company and Nature of Business
Company and Nature of Business | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Company and Nature of Business | Note 1. Company and Nature of Business Description of Business Sight Sciences, Inc. (the “Company”) was incorporated in the State of Delaware in 2010. The Company is located and headquartered in Menlo Park, California and has its principal commercial offices in Southlake, Texas. The Company is an ophthalmic medical device company focused on the development and commercialization of surgical and nonsurgical technologies for the treatment of prevalent eye diseases. The Company’s surgical glaucoma product portfolio features the OMNI® Surgical System, a device that facilitates the performance of both trabeculotomy and canaloplasty with a single device and single corneal incision. The Company’s nonsurgical dry eye product portfolio consists of the TearCare® System ("TearCare") for ophthalmologists and optometrists. TearCare is a wearable eyelid technology that delivers highly targeted and adjustable heat to the meibomian glands of the eyelids. Stock Split On July 7, 2021 the Company effected a 2-for-1 stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of the Company’s redeemable convertible preferred stock. Accordingly, all share and per share amounts for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this stock split and adjustment of the redeemable convertible preferred stock conversion ratios. Initial Public Offering On July 19, 2021, the Company closed its initial public offering (“IPO”) of its common stock in which the Company issued and sold 10,000,000 shares of its common stock, and sold an additional 1,500,000 shares of common stock upon the full exercise of the underwriters’ option to purchase additional shares of the Company's common stock. These sales occurred at the initial public offering price of $ 24.00 per share. The Company received net proceeds of approximately $ 252.2 million from the IPO, after deducting underwriting discounts and commissions of $ 19.3 million and offering costs of $ 4.5 million, of which $ 0.4 million were incurred as of December 31, 2020. Immediately prior to the closing of the IPO, all then-outstanding shares of redeemable convertible preferred stock were converted into 25,534,404 shares of common stock. Further, all outstanding redeemable convertible preferred stock warrants were converted into warrants to purchase 659,028 shares of common stock, which resulted in the reclassification of the convertible preferred stock warrant liability to additional paid-in capital. In connection with the Company’s IPO, in July 2021, the Company’s certificate of incorporation was amended and restated to provide for 200,000,000 authorized shares of common stock with a par value of $ 0.001 per share and 10,000,000 authorized shares of preferred stock with a par value of $ 0.001 per share. Significant Risks and Uncertainties Since inception, the Company has incurred losses and negative cash flows from operations. As of September 30, 2021, the Company had an accumulated deficit of $ 137.1 million and recorded a net loss of $ 47.0 million for the nine months then ended and expects to incur future additional losses. If the Company’s revenue levels from its products are not sufficient or if the Company is unable to secure additional funding when desired, the Company may need to delay the development of its products and scale back its business and operations. The Company believes that its existing sources of liquidity will satisfy its working capital and capital requirements for at least 12 months from the issuance of its financial statements. Failure to generate sufficient revenues, achieve planned gross margins, or control operating costs will require the Company to raise additional capital through equity or debt financing. Such additional financing may not be available on acceptable terms, or at all, and could require the Company to modify, delay, or abandon some of its planned future expansion or expenditures or reduce some of its ongoing operating costs, which could harm its business, operating results, financial condition, and ability to achieve its intended business objectives. On March 11, 2020, the World Health Organization declared the coronavirus disease 2019 (“COVID-19”) outbreak a global pandemic recommending containment measures worldwide. On March 16, 2020 the Company implemented alternative work arrangements for its employees and limited its employees’ travel activities to protect its employees and to comply with the provisions described within the local shelter in place order. Certain U.S. federal, state and local governmental authorities issued other orders and directives, including restrictions on elective procedures and therapies, aimed at minimizing the spread of COVID-19. As such, the COVID-19 pandemic impacted and is expected to continue to impact demand for the Company’s products, which are used in procedures and therapies that are considered elective. Although some of the governmental restrictions have since been lifted or scaled back, recent and future surges of COVID-19, including recent surges in the delta variant of COVID-19, may result in restrictions being re-implemented in response to efforts to reduce the spread of COVID-19. The ultimate impact of the COVID-19 pandemic on the Company’s operations is unknown and will depend on future developments which are highly uncertain and cannot be predicted with confidence, including the duration and severity of the COVID-19 outbreak (including prevalence and effect of the delta variant and other potential COVID-19 variants), the status of health and safety actions taken to contain its spread and any additional preventative and protective actions that governments or the Company may direct, any resurgence of COVID-19 that may occur and how quickly and to what extent economic and operating conditions normalize within the markets in which the Company operates. The COVID-19 pandemic could disrupt the operations of the Company’s third-party manufacturers and other suppliers. Although the Company has not experienced material disruptions in its supply chain to date, it cannot predict how long the pandemic and measures intended to contain the spread of COVID-19 will continue and what effect COVID-19 and the associated containment measures will have on our suppliers and vendors, in particular for any of the Company’s suppliers and vendors that may not qualify as essential businesses and suffer more significant disruptions to their business operations. The Company is working closely with its manufacturing partners and suppliers to help ensure the Company is able to source key components and maintain appropriate inventory levels to meet customer demand. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) applicable to interim periods. The condensed consolidated financial statements, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the Company’s financial position and results of operations for the reported periods. These condensed consolidated financial statements have been prepared on a basis substantially consistent with, and should be read in conjunction with the audited financial statements for the year ended December 31, 2020 and notes thereto included in the prospectus, dated July 14, 2021, filed with the Securities and Exchange Commission ("SEC") in accordance with Rule 424(b) of the Securities Act on July 15, 2021 (the "Prospectus") in connection with our IPO that forms a part of the Company's Registration Statements on Form S-1 (File No. 333-257320), as filed with the SEC pursuant to Rule 424(b)(4) promulgated under the Securities Act. Certain information and note disclosures normally included in the audited financial statements prepared in accordance with GAAP have been condensed or omitted from this report. The results of operations for any interim period are not necessarily indicative of the results for the year ending December 31, 2021, or for any future period. The accompanying condensed consolidated financial statements reflect the operations of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expense during the reporting period. The most significant estimates related to inventory excess and obsolescence, the selection of useful lives of property and equipment, determination of the fair value of stock option grants, the fair value of the redeemable convertible preferred stock warrants, and provisions for income taxes and contingencies. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements. Actual results could differ from these estimates and such differences could be material to the Company’s financial position and results of operations. Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, redeemable convertible preferred stock, short-term and long-term debt and redeemable convertible preferred stock warrant liability. The Company states accounts receivable, accounts payable, and accrued and other current liabilities at their carrying value, which approximates fair value due to the short time to the expected receipt or payment. The carrying amount of the Company’s debt approximates its fair value as the effective interest rate approximates market rates currently available to the Company. The redeemable convertible preferred stock warrant liability associated with the Company’s redeemable convertible preferred stock was carried at fair value based on unobservable market inputs. The carrying value of the warrants continued to be adjusted until the completion of the IPO, which occurred in July 2021. At that time, the preferred stock warrant liability was adjusted to fair value and reclassified to additional paid-in capital (see Note 3). Deferred Offering Costs Deferred offering costs, consisting of legal, accounting and other fees and costs relating to the Company’s IPO, were deferred until completion of the IPO. As of December 31, 2020, deferred offering costs of $ 0.4 million were capitalized and are included in “Other noncurrent assets”. In July 2021, upon closing of the IPO, total deferred costs of $ 4.5 million were offset against the Company's IPO proceeds in additional paid in capital. Accounting for Payroll Protection Program In March 2020, Congress established the Paycheck Protection Program (“PPP”) to provide relief to small businesses during COVID-19 as part of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The legislation authorized the U.S. Treasury to use the Small Business Association’s (“SBA’s”) small business lending program to fund forgivable loans that qualifying businesses could spend to cover payroll, mortgage interest, rent, and utilities during the “Covered Period” defined as the 8-week period starting on the date the PPP loan proceeds are received. Upon meeting certain criteria as specified in the PPP program, the loans are eligible for partial or total forgiveness. In May 2020, the Company applied for and received a PPP loan for the amount $ 2.2 million from SBA. The PPP loan was forgiven in June 2021. GAAP does not contain authoritative accounting standards for forgivable loans provided by governmental entities to a for-profit entity. Absent authoritative accounting standards, interpretative guidance issued and commonly applied by financial statement preparers allows for the selection of accounting policies amongst acceptable alternatives. The Company determined it most appropriate to account for the PPP loan proceeds as an in-substance government grant by analogy to International Accounting Standards 20 (“IAS 20”) Accounting for Government Grants and Disclosure of Government Assistance . Under this guidance, a forgivable loan from government is treated as a government grant when there is reasonable assurance that the entity will meet the terms for forgiveness of the loan. While IAS 20 does not define “reasonable assurance”, this concept in practice is analogous to “probable” as defined in Financial Accounting Standards Board (“FASB”) ASC 450-20-20 under GAAP, which is the definition the Company applied to its expectations of PPP loan forgiveness. Under IAS 20, government grants are recognized in earnings on a systematic basis over the periods in which the Company recognizes costs for which the grant is intended to compensate (i.e. qualified expenses). Further, IAS 20 permits for the recognition in earnings either separately under a general heading such as other income, or as a reduction of the related expenses. New Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. The guidance is effective for the Company beginning in the first quarter of 2023. The Company is evaluating the impact of adopting this guidance and does not expect to have a material impact on the Company’s financial statements and related disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , that simplifies the accounting for income taxes by eliminating certain exceptions related to the approach for intra-period tax allocation and modified the methodology for calculating income taxes in an interim period. It also clarifies and simplifies other aspects of the accounting for income taxes. The guidance is effective for the Company for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022 with early adoption permitted. The Company is evaluating the effect of this new guidance and does not expect it to have material impact on the Company’s financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The guidance also establishes (1) a general contract modification principle that entities can apply in other areas that may be affected by reference rate reform and (2) certain elective hedge accounting expedients. The amendment is effective for all entities through December 31, 2022. LIBOR is used to calculate the interest on borrowings under the Company’s term loan and revolving line of credit with MidCap Financial Services. The Company is evaluating the effect of this new guidance and does not expect it to have material impact on the Company’s financial statements. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 3. Fair Value Measurements The Company reports all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Level 3—Inputs are unobservable inputs for the asset or liability. The level in the fair value hierarchy within which a fair value measurement in its entirety is based on the lowest-level input that is significant to the fair value measurement in its entirety. The financial statements as of September 30, 2021 and December 31, 2020, do not include any nonrecurring fair value measurements relating to assets or liabilities. The following table sets forth the fair value measurements of liabilities that are measured at fair value on a recurring basis as of December 31, 2020 (in thousands). As of September 30, 2021, there were no liabilities that are measured at fair value on a recurring basis. As of December 31, 2020 Level 1 Level 2 Level 3 Total Liabilities: Redeemable convertible preferred stock warrants liabilities $ — $ — $ 2,112 $ 2,112 Total liabilities measured at fair value $ — $ — $ 2,112 $ 2,112 The Company measures the redeemable convertible preferred stock warrants using Level 3 unobservable inputs within the Black-Scholes option-pricing model. The key assumptions include the fair value of redeemable convertible preferred stock, volatility, the risk-free interest rate, expected term (remaining contractual term of the warrants) and dividend yield. The Company has limited historical volatility information available, and the expected volatility was based on actual volatility for comparable public companies projected over the expected terms of the warrants. The Company did not apply a forfeiture rate to the warrants as there is not enough historical information available to estimate such a rate. The risk-free interest rate was based on the U.S. Treasury yield curve at the time of the grant over the expected term of the warrants. Refer to Note 9 for the assumptions used. The Company measures the fair value of outstanding debt for disclosure purposes on a recurring basis. As of September 30, 2021 and December 31, 2020, total debt of $ 32.5 million and $ 31.9 million is reported at amortized cost, respectively. This outstanding debt is classified as Level 2 as it is not actively traded. The amortized cost of the outstanding debt approximates the fair value. The Company determines the fair value of the redeemable convertible preferred stock warrants quarterly, with subsequent gains and losses from remeasurement of Level 3 financial liabilities recorded through other income (expense), net in condensed statements of operations and comprehensive loss. A summary of the changes in the fair value of the Company’s Level 3 financial instruments for the three and nine months ended September 30, 2021 and 2020, is as follows (in thousands): Redeemable convertible preferred stock warrants liabilities Balance – December 31, 2020 $ 2,112 Change in fair value ( 555 ) Balance – March 31, 2021 1,557 Change in fair value 5,427 Balance – June 30, 2021 6,984 Change in fair value 1,989 Conversion of preferred stock warrants to common stock warrants upon the closing of the IPO ( 8,973 ) Balance – September 30, 2021 $ — Redeemable convertible preferred stock warrants liabilities Balance – December 31, 2019 $ 236 Change in fair value ( 92 ) Balance – March 31, 2020 144 Change in fair value 73 Balance – June 30, 2020 217 Change in fair value 194 Balance – September 30, 2020 $ 411 |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Components | Note 4. Balance Sheet Components Property and Equipment, Net Property and equipment, net consist of the following (in thousands): As of September 30, As of December 31, 2021 2020 Tools and equipment $ 1,720 $ 1,523 Computer equipment and software 108 118 Furniture and fixtures 254 43 Leasehold improvements 29 30 Construction in process 393 298 2,504 2,012 Less: Accumulated depreciation ( 1,084 ) ( 743 ) Property and equipment, net $ 1,420 $ 1,269 Depreciation expense was $ 0.2 million and $ 0.5 million for the three and nine months ended September 30, 2021, respectively. Depreciation expense was $ 0.1 million and $ 0.4 million for the three and nine months ended September 30, 2020, respectively. Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following (in thousands): As of September 30, As of December 31, 2021 2020 Accrued expenses $ 2,569 $ 1,971 Current portion of lease liabilities 486 395 Short term interest payable 272 274 Other accrued liabilities 510 446 Total accrued and other current liabilities $ 3,837 $ 3,086 Other Noncurrent Liabilities Other noncurrent liabilities consist of the following (in thousands): As of September 30, As of December 31, 2021 2020 Redeemable preferred stock warrants liabilities $ — $ 2,112 Long term interest payable 750 465 Noncurrent portion of lease liabilities 1,178 134 Other noncurrent liabilities 345 344 Total other noncurrent liabilities $ 2,273 $ 3,055 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 5. Debt In January 2019, the Company entered into credit and security agreements with MidCap Financial Services, or the Lender, which provided a maximum of $ 25.0 million credit facility consisting of a $ 20.0 million senior secured term loan (the "2019 Term Loan") and a $ 5.0 million 2019 revolving loan (the "2019 Revolver" and collectively with the 2019 Term Loan, the “2019 MidCap Credit Facility”). In November 2020, the Company entered into amended and restated credit and security agreements with the same institution, which replaced the 2019 MidCap Credit Facility, and provided for a maximum of $ 40.0 million credit facility consisting of a $ 35.0 million senior secured term loan (the "2020 Term Loan") and a $ 5.0 million revolving loan (the "2020 Revolver and collectively with the 2020 Term Loan, the “2020 MidCap Credit Facility”). 2019 Term Loan The 2019 Term Loan had a four-year term and had a stated floating interest rate which equates to reserve- adjusted LIBOR + 6.75 %. The 2019 Term Loan was split into three tranches as follows: (i) the Tranche One Loans provided for $ 12.0 million in term loans, (ii) the Tranche Two Loans provided for up to $ 2.0 million in term loans, and (iii) the Tranche Three Loans provided for up to $ 6.0 million in term loans. The Company borrowed $ 14.0 million under the Tranche One Loans and Tranche Two Loans. While the conditions necessary to draw the Tranche Three Loans had been met as of December 31, 2019, the Company did not elect to draw the Tranche Three Loans. The 2019 Term Loan originally required 18 monthly interest-only payments , which began on January 31, 2019, followed by 30 equal monthly installments of principal, plus interest. The interest-only period was extended by an additional six months upon achievement of the Tranche Three Milestone. The 2019 Term Loan had an effective interest rate of 14.52 % per year. The 2019 Term Loan interest expense for the three months ended September 30, 2021 and 2020 was $ 0.0 and $ 0.5 million, respectively. The 2019 Term Loan interest expense for the nine months ended September 30, 2021 and 2020 was $ 0.0 and $ 1.6 million, respectively. In conjunction with the funding of Tranche One Loans and Tranche Two Loans under the 2019 Term Loan, the Company issued a 10-year warrant to the Lender to purchase 29,514 shares of the Company’s Series C redeemable convertible preferred stock (the “2019 Initial Warrant”) at an exercise price of $ 9.49 per share (the “Exercise Price”). Further, depending on the funding of the Tranche Three Loans, the Company was obligated to issue an additional Warrant to the Lender to purchase up to 12,649 shares of Series C redeemable convertible preferred stock at the Exercise Price (the “2019 Additional Warrant” and together with “2019 Initial Warrant” the “2019 Warrants”) (see Note 9). The conditions precedent to issuance of the 2019 Additional Warrant were never satisfied, so the warrant was not issued, and the Company's prospective obligation to issue the 2019 Additional Warrant expired upon modification of the 2019 Term Loan. In August 2021, the Lender effected a net exercise in full of the 2019 Initial Warrant and the Company issued the Lender 51,846 shares of common stock. The estimated fair value of the 2019 Warrants of $ 0.2 million upon draw down was based on the Black- Scholes option-pricing model and probability of future draw downs. The 2019 Warrants were recorded at the fair value as a debt discount and as a warrant liability. The debt discount was being accreted using the effective interest method as interest expense over the contractual period of four years for the 2019 Term Loan. The Company incurred $ 1.5 million of issuance costs in conjunction with the 2019 Term Loan. The issuance costs were netted against the borrowed funds in the condensed consolidated balance sheet and were accreted using the effective interest method as interest expense over the contractual period of four years for the 2019 Term Loan. The Company could voluntarily prepay the 2019 Term Loan borrowings in full, with a prepayment premium beginning at 3 % in the first year from tranche funding, to 2 % in the second year from tranche funding, to 1 % in the third year from tranche funding thereafter. In addition, a final payment fee of 5 % of the amounts borrowed was payable at the end of the term or when the borrowings were repaid in full. A long-term liability was being accreted using the effective interest method for the final payment fee over the term of the loan agreement. The borrowings were collateralized by a security interest in substantially all of the Company’s assets. The Company was subject to financial covenants related to minimum trailing revenue targets that began on January 1, 2019, and were tested on a monthly basis. Upon funding of only the Tranche One Loans, the Company had to achieve minimum net revenue of $ 7 million over a trailing 12-month period increasing to a maximum net revenue covenant of $ 35 million for the trailing 12-month period ending December 31, 2022, and thereafter. Upon funding of both the Tranche One Loans and Tranche Two Loans, the Company had to achieve minimum net revenue of $ 7 million over a trailing 12-month period increasing to a maximum net revenue covenant of $ 37.3 million for the 12-month period ending December 31, 2022, and thereafter. If Tranche Three Loans had been funded regardless of whether Tranche Two Loans had been funded, the Company would have been required to achieve minimum net revenue of $ 15 million over a trailing 12-month period increasing to a maximum net revenue covenant of $ 46.7 million for the 12-month period ending December 31, 2022, and thereafter. On November 23, 2020, the 2019 Term Loan was replaced with 2020 Term Loan (see below). 2019 Revolver The 2019 Revolver had a four-year term and has a stated floating interest rate which equates to reserve- adjusted LIBOR plus 4.25 %. An unused line fee of 0.5 % was payable monthly based on the average unused balance and a collateral management fee of 0.5 % was payable monthly based on the outstanding balance of the 2019 Revolver. The Company could request to increase the 2019 Revolver commitment amount to $ 10.0 million under the term of the agreement. On November 23, 2020, the 2019 Revolver was replaced with the 2020 Revolver (see below). 2020 Term Loan The 2020 Term Loan has a five-year term and has a stated floating interest rate which equates to reserve- adjusted LIBOR + 7.00 %. The 2020 Term Loan is split into three tranches as follows: (i) the Tranche One Loans provide for $ 12.0 million in term loans which are deemed to have been converted from Tranche One Loans that were drawn and outstanding under the 2019 Term Loan immediately prior to entering into 2020 MidCap Credit Facility, (ii) the Tranche Two Loans provided for up to $ 2.0 million in term loans which are deemed to have been converted from Tranche Two Loans that were drawn and outstanding under the 2019 Term Loan immediately prior to entering into 2020 MidCap Credit Facility, and (iii) the Tranche Three Loans provided for up to $ 21.0 million in new term loans. The Company borrowed $ 21.0 million under the Tranche Three Loans in November 2020. The 2020 Term Loan requires 24 monthly interest-only payments, which began on December 1, 2020, followed by 36 equal monthly installments of principal, plus interest. The interest-only period can be extended by an additional 12 months provided that the Company is in compliance with the minimum trailing revenue targets (as described below), and has unrestricted cash and cash equivalents of at least 12 times of the amortization monthly cash burn amount, measured as defined in the 2020 Term Loan agreement (“First IO Extension”). If the First IO Extension conditions are satisfied, the interest-only period can be further extended by an additional 12 months, provided that the Company is in compliance with the minimum trailing revenue targets (as described below), has unrestricted cash and cash equivalents of at least 12 times of the amortization monthly cash burn amount, and has consummated an IPO in which the Company has received cash proceeds of at least $ 60.0 million. The 2020 Term Loan has an effective interest rate of 13.59 % per year. The 2020 Term Loan interest expense for the three months ended September 30, 2021 and 2020 was $ 1.1 million and $ 0.0 , respectively. The 2020 Term Loan interest expense for the nine months ended September 30, 2021 and 2020 was $ 3.3 million and $ 0.0 , respectively. In conjunction with entry into the 2020 MidCap Credit Facility, the Company issued a 10-year warrant to the Lender to purchase 300,000 shares of the Company’s Series F redeemable convertible preferred stock (the “2020 Warrant”) at an exercise price of $ 21.88 per share (see Note 9). The estimated fair value at issuance of the 2020 Warrant of $ 1.8 million was based on the Option-Pricing Method with Discounts for Lack of Marketability for each class of security. In addition, the Company incurred $ 0.5 million of issuance costs paid to the Lender in conjunction with the 2020 Term Loan which represents a debt discount. The Company concluded that the 2020 Term Loan represented a modification of the 2019 Term Loan and accounted for the 2020 Term Loan as debt modification. The 2020 Warrant was recorded at the fair value as a debt discount and as a warrant liability. At each balance sheet date, the 2020 Warrant was remeasured to fair value with any changes in fair value recognized as other income or expense in the statements of operations. The debt discount is being amortized using the effective interest method as interest expense over the contractual period of five years for the 2020 Term Loan. In August 2021, the Lender effected a net exercise in full of the 2020 Warrant and the Company issued the Lender 431,708 shares of common stock. The Company can voluntarily prepay the borrowings in full, with a prepayment premium beginning at 3 % in the first year from entering into the 2020 MidCap Credit facility and declining to 2 % in the second year to 1 % in the third year thereafter. In addition, a final payment fee of 6 % of the amounts borrowed is payable at the end of the term or when the borrowings are repaid in full. A long-term liability is being accreted using the effective interest method for the final payment fee over the term of the loan agreement. The borrowings are collateralized by a security interest in substantially all of the Company’s assets. The Company accrued $ 0.8 million and $ 0.5 million as of September 30, 2021 and December 31, 2020, respectively, related to accretion of final payment due at maturity per the agreement using the effective interest rate method. The final payment accrual is recorded in Other noncurrent liabilities on the balance sheets. The Company is subject to financial covenants related to minimum trailing revenue targets that began on September 30, 2020 and are tested on a monthly basis. The Company has to achieve minimum net revenue of $ 20.0 million over a trailing 12-month period increasing to a maximum net revenue covenant of $ 84.8 million for the trailing 12-month period ending October 31, 2025. As of September 30, 2021, the Company was in compliance with the applicable financial covenant. 2020 Revolver The 2020 Revolver has a four-year term and has a stated floating interest rate which equates to reserve- adjusted LIBOR plus 4.50 %. An unused line fee of 0.5 % is payable monthly based on the average unused balance and a collateral management fee of 0.5 % is payable monthly based on the outstanding balance of the 2020 Revolver. The Company can request to increase the 2020 Revolver commitment amount to $ 15.0 million under the term of the agreement. As of September 30, 2021, $ 5.0 million was available to be drawn under the 2020 Revolver. The 2020 Revolver has not been drawn upon as of September 30, 2021. Long-term and short-term debt was as follows (in thousands): As of September 30, As of December 31, 2021 2020 Term Loan $ 35,000 $ 35,000 Total principal payments due 35,000 35,000 Less: debt discount related to warrant liability and issuance costs ( 2,514 ) ( 3,045 ) Total amounts outstanding 32,486 31,955 Less: Current portion — — Total accrued and other current liabilities $ 32,486 $ 31,955 The repayment schedule relating to the Company’s debt as of September 30, 2021, is as follows (in thousands): Amount 2021 (remainder) — 2022 ( 1,944 ) 2023 ( 11,667 ) 2024 ( 11,667 ) 2025 ( 9,722 ) Total repayments $ ( 35,000 ) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6. Commitments and Contingencies Operating Lease Obligations The Company’s leases mainly include facility leases and storage leases. In September 2019, the Company entered into a noncancelable operating lease for approximately 10,823 square feet of primary office space, which expired on July 31, 2021 , without the option to extend. On February 5, 2021, the Company entered into a lease to renew the corporate headquarters in Menlo Park, California. The lease commenced on August 1, 2021 and is for a term of 37 months from the commencement date. The Company recorded an aggregate right-of-use ("ROU") asset and lease liability of $ 1.5 million. The ROU asset and corresponding lease liability were estimated using a weighted-average incremental borrowing rate of 13.59 %. Total base rent is approximately $ 1.6 million under the lease agreement. The Company recognizes rent expense on a straight-line basis over the noncancelable lease term. The Company’s rent expense was $ 0.2 million and $ 0.2 million for the three months ended September 30, 2021 and 2020, respectively. The Company’s rent expense was $ 0.5 million for the nine months ended September 30, 2021 and 2020. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date if the rate implicit in the lease is not readily determinable. At the date of adoption of Topic 842, the Company determined the amounts of lease liability using a discount rate of 16.4 %, which represents the Company’s incremental borrowing rate, which was based on the Company’s current borrowing rate adjusted for various factors including level of collateralization and term. As of September 30, 2021, the remaining lease term for the lease was 2.9 years. Operating lease expense and supplemental cash flow information related to operating leases for the three and nine months ended September 30, 2020 and 2021 were as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Operating lease expense $ 175 $ 175 $ 528 $ 488 Cash paid for operating leases 131 173 484 517 New operating lease assets obtained in exchange for 1,514 — 1,537 — During the three and nine months ended September 30, 2021 and 2020, the Company’s costs related to short-term lease arrangements and non-lease variable payments were immaterial. Aggregate future minimum lease payments at September 30, 2021 and December 31, 2020, under these noncancelable operating leases were as follows (in thousands): As of September 30, As of December 31, 2021 2020 2021 $ 170 $ 440 2022 691 66 2023 705 68 2024 462 29 Total future minimum lease payments $ 2,028 603 Less: imputed interest ( 364 ) ( 74 ) Present value of future minimum lease payments $ 1,664 529 Less: current portion of operating lease liability ( 486 ) ( 395 ) Operating lease liabilities - noncurrent $ 1,178 $ 134 Legal Proceedings On September 16, 2021, the Company filed suit in the U.S. District Court for the District of Delaware (C.A. No. 1:21-cv-01317) alleging that Ivantis, Inc. directly or indirectly infringes U.S. Patent Nos. 8,287,482, 9,370,443, 9,486,361, and 10,314,742 by making, using, selling, and offering for sale the Hydrus® Microstent. The Company’s Complaint seeks money damages and injunctive relief. Ivantis has not yet responded to the Complaint, and no trial date has been set. The Company is presently unable to predict the outcome of this lawsuit or to reasonably estimate the potential financial impact of the lawsuit on the Company, if any. The Company is subject to claims and assessments from time to time in the ordinary course of business. Accruals for litigation and contingencies are reflected in the financial statements based on management’s assessment, including the advice of legal counsel, of the expected outcome of litigation or other dispute resolution proceedings, and/or the expected resolution of contingencies. Liabilities for estimated losses are accrued if the potential losses from any claims or legal proceedings are considered probable and the amounts can be reasonably estimated. Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount can be reasonably estimated. Accruals are based only on information available at the time of the assessment due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations in a given period. As of September 30, 2021 and December 31, 2020, the Company was not involved in any material legal proceedings except as described above. Indemnification In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but that have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company indemnifies each of its directors and officers for certain events or occurrences, subject to certain limits, while the director is or was serving at the Company’s request in such capacity, as permitted under Delaware law and in accordance with its certificate of incorporation and bylaws. The term of the indemnification period lasts as long as a director may be subject to any proceeding arising out of acts or omissions of such director in such capacity. The maximum amount of potential future indemnification is unlimited; however, the Company currently holds director liability insurance. This insurance allows the transfer of risk associated with the Company’s exposure and may enable it to recover a portion of any future amounts paid. The Company believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations as of September 30, 2021 and December 31, 2020. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 9 Months Ended |
Sep. 30, 2021 | |
Redeemable Convertible Preferred Stock [Abstract] | |
Redeemable Convertible Preferred Stock | Note 7. Redeemable Convertible Preferred Stock The Company has the following redeemable convertible preferred stock issued and outstanding at December 31, 2020 (in thousands, except share and per share data): Shares Authorized Shares Issued and Outstanding Original Issuance Price Liquidation Amount Issuance Costs Carrying Value Series A 3,804,344 3,804,344 $ 1.38 $ 5,250 $ 9 $ 5,241 Series B 1,209,621 1,209,621 $ 5.79 7,000 106 6,894 Series C 2,372,371 2,342,857 $ 9.49 22,226 208 22,018 Series D 2,507,720 2,447,818 $ 12.56 30,750 647 30,103 Series E 1,921,902 1,899,847 $ 15.87 30,150 106 30,044 Series F 2,425,432 1,062,715 $ 21.88 23,250 219 23,031 14,241,390 12,767,202 $ 118,626 $ 1,295 $ 117,331 Immediately prior to the closing of the IPO, all then-outstanding shares of redeemable convertible preferred stock were converted into 25,534,404 shares of common stock, resulting in the reclassification of the related redeemable convertible preferred stock of $ 117.3 million to common stock and APIC. There was no redeemable convertible preferred stock outstanding as of September 30, 2021. |
Common Stock Warrants
Common Stock Warrants | 9 Months Ended |
Sep. 30, 2021 | |
Warrants And Rights Note Disclosure [Abstract] | |
Common Stock Warrants | Note 8. Common Stock Warrants In connection with the issuance of the Company’s Series A redeemable convertible preferred stock issuances in September 2011, the Company issued a warrant to purchase 129,310 shares of common stock to an investor who purchased Series A redeemable convertible preferred stock at an exercise price of $ 0.05 per share. The common stock warrant was exercised in December 2020 and is no longer outstanding |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock Warrants | 9 Months Ended |
Sep. 30, 2021 | |
Warrants And Rights Note Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock Warrants | Note 9. Redeemable Convertible Preferred Stock Warrants 2019 Warrants In conjunction with the funding of Tranche 1 and Tranche 2 under the 2019 Term Loan, the Company issued the 2019 Initial Warrant to purchase 29,514 shares of its Series C redeemable convertible preferred stock (see Note 5). The 2019 Initial Warrant was immediately exercisable, at an exercise price per share of $ 9.49 , and expires 10 years from its date of issuance. Further, depending on the funding of the 2019 Term Loan Tranche 3, the Company was obligated to issue the 2019 Additional Warrant to the Lender to purchase up to 12,649 shares of Series C redeemable convertible preferred stock at the respective exercise price. The estimated fair value of the 2019 Warrants on the date of issuance was $ 0.2 million. As of the issuance date, the fair value of the 2019 Warrants was calculated using the Black-Scholes option-pricing model and was based on a term of 10 years , a risk-free interest rate of 2.99 %, expected volatility of 50.95 %, and 0 % expected dividend yield. At initial recognition, the 2019 Warrants were recorded at their estimated fair values and were subject to remeasurement at each balance sheet date, with changes in fair value recognized as a component of net income. On the completion of the IPO, the outstanding 2019 Initial Warrant was converted to 59,028 shares of common stock, which resulted in the re-classification of the convertible preferred stock warrant liability to additional paid-in capital. In August 2021, the 2019 Initial Warrant was net exercised and the Company issued 51,846 shares of common stock to Lender. As of December 31, 2020, the estimated fair value of the 2019 Warrants was $ 0.3 million. The fair value of the 2019 Warrants was calculated using the Black-Scholes option-pricing model with the following assumptions: July 19, December 31, 2021 (1) 2020 Expected term (in years) 0.04 8.1 – 8.5 Expected volatility 37.90 % 42.18 % – 42.63 % Risk-free interest rate 0.05 % 2.33 % – 2.49 % Dividend yield – – (1) Date the Company's registration statement (Form S-1) was declared effective 2020 Warrant In conjunction with entering into the 2020 Term Loan agreement, the Company issued the 2020 Warrant to purchase 300,000 shares of its Series F redeemable convertible preferred stock (see Note 5). The 2020 Warrant was immediately exercisable at an exercise price per share of $ 21.88 , and expires 10 years from its date of issuance. The estimated fair value of the 2020 Warrant on the date of issuance was $ 1.8 million. As of the issuance date, the fair value of the 2020 Warrant was calculated using a Multi-scenario Method with Discounts for Lack of Marketability for each class of security. At initial recognition, the 2020 Warrant was recorded at its estimated fair values and was subject to remeasurement at each balance sheet date, with changes in fair value recognized as a component of net income. On the completion of the IPO, the outstanding 2020 Warrant was converted to purchase 600,000 shares of common stock, which resulted in the re-classification of the convertible preferred stock warrant liability to additional paid-in capital. In August 2021, the 2020 Warrant was net exercised and the Company issued 431,708 shares of common stock. As of December 31, 2020, the estimated fair values of the 2020 Warrant was $ 6.0 million. The fair value of the redeemable convertible preferred stock warrants was determined using the following assumption: July 19, December 31, 2021 (1) 2020 Term (in years) 0.04 0.58 – 2.58 Expected volatility 37.90 % 55.9 % - 65.6 % Risk-free interest rate 0.05 % 0.08 % - 0.18 % (1) Date the Company's registration statement (Form S-1) was declared effective |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Common Stock | Note 10. Common Stock In connection with the Company’s IPO in July 2021, the Company’s certificate of incorporation was amended and restated to provide for 200,000,000 authorized shares of common stock with a par value of $ 0.001 per share and 10,000,000 authorized shares of preferred stock with a par value of $ 0.001 per share. The holders of common stock were also entitled to receive dividends whenever funds are legally available, when and if declared by the board of directors. As of September 30, 2021, no dividends have been declared to date. Each share of common stock is entitled to one vote. At September 30, 2021 and December 31, 2020, the Company had reserved common stock for future issuances as follows: September 30, December 31, 2021 2020 Conversion of Series A redeemable convertible preferred stock — 7,608,688 Conversion of Series B redeemable convertible preferred stock — 2,419,242 Conversion of Series C redeemable convertible preferred stock and warrants — 4,744,742 Conversion of Series D redeemable convertible preferred stock — 4,895,636 Conversion of Series E redeemable convertible preferred stock — 3,799,694 Conversion of Series F redeemable convertible preferred stock and warrants — 2,725,430 Exercise of options under stock plan 5,252,969 3,137,776 Issuance of options and restricted stock units under stock plan 5,331,595 451,670 Issuance of common stock under employee stock purchase plan 850,000 — 11,434,564 29,782,878 |
Equity Incentive Plan
Equity Incentive Plan | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plans | Note 11. Equity Incentive Plans 2011 Stock Option Plan and 2021 Equity Incentive Plan In 2011, the Company established its 2011 stock option plan (the “2011 Plan”) that provided for the granting of stock options to employees and nonemployees of the Company. In July 2021, the Company’s Board of Directors and stockholders adopted and approved the 2021 Equity Incentive Plan, (the “2021 Plan”). The Company’s 2011 Stock Plan was terminated in connection with the IPO and no further grants will be made under the 2011 Plan from the date that the 2021 Plan became effective. Under the 2011 Plan, the Company had the ability to issue incentive stock options ("ISOs"), nonqualified stock options ("NSOs"), stock appreciation rights, dividend equivalent rights, restricted stock awards, and restricted stock unit awards. Options under the 2011 Plan could be granted for periods of up to 10 years. For incentive stock options granted to a grantee who, at the time the option is granted, owns stock representing more than 10% of the voting power of all classes of stock of the Company or any parent or subsidiary of the Company, the term of the incentive stock option may be granted for periods of up to five years. The ISOs and NSOs will be granted at a price per share not less than the fair value at the date of grant. The exercise price of an ISO granted to a 10% stockholder shall not be less than 110% of the estimated fair value of the shares on the date of grant, as determined by the board of directors. Options granted to new hires generally vest over a four-year period, with 25% vesting at the end of one year and the remaining vesting monthly thereafter; options granted as merit awards generally vest monthly over a four-year period. The Company reserved 5,200,000 shares of common stock for future issuance under the 2021 Plan. At September 30, 2021 and December 31, 2020, there were 5,331,595 shares and 451,670 shares, respectively, of common stock available for issuance under the 2021 Plan and 2011 Plan, respectively. Activity under the 2011 Plan and 2021 Plan is set forth below: Shares Number of Weighted-Average Exercise Price Weighted-Average Average Intrinsic Value Balances as of December 31, 2020 451,670 3,137,776 $ 0.94 6.8 $ 18,656 Additional shares reserved 7,260,000 Grants ( 2,487,203 ) 2,487,203 11.13 Forfeited/cancelled 107,128 ( 107,128 ) 2.89 Exercised/released ( 264,882 ) 1.01 Balances as of September 30, 2021 5,331,595 5,252,969 $ 5.72 7.6 $ 89,340 Vested and exercisable as of September 30, 2021 2,054,954 $ 1.46 5.2 $ 43,650 Vested and expected to vest as of September 30, 2021 5,222,969 $ 5.75 7.7 $ 88,662 The weighted-average grant-date fair values of options granted during the nine months ended September 30, 2021 and 2020 was $ 10.56 and $ 2.31 per share, respectively. The aggregate intrinsic value of options exercised were $ 4.2 million during the nine months ended September 30, 2021. The aggregate intrinsic value was calculated as the difference between the exercise prices of the underlying options and the estimated fair value of the common stock on the date of exercise. As of September 30, 2021, the unrecognized stock-based compensation of unvested opti ons was $ 25.1 million, which is expected to be recognized over a weighted-average period of 3.5 years. Determination of fair value The Company estimated the fair value of stock options using the Black-Scholes option-pricing model. The fair value of stock options is recognized on a straight-line basis over the requisite service periods of the awards. The fair value of stock options was estimated using the following weighted-average assumptions: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Expected term (in years) 5.90 – 6.07 6.02 5.00 – 6.08 5.85 – 6.09 Expected volatility 60.3 % – 60.7 % 55.6 % 56.8 % – 60.8 % 48.3 % – 55.6 % Risk-free interest rate 0.95 % – 1.16 % 0.34 % 0.48 % – 1.16 % 0.33 % – 1.77 % Dividend yield – – – – Expected Term The expected term is calculated using the simplified method, which is available if there is insufficient historical data about exercise patterns and post vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant or for each vesting tranche for awards with graded vesting. The midpoint of the vesting date and the maximum contractual expiration date is used as the expected term under this method. For awards with multiple vesting tranches, the time from grant until the midpoints for each of the tranches may be averaged to provide an overall expected term. Expected Volatility The Company used an average historical stock price volatility of a peer group of publicly traded companies to be representative of its expected future stock price volatility, as the Company did not have any trading history for its common stock. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size, and financial leverage of potential comparable companies. For each grant, the Company measured historical volatility over a period equivalent to the expected term. Risk-Free Interest Rate The risk-free interest rate is based on the implied yield currently available on US Treasury zero-coupon issues with remaining terms equivalent to the expected term of a stock award. Expected Dividend Rate The Company has not paid, and does not anticipate paying, any dividends in the near future. Accordingly, the Company has estimated the dividend yield to be 0 %. Restricted Stock Units RSUs are share awards that entitle the holder to receive freely tradable shares of the Company’s common stock upon vesting. The RSUs cannot be transferred, and the awards are subject to forfeiture if the holder’s employment terminates prior to the release of the vesting restrictions. The RSUs generally vest over a four-year period with straight-line vesting in equal amounts on an annual basis, provided the employee remains continuously employed with the Company. The fair value of the RSUs is equal to the closing price of the Company’s common stock on the grant date. In September 2021, the Company granted 23,800 RSUs at a grant-date fair value of $ 22.70 per share. There were no RSUs granted prior to September 2021. During the three months ended September 30, 2021, the Company recorded stock-based compensation of less than $ 0.1 million related to the RSUs. As of September 30, 2020, there was $ 0.5 million of total unrecognized compensation cost related to the RSUs that is expected to be recognized over a weighted-average period of 3.9 years. Stock Based Compensation The following is a summary of stock-based compensation expense by function (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Cost of goods sold $ 22 $ 6 $ 46 $ 11 Research and development 169 28 307 51 Selling, general and administrative 1,708 131 2,754 229 Total stock-based compensation expense $ 1,899 $ 165 $ 3,107 $ 291 In July 2021, the Board of Directors and stockholders also adopted and approved the 2021 Employee Stock Purchase Plan (the “ESPP”). The Company reserved 850,000 shares of common stock for future issuance under the ESPP. As of September 30, 2021, no shares of common stock have been purchased under the ESPP. |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | Note 12. Net Loss per Share Attributable to Common Stockholders Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period. As the Company reported a net loss for the three and nine months ended September 30, 2021 and 2020, basic net loss per share is the same as diluted net loss per share as the inclusion of potentially dilutive shares would have been antidilutive if included in the calculation. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders $ ( 17,169 ) $ ( 8,097 ) $ ( 47,024 ) $ ( 25,588 ) Denominator: Weighted-average shares of common stock 39,849,769 9,493,548 19,772,145 9,467,039 Net loss per share attributable to common $ ( 0.43 ) $ ( 0.85 ) $ ( 2.38 ) $ ( 2.70 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented because including them would have been antidilutive: September 30, 2021 2020 Series A redeemable convertible preferred stock — 3,804,344 Series B redeemable convertible preferred stock — 1,209,621 Series C redeemable convertible preferred stock — 2,342,857 Series D redeemable convertible preferred stock — 2,447,818 Series E redeemable convertible preferred stock — 1,899,847 Redeemable convertible preferred stock warrants — 42,163 Options to purchase common stock 5,229,169 3,152,862 Restricted stock units 23,800 — Total 5,252,969 14,899,512 |
Defined Contribution Plan
Defined Contribution Plan | 9 Months Ended |
Sep. 30, 2021 | |
Postemployment Benefits [Abstract] | |
Defined Contribution Plan | Note 13. Defined Contribution Plan The Company sponsors a defined contribution plan under Section 401(k) of the IRC of 1986, as amended, covering substantially all of its full-time US employees. Participating employees may contribute up to 100 % of their eligible compensation up to the annual Internal Revenue Service’s contribution limit. For the three and nine months ended September 30, 2021 and 2020, the Company did not match employee contributions. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Note 14. Segment Information The Company has two reportable operating segments which are determined on the basis of product portfolio: Surgical Glaucoma and Dry Eye. The operating and reportable segments were determined based on how the Company’s Chief Executive Officer, its Chief Operating Decision Maker (“CODM”), views and evaluates the Company’s operations. The CODM allocates resources to and evaluates the financial performance of each operating segment primarily based on gross profit and gross profit margin. Surgical Glaucoma segment includes sales of the Company’s OMNI® Surgical System for use in minimally invasive glaucoma procedures. Dry Eye segment includes sales of the Company’s TearCare® System and related components. The following table summarizes select operating results information for each reportable segment (dollars in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenue Surgical Glaucoma $ 12,446 $ 7,883 $ 32,573 $ 17,282 Dry Eye 655 768 1,698 1,367 Total 13,101 8,651 34,271 18,649 Cost of goods sold Surgical Glaucoma 1,621 1,946 5,252 4,968 Dry Eye 441 674 1,416 1,865 Total 2,062 2,620 6,668 6,833 Gross profit Surgical Glaucoma 10,825 5,937 27,321 12,314 Dry Eye 214 94 282 ( 498 ) Total 11,039 6,031 27,603 11,816 Operating expense 25,069 13,386 64,365 35,571 Loss from operations ( 14,030 ) ( 7,355 ) ( 36,762 ) ( 23,755 ) Interest income — 1 — 30 Interest expense ( 1,122 ) ( 538 ) ( 3,288 ) ( 1,639 ) Other income (expense), net ( 2,001 ) ( 197 ) ( 6,884 ) ( 179 ) Loss before income tax $ ( 17,153 ) $ ( 8,089 ) $ ( 46,934 ) $ ( 25,543 ) The Company does not allocate any income and expenses beyond revenue and cost of goods sold to the reportable operating segments in its reporting to the CODM. No asset information is provided for reportable operating segments because they are not reviewed by the CODM on segment basis. Substantially all of the Company’s revenue is generated from sales in the United States, and none of its property and equipment is located outside the United States. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15. Subsequent Events The Company evaluated subsequent events through November 10, 2021, the date on which the condensed consolidated financial statements were available for issuance. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) applicable to interim periods. The condensed consolidated financial statements, in the opinion of management, include all normal and recurring adjustments necessary to present fairly the Company’s financial position and results of operations for the reported periods. These condensed consolidated financial statements have been prepared on a basis substantially consistent with, and should be read in conjunction with the audited financial statements for the year ended December 31, 2020 and notes thereto included in the prospectus, dated July 14, 2021, filed with the Securities and Exchange Commission ("SEC") in accordance with Rule 424(b) of the Securities Act on July 15, 2021 (the "Prospectus") in connection with our IPO that forms a part of the Company's Registration Statements on Form S-1 (File No. 333-257320), as filed with the SEC pursuant to Rule 424(b)(4) promulgated under the Securities Act. Certain information and note disclosures normally included in the audited financial statements prepared in accordance with GAAP have been condensed or omitted from this report. The results of operations for any interim period are not necessarily indicative of the results for the year ending December 31, 2021, or for any future period. The accompanying condensed consolidated financial statements reflect the operations of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expense during the reporting period. The most significant estimates related to inventory excess and obsolescence, the selection of useful lives of property and equipment, determination of the fair value of stock option grants, the fair value of the redeemable convertible preferred stock warrants, and provisions for income taxes and contingencies. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements. Actual results could differ from these estimates and such differences could be material to the Company’s financial position and results of operations. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, redeemable convertible preferred stock, short-term and long-term debt and redeemable convertible preferred stock warrant liability. The Company states accounts receivable, accounts payable, and accrued and other current liabilities at their carrying value, which approximates fair value due to the short time to the expected receipt or payment. The carrying amount of the Company’s debt approximates its fair value as the effective interest rate approximates market rates currently available to the Company. The redeemable convertible preferred stock warrant liability associated with the Company’s redeemable convertible preferred stock was carried at fair value based on unobservable market inputs. The carrying value of the warrants continued to be adjusted until the completion of the IPO, which occurred in July 2021. At that time, the preferred stock warrant liability was adjusted to fair value and reclassified to additional paid-in capital (see Note 3). |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs, consisting of legal, accounting and other fees and costs relating to the Company’s IPO, were deferred until completion of the IPO. As of December 31, 2020, deferred offering costs of $ 0.4 million were capitalized and are included in “Other noncurrent assets”. In July 2021, upon closing of the IPO, total deferred costs of $ 4.5 million were offset against the Company's IPO proceeds in additional paid in capital. |
Accounting for Payroll Protection Program | Accounting for Payroll Protection Program In March 2020, Congress established the Paycheck Protection Program (“PPP”) to provide relief to small businesses during COVID-19 as part of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The legislation authorized the U.S. Treasury to use the Small Business Association’s (“SBA’s”) small business lending program to fund forgivable loans that qualifying businesses could spend to cover payroll, mortgage interest, rent, and utilities during the “Covered Period” defined as the 8-week period starting on the date the PPP loan proceeds are received. Upon meeting certain criteria as specified in the PPP program, the loans are eligible for partial or total forgiveness. In May 2020, the Company applied for and received a PPP loan for the amount $ 2.2 million from SBA. The PPP loan was forgiven in June 2021. GAAP does not contain authoritative accounting standards for forgivable loans provided by governmental entities to a for-profit entity. Absent authoritative accounting standards, interpretative guidance issued and commonly applied by financial statement preparers allows for the selection of accounting policies amongst acceptable alternatives. The Company determined it most appropriate to account for the PPP loan proceeds as an in-substance government grant by analogy to International Accounting Standards 20 (“IAS 20”) Accounting for Government Grants and Disclosure of Government Assistance . Under this guidance, a forgivable loan from government is treated as a government grant when there is reasonable assurance that the entity will meet the terms for forgiveness of the loan. While IAS 20 does not define “reasonable assurance”, this concept in practice is analogous to “probable” as defined in Financial Accounting Standards Board (“FASB”) ASC 450-20-20 under GAAP, which is the definition the Company applied to its expectations of PPP loan forgiveness. Under IAS 20, government grants are recognized in earnings on a systematic basis over the periods in which the Company recognizes costs for which the grant is intended to compensate (i.e. qualified expenses). Further, IAS 20 permits for the recognition in earnings either separately under a general heading such as other income, or as a reduction of the related expenses. |
New Accounting Pronouncements Not Yet Adopted | New Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. The guidance is effective for the Company beginning in the first quarter of 2023. The Company is evaluating the impact of adopting this guidance and does not expect to have a material impact on the Company’s financial statements and related disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , that simplifies the accounting for income taxes by eliminating certain exceptions related to the approach for intra-period tax allocation and modified the methodology for calculating income taxes in an interim period. It also clarifies and simplifies other aspects of the accounting for income taxes. The guidance is effective for the Company for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022 with early adoption permitted. The Company is evaluating the effect of this new guidance and does not expect it to have material impact on the Company’s financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The guidance also establishes (1) a general contract modification principle that entities can apply in other areas that may be affected by reference rate reform and (2) certain elective hedge accounting expedients. The amendment is effective for all entities through December 31, 2022. LIBOR is used to calculate the interest on borrowings under the Company’s term loan and revolving line of credit with MidCap Financial Services. The Company is evaluating the effect of this new guidance and does not expect it to have material impact on the Company’s financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Summary of Fair Value Measurement of Liabilities of Measured on Recurring Basis | The following table sets forth the fair value measurements of liabilities that are measured at fair value on a recurring basis as of December 31, 2020 (in thousands). As of September 30, 2021, there were no liabilities that are measured at fair value on a recurring basis. As of December 31, 2020 Level 1 Level 2 Level 3 Total Liabilities: Redeemable convertible preferred stock warrants liabilities $ — $ — $ 2,112 $ 2,112 Total liabilities measured at fair value $ — $ — $ 2,112 $ 2,112 |
Summary of Changes in Level 3 Fair Value Instruments | A summary of the changes in the fair value of the Company’s Level 3 financial instruments for the three and nine months ended September 30, 2021 and 2020, is as follows (in thousands): Redeemable convertible preferred stock warrants liabilities Balance – December 31, 2020 $ 2,112 Change in fair value ( 555 ) Balance – March 31, 2021 1,557 Change in fair value 5,427 Balance – June 30, 2021 6,984 Change in fair value 1,989 Conversion of preferred stock warrants to common stock warrants upon the closing of the IPO ( 8,973 ) Balance – September 30, 2021 $ — Redeemable convertible preferred stock warrants liabilities Balance – December 31, 2019 $ 236 Change in fair value ( 92 ) Balance – March 31, 2020 144 Change in fair value 73 Balance – June 30, 2020 217 Change in fair value 194 Balance – September 30, 2020 $ 411 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consist of the following (in thousands): As of September 30, As of December 31, 2021 2020 Tools and equipment $ 1,720 $ 1,523 Computer equipment and software 108 118 Furniture and fixtures 254 43 Leasehold improvements 29 30 Construction in process 393 298 2,504 2,012 Less: Accumulated depreciation ( 1,084 ) ( 743 ) Property and equipment, net $ 1,420 $ 1,269 |
Summary of Accrued and Other Current Liabilities | Accrued and other current liabilities consist of the following (in thousands): As of September 30, As of December 31, 2021 2020 Accrued expenses $ 2,569 $ 1,971 Current portion of lease liabilities 486 395 Short term interest payable 272 274 Other accrued liabilities 510 446 Total accrued and other current liabilities $ 3,837 $ 3,086 |
Summary of Other Noncurrent Liabilities | Other noncurrent liabilities consist of the following (in thousands): As of September 30, As of December 31, 2021 2020 Redeemable preferred stock warrants liabilities $ — $ 2,112 Long term interest payable 750 465 Noncurrent portion of lease liabilities 1,178 134 Other noncurrent liabilities 345 344 Total other noncurrent liabilities $ 2,273 $ 3,055 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term and Short-term Debt | Long-term and short-term debt was as follows (in thousands): As of September 30, As of December 31, 2021 2020 Term Loan $ 35,000 $ 35,000 Total principal payments due 35,000 35,000 Less: debt discount related to warrant liability and issuance costs ( 2,514 ) ( 3,045 ) Total amounts outstanding 32,486 31,955 Less: Current portion — — Total accrued and other current liabilities $ 32,486 $ 31,955 |
Repayment Schedule Relating to the Company's Debt | The repayment schedule relating to the Company’s debt as of September 30, 2021, is as follows (in thousands): Amount 2021 (remainder) — 2022 ( 1,944 ) 2023 ( 11,667 ) 2024 ( 11,667 ) 2025 ( 9,722 ) Total repayments $ ( 35,000 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Operating Lease Expense Recognized and Supplemental Cash Flow | Operating lease expense and supplemental cash flow information related to operating leases for the three and nine months ended September 30, 2020 and 2021 were as follows (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Operating lease expense $ 175 $ 175 $ 528 $ 488 Cash paid for operating leases 131 173 484 517 New operating lease assets obtained in exchange for 1,514 — 1,537 — |
Schedule of Aggregate Future Minimum Lease Payments | Aggregate future minimum lease payments at September 30, 2021 and December 31, 2020, under these noncancelable operating leases were as follows (in thousands): As of September 30, As of December 31, 2021 2020 2021 $ 170 $ 440 2022 691 66 2023 705 68 2024 462 29 Total future minimum lease payments $ 2,028 603 Less: imputed interest ( 364 ) ( 74 ) Present value of future minimum lease payments $ 1,664 529 Less: current portion of operating lease liability ( 486 ) ( 395 ) Operating lease liabilities - noncurrent $ 1,178 $ 134 |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Stock (Table) | 9 Months Ended |
Sep. 30, 2021 | |
Redeemable Convertible Preferred Stock [Abstract] | |
Summary of Redeemable Convertible Preferred Stock Issued and Outstanding | The Company has the following redeemable convertible preferred stock issued and outstanding at December 31, 2020 (in thousands, except share and per share data): Shares Authorized Shares Issued and Outstanding Original Issuance Price Liquidation Amount Issuance Costs Carrying Value Series A 3,804,344 3,804,344 $ 1.38 $ 5,250 $ 9 $ 5,241 Series B 1,209,621 1,209,621 $ 5.79 7,000 106 6,894 Series C 2,372,371 2,342,857 $ 9.49 22,226 208 22,018 Series D 2,507,720 2,447,818 $ 12.56 30,750 647 30,103 Series E 1,921,902 1,899,847 $ 15.87 30,150 106 30,044 Series F 2,425,432 1,062,715 $ 21.88 23,250 219 23,031 14,241,390 12,767,202 $ 118,626 $ 1,295 $ 117,331 Immediately prior to the closing of the IPO, all then-outstanding shares of redeemable convertible preferred stock were converted into 25,534,404 shares of common stock, resulting in the reclassification of the related redeemable convertible preferred stock of $ 117.3 million to common stock and APIC. There was no redeemable convertible preferred stock outstanding as of September 30, 2021. |
Redeemable Convertible Prefer_4
Redeemable Convertible Preferred Stock Warrants (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
2019 Warrants | |
Class Of Warrant Or Right [Line Items] | |
Schedule of Fair Value of Warrants Calculated Using Black-Scholes Model | The fair value of the 2019 Warrants was calculated using the Black-Scholes option-pricing model with the following assumptions: July 19, December 31, 2021 (1) 2020 Expected term (in years) 0.04 8.1 – 8.5 Expected volatility 37.90 % 42.18 % – 42.63 % Risk-free interest rate 0.05 % 2.33 % – 2.49 % Dividend yield – – (1) Date the Company's registration statement (Form S-1) was declared effective |
2020 Warrants | |
Class Of Warrant Or Right [Line Items] | |
Schedule of Fair Value of Warrants Calculated Using Black-Scholes Model | The fair value of the redeemable convertible preferred stock warrants was determined using the following assumption: July 19, December 31, 2021 (1) 2020 Term (in years) 0.04 0.58 – 2.58 Expected volatility 37.90 % 55.9 % - 65.6 % Risk-free interest rate 0.05 % 0.08 % - 0.18 % (1) Date the Company's registration statement (Form S-1) was declared effective |
Common Stock (Tables)
Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Reserved Common Stock for Future Issuances | At September 30, 2021 and December 31, 2020, the Company had reserved common stock for future issuances as follows: September 30, December 31, 2021 2020 Conversion of Series A redeemable convertible preferred stock — 7,608,688 Conversion of Series B redeemable convertible preferred stock — 2,419,242 Conversion of Series C redeemable convertible preferred stock and warrants — 4,744,742 Conversion of Series D redeemable convertible preferred stock — 4,895,636 Conversion of Series E redeemable convertible preferred stock — 3,799,694 Conversion of Series F redeemable convertible preferred stock and warrants — 2,725,430 Exercise of options under stock plan 5,252,969 3,137,776 Issuance of options and restricted stock units under stock plan 5,331,595 451,670 Issuance of common stock under employee stock purchase plan 850,000 — 11,434,564 29,782,878 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | Activity under the 2011 Plan and 2021 Plan is set forth below: Shares Number of Weighted-Average Exercise Price Weighted-Average Average Intrinsic Value Balances as of December 31, 2020 451,670 3,137,776 $ 0.94 6.8 $ 18,656 Additional shares reserved 7,260,000 Grants ( 2,487,203 ) 2,487,203 11.13 Forfeited/cancelled 107,128 ( 107,128 ) 2.89 Exercised/released ( 264,882 ) 1.01 Balances as of September 30, 2021 5,331,595 5,252,969 $ 5.72 7.6 $ 89,340 Vested and exercisable as of September 30, 2021 2,054,954 $ 1.46 5.2 $ 43,650 Vested and expected to vest as of September 30, 2021 5,222,969 $ 5.75 7.7 $ 88,662 |
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options | The fair value of stock options was estimated using the following weighted-average assumptions: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Expected term (in years) 5.90 – 6.07 6.02 5.00 – 6.08 5.85 – 6.09 Expected volatility 60.3 % – 60.7 % 55.6 % 56.8 % – 60.8 % 48.3 % – 55.6 % Risk-free interest rate 0.95 % – 1.16 % 0.34 % 0.48 % – 1.16 % 0.33 % – 1.77 % Dividend yield – – – – |
Summary of Stock-Based Compensation Expense by Function | The following is a summary of stock-based compensation expense by function (in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Cost of goods sold $ 22 $ 6 $ 46 $ 11 Research and development 169 28 307 51 Selling, general and administrative 1,708 131 2,754 229 Total stock-based compensation expense $ 1,899 $ 165 $ 3,107 $ 291 |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Numerator: Net loss attributable to common stockholders $ ( 17,169 ) $ ( 8,097 ) $ ( 47,024 ) $ ( 25,588 ) Denominator: Weighted-average shares of common stock 39,849,769 9,493,548 19,772,145 9,467,039 Net loss per share attributable to common $ ( 0.43 ) $ ( 0.85 ) $ ( 2.38 ) $ ( 2.70 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented because including them would have been antidilutive: September 30, 2021 2020 Series A redeemable convertible preferred stock — 3,804,344 Series B redeemable convertible preferred stock — 1,209,621 Series C redeemable convertible preferred stock — 2,342,857 Series D redeemable convertible preferred stock — 2,447,818 Series E redeemable convertible preferred stock — 1,899,847 Redeemable convertible preferred stock warrants — 42,163 Options to purchase common stock 5,229,169 3,152,862 Restricted stock units 23,800 — Total 5,252,969 14,899,512 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | The following table summarizes select operating results information for each reportable segment (dollars in thousands): Three Months Ended Nine Months Ended 2021 2020 2021 2020 Revenue Surgical Glaucoma $ 12,446 $ 7,883 $ 32,573 $ 17,282 Dry Eye 655 768 1,698 1,367 Total 13,101 8,651 34,271 18,649 Cost of goods sold Surgical Glaucoma 1,621 1,946 5,252 4,968 Dry Eye 441 674 1,416 1,865 Total 2,062 2,620 6,668 6,833 Gross profit Surgical Glaucoma 10,825 5,937 27,321 12,314 Dry Eye 214 94 282 ( 498 ) Total 11,039 6,031 27,603 11,816 Operating expense 25,069 13,386 64,365 35,571 Loss from operations ( 14,030 ) ( 7,355 ) ( 36,762 ) ( 23,755 ) Interest income — 1 — 30 Interest expense ( 1,122 ) ( 538 ) ( 3,288 ) ( 1,639 ) Other income (expense), net ( 2,001 ) ( 197 ) ( 6,884 ) ( 179 ) Loss before income tax $ ( 17,153 ) $ ( 8,089 ) $ ( 46,934 ) $ ( 25,543 ) |
Company and Nature of Business
Company and Nature of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 19, 2021 | Jul. 18, 2021 | Jul. 07, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Jul. 31, 2021 |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||||
Proceeds from initial public offering | $ 252,200 | $ 256,680 | |||||||||||
Conversion of redeemable convertible preferred stock | 25,534,404 | 25,534,404 | |||||||||||
Stock split | On July 7, 2021 the Company effected a 2-for-1 stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of the Company’s redeemable convertible preferred stock. | ||||||||||||
Accumulated deficit | $ 137,065 | $ 137,065 | $ 90,041 | ||||||||||
Net loss | $ 17,169 | $ 17,615 | $ 12,240 | $ 8,097 | $ 8,316 | $ 9,175 | $ 47,024 | $ 25,588 | |||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 21,831,000 | ||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||
IPO | |||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||||
Sale of stock, price per share | $ 24 | ||||||||||||
Underwriting discounts and commissions | $ 19,300 | ||||||||||||
Estimated offering costs | $ 4,500 | $ 400 | |||||||||||
Warrants to purchase common stock | 659,028 | ||||||||||||
Common stock, shares authorized | 200,000,000 | ||||||||||||
Common stock, par value | $ 0.001 | ||||||||||||
Preferred stock, shares authorized | 10,000,000 | ||||||||||||
Preferred stock par value | $ 0.001 | ||||||||||||
IPO | Common Stock | |||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||||
Common stock issued | 10,000,000 | ||||||||||||
Conversion of redeemable convertible preferred stock | 25,534,404 | ||||||||||||
Underwriters' Option | Common Stock | |||||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||||||
Common stock issued | 1,500,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | ||
May 31, 2020 | Jul. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Deferred offering costs | $ 0.4 | ||
Deferred costs, current | $ 4.5 | ||
PPP Loan | |||
Debt Instrument [Line Items] | |||
Loan received | $ 2.2 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Measurement Liabilities Measured On Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Liabilities: | ||
Total liabilities measured at fair value | $ 0 | $ 2,112 |
Level 3 | ||
Liabilities: | ||
Total liabilities measured at fair value | 2,112 | |
Redeemable Convertible Preferred Stock | ||
Liabilities: | ||
Total liabilities measured at fair value | 2,112 | |
Redeemable Convertible Preferred Stock | Level 3 | ||
Liabilities: | ||
Total liabilities measured at fair value | $ 2,112 |
Fair value Measurement - Additi
Fair value Measurement - Additional Information (Details) - Fair Value, Recurring - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | $ 0 | $ 2,112 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of outstanding debt | $ 32,500 | $ 31,900 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Changes in Fair Value Level 3 Financial Liabilities (Details) - Level 3 - Redeemable Convertible Preferred Stock Warrants - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||||
Beginning Balance | $ 6,984 | $ 1,557 | $ 2,112 | $ 217 | $ 144 | $ 236 |
Change in fair value | 1,989 | 5,427 | (555) | 194 | 73 | (92) |
Conversion of preferred stock warrants to common stock warrants upon the closing of the IPO | (8,973) | |||||
Ending Balance | $ 0 | $ 6,984 | $ 1,557 | $ 411 | $ 217 | $ 144 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 2,504 | $ 2,012 |
Less: Accumulated depreciation | (1,084) | (743) |
Property and equipment, net | 1,420 | 1,269 |
Tools and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,720 | 1,523 |
Computer Equipment and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 108 | 118 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 254 | 43 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 29 | 30 |
Construction In Process | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 393 | $ 298 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||
Depreciation | $ 200 | $ 100 | $ 457 | $ 418 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Accrued expenses | $ 2,569 | $ 1,971 |
Current portion of lease liabilities | 486 | 395 |
Short term interest payable | 272 | 274 |
Other accrued liabilities | 510 | 446 |
Total accrued and other current liabilities | $ 3,837 | $ 3,086 |
Balance Sheet Components - Su_3
Balance Sheet Components - Summary of Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Redeemable preferred stock warrants liabilities | $ 0 | $ 2,112 |
Long term interest payable | 750 | 465 |
Noncurrent portion of lease liabilities | 1,178 | 134 |
Other noncurrent liabilities | 345 | 344 |
Total other noncurrent liabilities | $ 2,273 | $ 3,055 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Aug. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Jul. 19, 2021 | Dec. 31, 2020 | Nov. 30, 2020 | Jan. 31, 2019 | ||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | $ 35,000,000 | $ 35,000,000 | ||||||||
IPO | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrants issued to purchase shares of convertible preferred stock | 659,028 | |||||||||
Proceeds from issuance of common stock | 60,000,000 | |||||||||
2019 Warrants | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrants issued to purchase shares of convertible preferred stock | 59,028 | |||||||||
Fair value of warrants | $ 200,000 | |||||||||
2019 Warrants | Common Stock | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Share of common stock issued upon warrant exercised | 51,846 | |||||||||
2020 Warrants | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrants issued to purchase shares of convertible preferred stock | 600,000 | |||||||||
Warrant term | [1] | 14 days | ||||||||
2020 Warrants | Common Stock | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Share of common stock issued upon warrant exercised | 431,708 | |||||||||
2020 Warrants | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrant term | 6 months 29 days | |||||||||
2020 Warrants | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrant term | 2 years 6 months 29 days | |||||||||
Series F Redeemable Convertible Preferred Stock | 2020 Warrants | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrants issued to purchase shares of convertible preferred stock | 300,000 | |||||||||
Warrant term | 10 years | |||||||||
Class of warrant exercise price | $ 21.88 | |||||||||
Senior Secured 2019 Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, term | 4 years | |||||||||
Debt instrument payment terms | The 2019 Term Loan originally required 18 monthly interest-only payments, which began on January 31, 2019, followed by 30 equal monthly installments of principal, plus interest. The interest-only period was extended by an additional six months upon achievement of the Tranche Three Milestone. | |||||||||
Debt instrument, frequency of periodic payment | interest-only payments | |||||||||
Debt instrument interest payment term | 18 months | |||||||||
Debt instrument principal and interest payment term | 30 months | |||||||||
Debt instrument interest payment extended term | 6 months | |||||||||
Debt instrument, effective interest rate | 14.52% | 14.52% | ||||||||
Interest expense, debt | $ 0 | $ 500,000 | $ 0 | $ 1,600,000 | ||||||
Debt issuance costs | 1,500,000 | $ 1,500,000 | ||||||||
Debt discount amortized term | 4 years | |||||||||
Percentage of prepayment premium year one | 3.00% | |||||||||
Percentage of prepayment premium year two | 2.00% | |||||||||
Percentage of prepayment premium year three | 1.00% | |||||||||
Percentage of final payment fee | 5.00% | |||||||||
Debt Instrument, Covenant Description | The Company was subject to financial covenants related to minimum trailing revenue targets that began on January 1, 2019, and were tested on a monthly basis. Upon funding of only the Tranche One Loans, the Company had to achieve minimum net revenue of $7 million over a trailing 12-month period increasing to a maximum net revenue covenant of $35 million for the trailing 12-month period ending December 31, 2022, and thereafter. Upon funding of both the Tranche One Loans and Tranche Two Loans, the Company had to achieve minimum net revenue of $7 million over a trailing 12-month period increasing to a maximum net revenue covenant of $37.3 million for the 12-month period ending December 31, 2022, and thereafter. If Tranche Three Loans had been funded regardless of whether Tranche Two Loans had been funded, the Company would have been required to achieve minimum net revenue of $15 million over a trailing 12-month period increasing to a maximum net revenue covenant of $46.7 million for the 12-month period ending December 31, 2022, and thereafter. | |||||||||
Senior Secured 2019 Term Loan | London Interbank Offered Rate (LIBOR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 6.75% | |||||||||
Senior Secured 2019 Term Loan | Tranche One Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | $ 12,000,000 | |||||||||
Debt instrument covenant minimum revenue | 7,000,000 | $ 7,000,000 | ||||||||
Debt instrument covenant maximum revenue | 35,000,000 | 35,000,000 | ||||||||
Senior Secured 2019 Term Loan | Tranche Two Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | 2,000,000 | |||||||||
Senior Secured 2019 Term Loan | Tranche Three Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | 6,000,000 | |||||||||
Debt instrument covenant minimum revenue | 15,000,000 | 15,000,000 | ||||||||
Debt instrument covenant maximum revenue | $ 46,700,000 | $ 46,700,000 | ||||||||
Senior Secured 2019 Term Loan | Tranche Three Loans | Series C Redeemable Convertible Preferred Stock | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrants issued to purchase shares of convertible preferred stock | 12,649 | 12,649 | ||||||||
Senior Secured 2019 Term Loan | Tranche One and Two Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt | $ 14,000,000 | $ 14,000,000 | ||||||||
Debt instrument covenant minimum revenue | 7,000,000 | 7,000,000 | ||||||||
Debt instrument covenant maximum revenue | $ 37,300,000 | $ 37,300,000 | ||||||||
Senior Secured 2019 Term Loan | Tranche One and Two Loans | Series C Redeemable Convertible Preferred Stock | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrants issued to purchase shares of convertible preferred stock | 29,514 | 29,514 | ||||||||
Warrant term | 10 years | 10 years | ||||||||
Class of warrant exercise price | $ 9.49 | $ 9.49 | ||||||||
Senior Secured 2020 Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, term | 5 years | |||||||||
Debt instrument payment terms | The 2020 Term Loan requires 24 monthly interest-only payments, which began on December 1, 2020, followed by 36 equal monthly installments of principal, plus interest. | |||||||||
Debt instrument interest payment term | 24 months | |||||||||
Debt instrument principal and interest payment term | 36 months | |||||||||
Debt instrument interest payment extended term | 12 months | |||||||||
Debt instrument, effective interest rate | 13.59% | 13.59% | ||||||||
Interest expense, debt | $ 1,100,000 | $ 0 | $ 3,300,000 | $ 0 | ||||||
Debt issuance costs | 500,000 | $ 500,000 | ||||||||
Debt discount amortized term | 5 years | |||||||||
Percentage of prepayment premium year one | 3.00% | |||||||||
Percentage of prepayment premium year two | 2.00% | |||||||||
Percentage of prepayment premium year three | 1.00% | |||||||||
Percentage of final payment fee | 6.00% | |||||||||
Accrued amount related accretion on maturity payments | 800,000 | $ 800,000 | $ 500,000 | |||||||
Senior Secured 2020 Term Loan | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument covenant minimum revenue | 20,000,000 | 20,000,000 | ||||||||
Senior Secured 2020 Term Loan | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument covenant maximum revenue | $ 84,800,000 | $ 84,800,000 | ||||||||
Senior Secured 2020 Term Loan | Series F Redeemable Convertible Preferred Stock | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrants issued to purchase shares of convertible preferred stock | 300,000 | 300,000 | ||||||||
Warrant term | 10 years | 10 years | ||||||||
Class of warrant exercise price | $ 21.88 | $ 21.88 | ||||||||
Fair value of warrants | $ 1,800,000 | |||||||||
Senior Secured 2020 Term Loan | London Interbank Offered Rate (LIBOR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 7.00% | |||||||||
Senior Secured 2020 Term Loan | Tranche One Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | $ 12,000,000 | |||||||||
Senior Secured 2020 Term Loan | Tranche Two Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | 2,000,000 | |||||||||
Senior Secured 2020 Term Loan | Tranche Three Loans | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | 21,000,000 | |||||||||
Long-term Debt | 21,000,000 | |||||||||
Revolver 2019 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, commitment fee description | An unused line fee of 0.5% was payable monthly based on the average unused balance and a collateral management fee of 0.5% was payable monthly based on the outstanding balance of the 2019 Revolver. | |||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.50% | |||||||||
Line of credit facility collateral fees | 0.50% | 0.50% | ||||||||
Line of credit facility commitment fee amount | $ 10,000,000 | |||||||||
Revolver 2019 | London Interbank Offered Rate (LIBOR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 4.25% | |||||||||
Revolving 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, commitment fee description | An unused line fee of 0.5% is payable monthly based on the average unused balance and a collateral management fee of 0.5% is payable monthly based on the outstanding balance of the 2020 Revolver. | |||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.50% | |||||||||
Line of credit facility collateral fees | 0.50% | 0.50% | ||||||||
Line of credit facility commitment fee amount | $ 15,000,000 | |||||||||
Line of credit facility, current borrowing capacity | $ 5,000,000 | $ 5,000,000 | ||||||||
Revolving 2020 | London Interbank Offered Rate (LIBOR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, variable rate | 4.50% | |||||||||
Mid Cap Financial Services | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | 40,000,000 | 25,000,000 | ||||||||
Mid Cap Financial Services | Senior Secured 2019 Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | 20,000,000 | |||||||||
Mid Cap Financial Services | Senior Secured 2020 Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | 35,000,000 | |||||||||
Mid Cap Financial Services | Revolver 2019 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | $ 5,000,000 | |||||||||
Mid Cap Financial Services | Revolving 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | $ 5,000,000 | |||||||||
[1] | Date the Company's registration statement (Form S-1) was declared effective |
Debt - Schedule of Long-term an
Debt - Schedule of Long-term and Short-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Principal payments due | $ 35,000 | $ 35,000 |
Less: debt discount related to warrant liability and issuance costs | (2,514) | (3,045) |
Total amounts outstanding | 32,486 | 31,955 |
Less: Current portion | 0 | 0 |
Total accrued and other current liabilities | 32,486 | 31,955 |
Term Loan | ||
Debt Instrument [Line Items] | ||
Principal payments due | $ 35,000 | $ 35,000 |
Debt - Schedule Relating to the
Debt - Schedule Relating to the Company's Debt (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ (1,944) |
2023 | (11,667) |
2024 | (11,667) |
2025 | (9,722) |
Total repayments | $ (35,000) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands | Feb. 05, 2021USD ($) | Sep. 30, 2019ft² | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |||||||
Operating lease office space | ft² | 10,823 | ||||||
Lease expiration date | Jul. 31, 2021 | ||||||
Lease commencement date | Aug. 1, 2021 | ||||||
Operating lease right-of-use assets | $ 1,500 | $ 1,612 | $ 1,612 | $ 518 | |||
Lease, borrowing rate | 13.59% | ||||||
Operating leases, rent expense | $ 175 | $ 175 | $ 528 | $ 488 | |||
Total base rent under lease agreement | $ 1,600 | ||||||
Operating lease, discount rate | 16.40% | 16.40% | |||||
Operating lease term | 37 months | 2 years 10 months 24 days | 2 years 10 months 24 days |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Operating Lease Expense Recognized and Supplemental Cash Flow (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | ||||
Operating lease expense | $ 175 | $ 175 | $ 528 | $ 488 |
Cash paid for operating leases | 131 | $ 173 | 484 | $ 517 |
New operating lease assets obtained in exchange for operating lease liabilities | $ 1,514 | $ 1,537 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Aggregate Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments And Contingencies Disclosure [Abstract] | ||
2021 | $ 170 | $ 440 |
2022 | 691 | 66 |
2023 | 705 | 68 |
2024 | 462 | 29 |
Total future minimum lease payments | 2,028 | 603 |
Less: imputed interest | (364) | (74) |
Present value of future minimum lease payments | 1,664 | 529 |
Less: current portion of operating lease liability | (486) | (395) |
Noncurrent portion of lease liabilities | $ 1,178 | $ 134 |
Redeemable Convertible Prefer_5
Redeemable Convertible Preferred Stock - Summary of Redeemable Convertible Preferred Stock Issued and Outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Class Of Stock [Line Items] | |||||||
Shares Issued | 12,767,202 | ||||||
Shares Outstanding | 12,767,202 | ||||||
Series A | |||||||
Class Of Stock [Line Items] | |||||||
Shares Authorized | 3,804,344 | ||||||
Shares Issued | 3,804,344 | ||||||
Shares Outstanding | 3,804,344 | ||||||
Original Issuance Price | $ 1.38 | ||||||
Liquidation Amount | $ 5,250 | ||||||
Issuance Costs | 9 | ||||||
Carrying Value | $ 5,241 | ||||||
Series B | |||||||
Class Of Stock [Line Items] | |||||||
Shares Authorized | 1,209,621 | ||||||
Shares Issued | 1,209,621 | ||||||
Shares Outstanding | 1,209,621 | ||||||
Original Issuance Price | $ 5.79 | ||||||
Liquidation Amount | $ 7,000 | ||||||
Issuance Costs | 106 | ||||||
Carrying Value | $ 6,894 | ||||||
Series C | |||||||
Class Of Stock [Line Items] | |||||||
Shares Authorized | 2,372,371 | ||||||
Shares Issued | 2,342,857 | ||||||
Shares Outstanding | 2,342,857 | ||||||
Original Issuance Price | $ 9.49 | ||||||
Liquidation Amount | $ 22,226 | ||||||
Issuance Costs | 208 | ||||||
Carrying Value | $ 22,018 | ||||||
Series D | |||||||
Class Of Stock [Line Items] | |||||||
Shares Authorized | 2,507,720 | ||||||
Shares Issued | 2,447,818 | ||||||
Shares Outstanding | 2,447,818 | ||||||
Original Issuance Price | $ 12.56 | ||||||
Liquidation Amount | $ 30,750 | ||||||
Issuance Costs | 647 | ||||||
Carrying Value | $ 30,103 | ||||||
Series E | |||||||
Class Of Stock [Line Items] | |||||||
Shares Authorized | 1,921,902 | ||||||
Shares Issued | 1,899,847 | ||||||
Shares Outstanding | 1,899,847 | ||||||
Original Issuance Price | $ 15.87 | ||||||
Liquidation Amount | $ 30,150 | ||||||
Issuance Costs | 106 | ||||||
Carrying Value | $ 30,044 | ||||||
Series F | |||||||
Class Of Stock [Line Items] | |||||||
Shares Authorized | 2,425,432 | ||||||
Shares Issued | 1,062,715 | ||||||
Shares Outstanding | 1,062,715 | ||||||
Original Issuance Price | $ 21.88 | ||||||
Liquidation Amount | $ 23,250 | ||||||
Issuance Costs | 219 | ||||||
Carrying Value | $ 23,031 | ||||||
Redeemable Convertible Preferred Stock | |||||||
Class Of Stock [Line Items] | |||||||
Shares Authorized | 10,000,000 | 14,241,390 | |||||
Shares Issued | 0 | 12,767,202 | |||||
Shares Outstanding | 0 | 12,767,202 | 12,767,202 | 12,767,202 | 11,704,487 | 11,704,487 | 9,804,640 |
Liquidation Amount | $ 118,626 | ||||||
Issuance Costs | 1,295 | ||||||
Carrying Value | $ 0 | $ 117,331 | $ 117,331 | $ 117,331 | $ 94,244 | $ 94,311 | $ 64,256 |
Redeemable Convertible Prefer_6
Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($) $ in Thousands | Jul. 18, 2021 | Sep. 30, 2021 |
Class Of Stock [Line Items] | ||
Stock issued upon conversion of redeemable convertible preferred shares (in shares) | 25,534,404 | 25,534,404 |
Reclassification of the related redeemable convertible preferred stock | $ 117,300 | |
Redeemable Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Redeemable convertible preferred stock outstanding | $ 0 |
Common Stock Warrants - Additio
Common Stock Warrants - Additional Information (Details) - Series A Redeemable Convertible Preferred Stock - $ / shares | Sep. 30, 2021 | Sep. 30, 2011 |
Class Of Stock [Line Items] | ||
Warrants to purchase shares of stock | 129,310 | |
Class of warrant exercise price | $ 0.05 | |
Warrant outstanding | 0 |
Redeemable Convertible Prefer_7
Redeemable Convertible Preferred Stock Warrants - Additional Information (Details) $ / shares in Units, $ in Millions | 1 Months Ended | |||||||
Aug. 31, 2021shares | Jul. 19, 2021 | Dec. 31, 2020USD ($) | Nov. 30, 2020USD ($)$ / sharesshares | Nov. 30, 2019shares | Jan. 31, 2019USD ($)$ / sharesshares | |||
2019 Warrants | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Warrants to purchase shares of stock | 59,028 | |||||||
Warrants fair value | $ | $ 0.3 | $ 0.2 | ||||||
2019 Warrants | Common Stock | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Share of common stock issued upon warrant exercised | 51,846 | |||||||
2019 Warrants | Measurement Input Expected Term | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Warrant term | 14 days | [1] | 10 years | |||||
2019 Warrants | Measurement Input Risk Free Interest Rate | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Alternative investment, measurement input | 0.0005 | [1] | 0.0299 | |||||
2019 Warrants | Measurement Input Price Volatility | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Alternative investment, measurement input | 0.3790 | [1] | 0.5095 | |||||
2019 Warrants | Measurement Input Expected Dividend Rate | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Alternative investment, measurement input | 0 | |||||||
2020 Warrants | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Warrants to purchase shares of stock | 600,000 | |||||||
Warrants fair value | $ | $ 6 | $ 1.8 | ||||||
Warrant term | [2] | 14 days | ||||||
2020 Warrants | Common Stock | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Share of common stock issued upon warrant exercised | 431,708 | |||||||
2020 Warrants | Measurement Input Risk Free Interest Rate | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Alternative investment, measurement input | [2] | 0.0005 | ||||||
2020 Warrants | Measurement Input Price Volatility | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Alternative investment, measurement input | [2] | 0.3790 | ||||||
Series C Redeemable Convertible Preferred Stock | 2019 Warrants | Funding of Tranche 1 and Tranche 2 under 2019 Term Loan | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Warrants to purchase shares of stock | 29,514 | |||||||
Class of warrant exercise price | $ / shares | $ 9.49 | |||||||
Warrant term | 10 years | |||||||
Series C Redeemable Convertible Preferred Stock | 2019 Warrants | Funding of 2019 Term Loan Tranche 3 | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Additional warrants issued expired | 12,649 | |||||||
Series F Redeemable Convertible Preferred Stock | 2020 Warrants | ||||||||
Class Of Warrant Or Right [Line Items] | ||||||||
Warrants to purchase shares of stock | 300,000 | |||||||
Class of warrant exercise price | $ / shares | $ 21.88 | |||||||
Warrant term | 10 years | |||||||
[1] | Date the Company's registration statement (Form S-1) was declared effective | |||||||
[2] | Date the Company's registration statement (Form S-1) was declared effective |
Redeemable Convertible Prefer_8
Redeemable Convertible Preferred Stock Warrants - Calculation Assumption of Fair Value of Warrants Using Black-Scholes Option Pricing Model (Details) - 2019 Warrants | Jul. 19, 2021 | [1] | Dec. 31, 2020 | Jan. 31, 2019 |
Measurement Input Expected Term | ||||
Class Of Warrant Or Right [Line Items] | ||||
Warrants term (in years) | 14 days | 10 years | ||
Measurement Input Expected Term | Minimum | ||||
Class Of Warrant Or Right [Line Items] | ||||
Warrants term (in years) | 8 years 1 month 6 days | |||
Measurement Input Expected Term | Maximum | ||||
Class Of Warrant Or Right [Line Items] | ||||
Warrants term (in years) | 8 years 6 months | |||
Measurement Input Price Volatility | ||||
Class Of Warrant Or Right [Line Items] | ||||
Alternative investment, measurement input | 0.3790 | 0.5095 | ||
Measurement Input Price Volatility | Minimum | ||||
Class Of Warrant Or Right [Line Items] | ||||
Alternative investment, measurement input | 0.4218 | |||
Measurement Input Price Volatility | Maximum | ||||
Class Of Warrant Or Right [Line Items] | ||||
Alternative investment, measurement input | 0.4263 | |||
Measurement Input Risk Free Interest Rate | ||||
Class Of Warrant Or Right [Line Items] | ||||
Alternative investment, measurement input | 0.0005 | 0.0299 | ||
Measurement Input Risk Free Interest Rate | Minimum | ||||
Class Of Warrant Or Right [Line Items] | ||||
Alternative investment, measurement input | 0.0233 | |||
Measurement Input Risk Free Interest Rate | Maximum | ||||
Class Of Warrant Or Right [Line Items] | ||||
Alternative investment, measurement input | 0.0249 | |||
Measurement Input Expected Dividend Rate | ||||
Class Of Warrant Or Right [Line Items] | ||||
Alternative investment, measurement input | 0 | |||
[1] | Date the Company's registration statement (Form S-1) was declared effective |
Redeemable Convertible Prefer_9
Redeemable Convertible Preferred Stock Warrants - Assumption Used To Determined Redeemable Convertible Preferred Stock Fair Value (Details) - 2020 Warrants | Jul. 19, 2021 | Dec. 31, 2020 | |
Class Of Warrant Or Right [Line Items] | |||
Term (in years) | [1] | 14 days | |
Minimum | |||
Class Of Warrant Or Right [Line Items] | |||
Term (in years) | 6 months 29 days | ||
Maximum | |||
Class Of Warrant Or Right [Line Items] | |||
Term (in years) | 2 years 6 months 29 days | ||
Measurement Input Price Volatility | |||
Class Of Warrant Or Right [Line Items] | |||
Alternative investment, measurement input | [1] | 0.3790 | |
Measurement Input Price Volatility | Minimum | |||
Class Of Warrant Or Right [Line Items] | |||
Alternative investment, measurement input | 0.559 | ||
Measurement Input Price Volatility | Maximum | |||
Class Of Warrant Or Right [Line Items] | |||
Alternative investment, measurement input | 0.656 | ||
Measurement Input Risk Free Interest Rate | |||
Class Of Warrant Or Right [Line Items] | |||
Alternative investment, measurement input | [1] | 0.0005 | |
Measurement Input Risk Free Interest Rate | Minimum | |||
Class Of Warrant Or Right [Line Items] | |||
Alternative investment, measurement input | 0.0008 | ||
Measurement Input Risk Free Interest Rate | Maximum | |||
Class Of Warrant Or Right [Line Items] | |||
Alternative investment, measurement input | 0.0018 | ||
[1] | Date the Company's registration statement (Form S-1) was declared effective |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) | 9 Months Ended | ||
Sep. 30, 2021USD ($)Vote$ / sharesshares | Jul. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | |
Subsidiary, Sale of Stock [Line Items] | |||
Common stock, shares authorized | shares | 200,000,000 | 21,831,000 | |
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | |
Dividends declared | $ | $ 0 | ||
Number of votes entitled per share of common stock | Vote | 1 | ||
IPO | |||
Subsidiary, Sale of Stock [Line Items] | |||
Common stock, shares authorized | shares | 200,000,000 | ||
Preferred stock, shares authorized | shares | 10,000,000 | ||
Common stock, par value | $ / shares | $ 0.001 | ||
Preferred stock par value | $ / shares | $ 0.001 |
Common Stock - Reserved Common
Common Stock - Reserved Common Stock for Future Issuances (Details) - shares | Sep. 30, 2021 | Dec. 31, 2020 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 11,434,564 | 29,782,878 |
Series A Redeemable Convertible Preferred Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 0 | 7,608,688 |
Series B Redeemable Convertible Preferred Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 0 | 2,419,242 |
Series C Redeemable Convertible Preferred Stock and Warrants | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 0 | 4,744,742 |
Series D Redeemable Convertible Preferred Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 0 | 4,895,636 |
Series E Redeemable Convertible Preferred Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 0 | 3,799,694 |
Series F Redeemable Convertible Preferred Stock and Warrants | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 0 | 2,725,430 |
Exercise of Options under Stock Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 5,252,969 | 3,137,776 |
Issuance of options and restricted stock units under stock plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 5,331,595 | 451,670 |
Issuance of common stock under employee stock purchase plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 850,000 | 0 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Jul. 31, 2021 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Weighted-average grant-date fair values of options granted | $ 10.56 | $ 2.31 | |||||||||
Aggregate intrinsic value of options exercised | $ 4,200,000 | ||||||||||
Unrecognized stock-based compensation of unvested options | $ 25,100,000 | $ 25,100,000 | |||||||||
Weighted-average period expected to recognize | 3 years 6 months | ||||||||||
Dividend yield | 0.00% | ||||||||||
Common stock reserved for future issuance | 11,434,564 | 11,434,564 | 29,782,878 | ||||||||
Share of common stock purchased | $ 1,899,000 | $ 931,000 | $ 277,000 | $ 165,000 | $ 65,000 | $ 61,000 | |||||
Restricted Stock Units RSU | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Vesting period | 4 years | ||||||||||
Unrecognized stock-based compensation of unvested options | 500,000 | $ 500,000 | |||||||||
Weighted-average period expected to recognize | 3 years 10 months 24 days | ||||||||||
Number of Shares, Granted | 23,800 | ||||||||||
Weighted-Average Exercise Price, Granted | $ 22.70 | ||||||||||
Maximum | Restricted Stock Units RSU | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Stock based compensation | $ 100 | ||||||||||
2011 Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Common stock available for issuance | 451,670 | ||||||||||
2021 Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Common stock available for issuance | 5,331,595 | 5,331,595 | |||||||||
Common stock reserved for future issuance | 5,200,000 | ||||||||||
2021 Employee Stock Purchase Plan | |||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||
Common stock reserved for future issuance | 850,000 | ||||||||||
Share of common stock purchased | $ 0 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Company stock Option Activity (Detail) - 2011 Plan and 2021 Plan $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||
Shares Available for Grant | 5,331,595 | 451,670 |
Shares Available for Grant, Forfeited/cancelled | 107,128 | |
Shares Available for Grant | 451,670 | |
Shares Available for Grant, Granted | (2,487,203) | |
Shares Available for Grant, Additional shares reserved | 7,260,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of Shares | 3,137,776 | |
Number of Shares, Granted | 2,487,203 | |
Number of Shares, Forfeited/cancelled | (107,128) | |
Number of Shares, Exercised/released | (264,882) | |
Number of Shares | 5,252,969 | 3,137,776 |
Number of Shares Vested and exercisable as of September 30, 2021 | 2,054,954 | |
Number of Shares, Vested and expected to vest as of Septmeber 30, 2021 | 5,222,969 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted-Average Exercise Price | $ / shares | $ 0.94 | |
Weighted-Average Exercise Price, Granted | $ / shares | 11.13 | |
Weighted-Average Exercise Price, Forfeited/cancelled | $ / shares | 2.89 | |
Weighted-Average Exercise Price, Exercised/released | $ / shares | 1.01 | |
Weighted-Average Exercise Price | $ / shares | 5.72 | $ 0.94 |
Weighted-Average Exercise Price, Vested and exercisable as of September 30, 2021 | $ / shares | 1.46 | |
Weighted-Average Exercise Price, Expected to vest as of September 30, 2021 | $ / shares | $ 5.75 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ||
Weighted Average Remaining Contractual Term | 7 years 7 months 6 days | 6 years 9 months 18 days |
Weighted average contractual term, vested and exercisable | 5 years 2 months 12 days | |
Weighted average contractual term, vested and expected | 7 years 8 months 12 days | |
Average Intrinsic Value | $ | $ 89,340 | $ 18,656 |
Average Intrinsic Value, Vested and exercisable as of September 30, 2021 | $ | 43,650 | |
Average Intrinsic Value, Vested and expected as of September 30, 2021 | $ | $ 88,662 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Stock Based Compensation Fair Value Assumptions (Details) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Expected term (in years) | 6 years 7 days | ||||
Expected volatility | 55.60% | ||||
Risk-free interest rate | 0.34% | ||||
Dividend yield | 0.00% | ||||
Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Expected term (in years) | 6 years 25 days | 6 years 29 days | 6 years 1 month 2 days | ||
Expected volatility | 60.70% | 60.80% | 55.60% | ||
Risk-free interest rate | 1.16% | 1.16% | 1.77% | ||
Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Expected term (in years) | 5 years 10 months 24 days | 5 years | 5 years 10 months 6 days | ||
Expected volatility | 60.30% | 56.80% | 48.30% | ||
Risk-free interest rate | 0.95% | 0.48% | 0.33% |
Equity Incentive Plans - Summ_3
Equity Incentive Plans - Summary of Share-Based Compensation Expense By Function (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 1,899 | $ 165 | $ 3,107 | $ 291 |
Cost of Goods Sold | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 22 | 6 | 46 | 11 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 169 | 28 | 307 | 51 |
Selling, General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 1,708 | $ 131 | $ 2,754 | $ 229 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||||||
Net loss attributable to common stockholders | $ (17,169) | $ (17,615) | $ (12,240) | $ (8,097) | $ (8,316) | $ (9,175) | $ (47,024) | $ (25,588) |
Denominator: | ||||||||
Weighted-average shares outstanding, basic and diluted | 39,849,769 | 9,493,548 | 19,772,145 | 9,467,039 | ||||
Net loss per share attributable to common stockholders, basic and diluted | $ (0.43) | $ (0.85) | $ (2.38) | $ (2.70) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Anti-dilutive securities excluded from computation of earnings per share | 5,252,969 | 14,899,512 |
Series A Redeemable Convertible Preferred Stock | ||
Anti-dilutive securities excluded from computation of earnings per share | 0 | 3,804,344 |
Series B Redeemable Convertible Preferred Stock | ||
Anti-dilutive securities excluded from computation of earnings per share | 0 | 1,209,621 |
Series C Redeemable Convertible Preferred Stock | ||
Anti-dilutive securities excluded from computation of earnings per share | 0 | 2,342,857 |
Series D Redeemable Convertible Preferred Stock | ||
Anti-dilutive securities excluded from computation of earnings per share | 0 | 2,447,818 |
Series E Redeemable Convertible Preferred Stock | ||
Anti-dilutive securities excluded from computation of earnings per share | 0 | 1,899,847 |
Redeemable Convertible Preferred Stock Warrants | ||
Anti-dilutive securities excluded from computation of earnings per share | 0 | 42,163 |
Options to Purchase Common Stock | ||
Anti-dilutive securities excluded from computation of earnings per share | 5,229,169 | 3,152,862 |
Restricted Stock Units | ||
Anti-dilutive securities excluded from computation of earnings per share | 23,800 | 0 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Postemployment Benefits [Abstract] | |
Defined contribution plan, maximum annual contributions per employee | 100.00% |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2021Segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
Segment Information - Summary o
Segment Information - Summary of Operating Result Information for Each Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | ||||
Revenue | $ 13,101 | $ 8,651 | $ 34,271 | $ 18,649 |
Cost of goods sold | ||||
Cost of goods sold | 2,062 | 2,620 | 6,668 | 6,833 |
Gross profit | ||||
Gross profit | 11,039 | 6,031 | 27,603 | 11,816 |
Operating expense | (25,069) | (13,386) | (64,365) | (35,571) |
Loss from operations | (14,030) | (7,355) | (36,762) | (23,755) |
Interest income | 1 | 30 | ||
Interest expense | (1,122) | (538) | (3,288) | (1,639) |
Other expense, net | (2,001) | (197) | (6,884) | 179 |
Loss before income tax | (17,153) | (8,089) | (46,934) | (25,543) |
Surgical Glaucoma | ||||
Revenue | ||||
Revenue | 12,446 | 7,883 | 32,573 | 17,282 |
Cost of goods sold | ||||
Cost of goods sold | 1,621 | 1,946 | 5,252 | 4,968 |
Gross profit | ||||
Gross profit | 10,825 | 5,937 | 27,321 | 12,314 |
Dry Eye | ||||
Revenue | ||||
Revenue | 655 | 768 | 1,698 | 1,367 |
Cost of goods sold | ||||
Cost of goods sold | 441 | 674 | 1,416 | 1,865 |
Gross profit | ||||
Gross profit | $ 214 | $ 94 | $ 282 | $ (498) |