RxSight (RXST) 10-K 28 Feb 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 15, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	RxSight, Inc.
Entity Central Index Key	0001111485
Entity Tax Identification Number	94-3268801
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	Yes
Entity Filer Category	Large Accelerated Filer
Entity File Number	001-40690
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	100 Columbia
Entity Address, City or Town	Aliso Viejo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92656
City Area Code	(949)
Local Phone Number	521-7830
Trading Symbol	RXST
Title of 12(b) Security	Common stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Auditor Name	Ernst & Young LLP
Auditor Location	Irvine, California
Auditor Firm ID	42
Entity Public Float			$ 869
Entity Common Stock, Shares Outstanding		36,987,556
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement to be filed with the Securities and Exchange Commission in connection with the registrant’s 2024 Annual Meeting of Stockholders, which will be filed subsequent to the date hereof, are incorporated by reference into Part III of this Form 10-K. Such Proxy Statement will be filed with the Securities and Exchange Commission not later than 120 days following the end of the registrant’s fiscal year ended December 31, 2023. Except with respect to information specifically incorporated by reference, the Proxy Statement is not deemed to be filed as part of this Annual Report on Form 10-K.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 9,692	$ 11,834
Short-term investments	117,490	93,968
Accounts receivable	20,281	10,956
Inventories	17,421	14,835
Prepaid and other current assets	3,523	2,962
Total current assets	168,407	134,555
Property and equipment, net	10,841	10,138
Operating leases right-of-use assets	2,444	3,943
Restricted cash	711	761
Other assets	147	767
Total assets	182,550	150,164
Current liabilities:
Accounts payable	3,863	2,595
Accrued expenses and other current liabilities	15,239	12,672
Lease liabilities	1,801	1,970
Total current liabilities	20,903	17,237
Long-term lease liabilities	1,211	2,856
Term loan, net	0	40,169
Other long-term liabilities	74	0
Total liabilities	22,188	60,262
Commitments and contingencies (Note 9)
Stockholders' equity:
Common stock, $0.001 par value, 900,000,000 shares authorized, 36,139,513 shares issued and outstanding as of December 31, 2023 and 28,268,389 Shares issued and outstanding as of December 31, 2022	36	28
Preferred stock, $0.001 par value, 100,000,000 shares authorized, no shares issued and outstanding	0	0
Additional paid-in capital	754,971	636,001
Accumulated other comprehensive loss	(5)	(95)
Accumulated deficit	(594,640)	(546,032)
Total stockholders' equity	160,362	89,902
Total liabilities and stockholders' equity	$ 182,550	$ 150,164

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock par value (USD per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	900,000,000	900,000,000
Common stock issued (in shares)	36,139,513	28,268,389
Common stock outstanding (in shares)	36,139,513	28,268,389
Preferred stock par value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred Shares Issued	0	0
Preferred stock, shares outstanding	0	0

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenue from contracts with customers	$ 89,077	$ 49,005
Cost of sales	35,312	27,677
Gross profit	53,765	21,328
Operating expenses:
Selling, general and administrative	74,799	58,665
Research and development	29,051	25,981
Total operating expenses	103,850	84,646
Loss from operations	(50,085)	(63,318)
Other income (expense), net:
Interest expense	(3,308)	(4,946)
Interest and other income	6,574	1,517
Loss on extinguishment of term loan	(1,769)	0
Loss before income taxes	(48,588)	(66,747)
Income tax expense	20	9
Net loss	(48,608)	(66,756)
Other comprehensive income (loss)
Unrealized gain (loss) on short-term investments	83	(66)
Foreign currency translation income (loss)	7	(9)
Total other comprehensive income (loss)	90	75
Comprehensive loss	$ (48,518)	$ (66,831)
Net loss per share:
Attributable to common stock, basic	$ (1.41)	$ (2.41)
Attributable to common stock, diluted	$ (1.41)	$ (2.41)
Weighted-average shares outstanding used in computing net loss per share:
Attributable to common stock, basic	34,455,111	27,661,982
Attributable to common stock, diluted	34,455,111	27,661,982

Consolidated Statements of Rede

Consolidated Statements of Redeemable Common Stock, Stock Options, Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Stockholders' Equity, Beginning Balance, Amount at Dec. 31, 2021	$ 138,242	$ 27	$ 617,511	$ (20)	$ (479,276)
Stockholders' Equity, Beginning Balance, Shares at Dec. 31, 2021		27,366,746
Shares issued for the exercise of stock options and vesting of restricted stock units, Shares		382,506
Shares issued for the exercise of stock options and vesting of restricted stock units, Amount	841	$ 1	840
Shares redeemed for employee tax withholdings, Share		(49,456)
Shares redeemed for employee tax withholdings, Amount	(643)		(643)
Stock-based compensation expense	11,397		11,397
Shares issued for the employee stock purchase plan, Share		92,718
Shares issued for the employee stock purchase plan, Amount	937		937
Issuance of common stock for the public offering net of issuance costs, Shares		475,875
Issuance of common stock for the public offering net of issuance costs, Amount	5,959		5,959
Net income loss	(66,756)				(66,756)
Stockholders' Equity, Ending Balance, Amount at Dec. 31, 2022	$ 89,902	$ 28	636,001	(95)	(546,032)
Stockholders' Equity, Ending Balance, Shares at Dec. 31, 2022	28,268,389	28,268,389
Other comprehensive loss	$ (75)			(75)
Shares issued for the exercise of stock options and vesting of restricted stock units, Shares		1,103,974
Shares issued for the exercise of stock options and vesting of restricted stock units, Amount	8,352	$ 1	8,351
Shares redeemed for employee tax withholdings, Share		(62,068)
Shares redeemed for employee tax withholdings, Amount	(1,423)		(1,423)
Stock-based compensation expense	15,746		15,746
Shares issued for the employee stock purchase plan, Share		87,129
Shares issued for the employee stock purchase plan, Amount	1,121		1,121
Issuance of common stock for the public offering net of issuance costs, Shares		4,600,000
Issuance of common stock for the public offering net of issuance costs, Amount	53,600	$ 5	53,595
Issuance of common stock for at-the-market offerings, net of issuance costs 1, Shares		2,142,089
Issuance of common stock in at-the-market offerings, net of issuance costs1, Amount	41,582	$ 2	41,580
Net income loss	(48,608)				(48,608)
Stockholders' Equity, Ending Balance, Amount at Dec. 31, 2023	$ 160,362	$ 36	$ 754,971	(5)	$ (594,640)
Stockholders' Equity, Ending Balance, Shares at Dec. 31, 2023	36,139,513	36,139,513
Other comprehensive loss	$ (90)			$ (90)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Activities:
Net loss	$ (48,608)	$ (66,756)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,078	3,884
Amortization of right-of-use lease assets	165	138
Amortization of debt issuance costs and premium	287	552
Loss on extinguishment of debt	1,769	0
Amortization of discount on short-term investments	(6,122)	(1,405)
Stock-based compensation	15,746	11,397
Provision for excess and obsolete inventory	164	752
Change in operating assets and liabilities:
Accounts receivable	(9,325)	(6,094)
Inventories	(2,749)	(7,555)
Prepaid and other assets	(562)	789
Accounts payable	1,250	635
Accrued expenses and other liabilities	2,314	4,813
Net cash used in operating activities	(41,593)	(58,850)
Investing Activities:
Purchases of property and equipment	(4,814)	(2,393)
Maturity of short-term investments	255,000	255,000
Purchase of short-term investments	(272,315)	(212,657)
Net cash (used in) provided by investing activities	(22,129)	39,950
Financing Activities:
Proceeds from term loan	20,000	0
Repayment of term loan	(60,000)	0
Proceeds from issuance of common stock from public offering	54,050	0
Proceeds from issuance of common stock for at-the-market offerings	42,434	6,050
Proceeds from Issuance of Common Stock	9,473	1,778
Payments for employee taxes related to stock compensation	(1,423)	(643)
Principal payments on finance lease liabilities	(153)	(121)
Payments of deferred offering costs	(622)	(587)
Payments of debt issuance costs	(2,235)	(145)
Net cash provided by financing activities	61,524	6,332
Effect of foreign exchange rate on cash, cash equivalents and restricted cash	6	(9)
Net decrease in cash, cash equivalents and restricted cash	(2,192)	(12,577)
Cash, cash equivalents and restricted cash - beginning of period	12,595	25,172
Cash, cash equivalents and restricted cash - end of period	10,403	12,595
Supplemental disclosure of cash flow information:
Operating cash flows from operating leases	2,216	2,187
Cash paid for income taxes	8	3
Cash paid for interest on financing leases	12	18
Cash paid for interest on term loan	3,464	4,239
Right-of-use assets obtained in exchange for lease obligations:
Operating lease	46	1,090
Finance lease	102	311
Lease obligations recorded for right-of-use assets:
Operating lease	46	1,090
Finance lease	102	311
Acquisition of property and equipment included in accounts payable and accrued expenses and other current liabilities	282	299
Deferred offering costs included in accounts payable and accrued liabilities	145	133
Reclassification of deferred financing costs	$ 1,390	$ 90

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	Note 1 – Organization and Basis of Presentation Description of Business RxSight ® , Inc. (the “Company”) is a Delaware corporation headquartered in Aliso Viejo, California with one wholly owned subsidiary located in Amsterdam, Netherlands (“RxSight, B.V.”). The wholly owned subsidiary has a registered branch in the United Kingdom and a wholly owned subsidiary located in Germany (“RxSight GmbH”). The Company is engaged in the research and development, manufacture and sale of light adjustable intraocular lenses used in cataract surgery along with capital equipment used with the lenses. The Company’s products, which include the light adjustable lens (“LAL ® ”) and a specially designed machine for delivering light to the eye, the Light Delivery Device (“LDD ™ ”), are approved by the United States (“U.S.”) Food and Drug Administration (“FDA”) primarily for sale in the U.S. and have regulatory approval in the U.S., Europe, Canada and Mexico. The Company began marketing its products in 2019. The LAL is a premium intraocular lens (“IOL”) which is partially reimbursable under Medicare. The Company competes with other IOLs in the premium market. Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of RxSight, Inc. and its wholly-owned subsidiaries, RxSight, B.V., and RxSight GmbH. The Company translates the financial statements of its foreign subsidiaries using end-of-period exchange rates for assets and liabilities and average exchange rates during each reporting period for results of operations. All significant inter-company balances and transactions have been eliminated in consolidation. Operating Segments The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company’s chief operating decision-maker (“CODM”), its Chief Executive Officer, reviews its consolidated operating results for the purpose of allocating resources and evaluating financial performance. The Company determined that it operates and manages its business (including its non-U.S. subsidiaries) in one reportable segment: the research and development, manufacture and sale of light adjustable lenses and related capital equipment. Liquidity Shelf Registration Statement On August 8, 2022, the Company filed a $ 200.0 million shelf registration statement on Form S-3 (“shelf registration statement”) which became effective on August 12, 2022. The shelf registration statement is effective for three years and permits the Company to sell, from time to time, up to $ 200.0 million in aggregate value of common stock, preferred stock, debt securities, warrants, and/or units. The shelf registration statement is intended to provide the Company with flexibility to access additional capital. At the time of filing the shelf registration statement, the Company also filed a prospectus supplement to sell up to an aggregate value of $ 50.0 million dollars of common stock through an “at-the-market” (“ATM”) offering. ATM Offering As of December 31, 2023, through the ATM offering, a total of 2,617,964 shares of the Company's common stock, for total net proceeds of $ 47.5 million, have been issued and sold, of which 2,142,089 shares of the Company's common stock, for net proceeds of $ 41.6 million, were sold during the twelve months ended December 31, 2023. As of December 31, 2023, the full $ 50 million authorized under the ATM offering was sold. Public Offering On February 7, 2023 , the Company entered into an underwriting agreement with BofA Securities, Inc., in which the Company agreed to issue and sell 4,000,000 shares of the Company's common stock in a public offering (“Public Offering”), pursuant to the shelf registration statement. The shares of common stock were sold at a price to the public of $ 12.50 per share. Under the terms of the underwriting agreement, the Company also granted the underwriters an option exercisable for 30 days from the date of the underwriting agreement to purchase up to an additional 600,000 shares of common stock on the same terms and conditions. The underwriters' option was exercised in full on February 10, 2023 and closed on February 14, 2023. The Company received net proceeds of approximately $ 53.6 million from the Public Offering, after deducting underwriters' discounts and commissions of $ 3.5 million and offering expenses of $ 0.5 million. As of December 31, 2023 and 2022 the Company has cash, cash equivalents and short-term investments of $ 127.2 million and $ 105.8 million, respectively. The Company began generating revenue from its principal operations in 2019. The Company has a limited operating history, and the revenue and income potential of the Company’s business and market are unproven. The Company has experienced recurring net losses and negative cash flows from operating activities since its inception. For the years ended December 31, 2023 and 2022, the Company incurred losses from operations of $ 50.1 million and $ 63.3 million, respectively. Based on the Company’s anticipated sales growth in relation to the anticipated costs associated with, among other things, its continuing research and development activities and the expansion of its sales and marketing activities, the Company expects to continue to incur net operating losses into the foreseeable future. Successful transition to attaining profitable operations is dependent upon gaining market acceptance of the Company’s products and achieving a level of revenues adequate to support the Company’s cost structure. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company believes that existing cash resources will be sufficient to meet projected operating requirements for at least 12 months from the date of issuance of the accompanying consolidated financial statements. The Company plans to continue to fund its losses from operations using its cash, cash equivalents and short-term investments as of December 31, 2023 and meet its future capital funding needs, as needed, through equity or debt financings, other third-party funding, collaborations, strategic alliances and licensing arrangements or a combination of these. There can be no assurance that the Company will be able to obtain additional financing on acceptable terms, or at all. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible and/or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects.

Summary of Accounting Policies

Summary of Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Accounting Policies	Note 2 – Summary of Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make informed estimates, judgments and assumptions that affect the reported amounts in the consolidated financial statements and disclosures in the accompanying notes as of the date of the accompanying consolidated financial statements. On an on-going basis, management evaluates the most critical estimates and assumptions for continued reasonableness. These estimates and assumptions involve judgments with respect to numerous factors that are difficult to predict. Actual results may differ materially from the estimates used in the preparation of the accompanying consolidated financial statements under different assumptions or conditions. The Company’s consolidated financial statements as of and for the year ended December 31, 2023 reflect the Company’s estimates of the impact of the macroeconomic environment, including the impact of inflation, higher interest rates and foreign exchange rate fluctuations. The duration and the scope of these conditions cannot be predicted; therefore, the extent to which these conditions will directly or indirectly impact the Company’s business, results of operations and financial condition, is uncertain. The Company is not aware of any specific event or circumstance that would require an update to its estimates, judgments and assumptions or a revision of the carrying value of the Company’s assets or liabilities as of the date of this filing. Cash Equivalents Cash equivalents consist of investments in money market accounts. The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase that can be liquidated without prior notice or penalty to be cash equivalents. Cash equivalents are recorded at face value or cost, which approximates fair market value. Short-term Investments Short-term investments are classified based on the maturity date of the related securities. Based on the nature of the assets, the Company’s short-term investments, which are government securities, are classified as available-for-sale and are recorded at their estimated fair value as determined by prices for identical or similar securities at the balance sheet date. The Company’s short-term investments consist of Level 2 financial instruments in the fair value hierarchy. Unrealized gains and losses are recorded as a component of Other Comprehensive Loss within Stockholders’ Equity on the consolidated balance sheets. Realized gains and losses are included as other income (expense) in the accompanying Consolidated Statements of Operations and Comprehensive Loss. The cost basis for realized gains and losses on available-for-sale securities is determined on a specific identification basis. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such determination at each balance sheet date. The Company periodically reviews its investments for unrealized losses other than credit losses and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. In determining whether the carrying value is recoverable, management considers the following factors: • whether the investment has been in a continuous loss position for over 12 months; • the duration to maturity of investments; • intention and ability to hold the investment to maturity and if it is not more likely than not that the Company will be required to sell the investment before recovery of the amortized cost basis; • the credit rating, financial condition and near-term prospects of the issuer and • the type of investments made. The Company had an unrealized gain of $ 10,000 and $ 75,000 of unrealized losses related to short-term investments as of December 31, 2023 and 2022, respectively. At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. The Company did no t record an allowance for credit losses for these investments as of December 31, 2023 and December 31, 2022 . For additional information see Note 3 – Short-Term Investments. Restricted Cash Restricted cash consists of cash held as collateral for a letter of credit as security for future facility lease payments and corporate credit cards at the Company’s bank. Restricted cash decreased $ 50,000 during the year ended December 31, 2023 to $ 711,000 as required for these operating activities. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the amount reported in the Consolidated Statement of Cash Flows for the years ended December 31, 2023 and 2022 (in thousands). Year Ended December 31, 2023 2022 Cash and cash equivalents $ 9,692 $ 11,834 Restricted cash 711 761 Cash, cash equivalents and restricted cash in the consolidated statements of cash flows $ 10,403 $ 12,595 Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments which potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, short-term investments and accounts receivable. The Company’s policy is to invest cash in institutional money market funds and marketable securities of the U.S. government to limit the amount of credit exposure. The Company currently maintains a portfolio of cash equivalents and short-term investments in money market funds and U.S. treasury bills. A portion of the Company's operating cash is held in accounts in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits; however, the Company has established guidelines regarding diversification of its investments and their maturities, which are designed to maintain principal and maximize liquidity. The Company has not experienced material losses on cash equivalents and short-term investments. The Company’s products require approval from the FDA and foreign regulatory agencies before commercial sales can commence. There can be no assurance that the Company’s products will receive any of these required approvals. The denial or delay of such approvals may have a material adverse impact on the Company’s business and may impact business in the future. In addition, after approval by the FDA, there is still an ongoing risk of adverse events that did not appear during the device approval process. The Company is subject to risks common to companies in the medical device industry, including, but not limited to, new technological innovations, clinical development risk, establishment of appropriate commercial partnerships, protection of proprietary technology, compliance with government and environmental regulations, uncertainty of market acceptance of the Company's products, product liability and the need to obtain additional financing. Accounts Receivable Accounts receivable pertain to contracts with customers who are granted credit by the Company in the ordinary course of business and are presented net of allowances for credit losses. Accounts receivable are typically due between 30 and 90 days after invoicing. The Company does not have a high concentration of business with any individual customer as of December 31, 2023, and 2022 . The Company did not have any customer who individually accounted for greater than 10 % of accounts receivable. The Company maintains an allowance for credit losses resulting from the inability of its customers, including ambulatory surgery centers, to make required payments. The allowance for credit losses is calculated quarterly and is developed using an aging of receivables where receivables are segregated into various categories based upon due date, and a historical loss percentage is applied to each category that is adjusted for current receivable composition, counterparty and specific risk and prevailing economic condition and supportable forecasted economic conditions. If a receivable is deemed uncollectible after collection efforts have been exhausted, it is written off against the allowance for credit losses. The Company closely monitors the credit quality of its customers and has yet to experience a write-off of a receivable or uncollected receivable. After evaluation of the collectability of accounts receivable, the Company did no t record any significant allowance for credit losses as of December 31, 2023 or December 31, 2022 . The Company does not generally require collateral or other security on receivables. Fair Value of Financial Instruments The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Fair value is measured as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques that are consistent with the market, income or cost approach are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels: Level 1—Observable inputs such as unadjusted quoted prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities. Level 2—Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability, for substantially the full term of the asset or liability, through correlation with market data. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs to valuation models or other pricing methodologies that do not require significant judgment because the inputs used in the model, such as interest rates and volatility, can be corroborated by readily observable market data. Level 3—One or more significant inputs that are unobservable and supported by little or no market activity and reflect the use of significant management judgment and assumptions. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques and significant management judgment or estimation. These include the Black-Scholes option-pricing model which uses inputs such as expected volatility, risk-free interest rate and expected term to determine fair market valuation. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification at each reporting date. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain assets or liabilities within the fair value hierarchy. The Company did not have any transfers of assets and liabilities between the levels of the fair value measurement hierarchy during the years presented. The Company’s financial instruments consist principally of cash, cash equivalents, short-term investments, accounts receivable, accounts payable and operating lease liabilities. Cash, cash equivalents, accounts receivable and accounts payable are carried at their estimated fair value because of the short-term nature of these assets and liabilities. The Company’s short-term investments in government securities are carried at fair value, determined based on publicly available quoted market prices for identical securities at the measurement date. The Company believes the fair values of its operating lease liabilities at December 31, 2023 and 2022 and amended term loan at December 31, 2022 approximated their carrying values, based on the borrowing rates that were available for loans with similar terms as of that date. Inventories Inventories consist of raw materials, work-in-process and finished goods. Raw materials are comprised of chemicals and parts used in the production of the Company's lenses, cartridges, and LDDs. Finished goods are comprised of lenses, cartridges, accessories and LDDs. Inventories are valued at the lower of cost or net realizable value. Cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis. The carrying value of inventories is reviewed for potential impairment whenever indicators suggest that the cost of inventories exceeds the carrying value and management adjusts the inventories to its net realizable value. The cost of finished goods and work-in-process is comprised of raw materials, direct labor, other direct costs and related production overhead to the extent that these costs do not exceed the net realizable value of the goods produced. The Company periodically reviews inventories for potential impairment, estimated losses from obsolescence, material expirations or unmarketable inventories or excess inventories and writes down the cost of inventories to net realizable value at the time such determinations are made. Net realizable value is determined using the estimated selling price, in the ordinary course of business, less estimated costs to complete and dispose. Long-Lived Assets Property and equipment and leasehold improvements are recorded at cost, net of accumulated depreciation and amortization. Property and equipment are depreciated over the estimated useful lives of the related assets, generally three to five years , using a straight-line method. Leasehold improvements are amortized on the straight-line method over the shorter of the lease term or their estimated economic lives. Repairs and maintenance costs are charged directly to operations as incurred, while renewals and betterments are capitalized. All long-lived assets are reviewed for impairment whenever circumstances such as events or changes in the business indicate that an asset or asset group’s carrying value may not be recoverable based on undiscounted future operating cash flows to be derived from their use. Factors that are considered important that could trigger an impairment review include a current period operating or cash flow loss or a history of operating or cash flow losses and a projection or forecast that demonstrates continuing losses or insufficient income associated with the use of a long-lived asset or asset group. Other factors include a significant change in the manner of the use of the asset or a significant negative industry or economic trend. This evaluation is performed based on estimated undiscounted future cash flows from operating activities compared with the carrying value of the related assets. If the undiscounted future cash flows are less than the carrying value, an impairment loss is recognized, measured by the difference between the carrying value and the estimated fair value of the assets. Fair value is determined primarily using the discounted cash flows expected to be generated from the use of assets. Significant management judgment is required in the forecast of future operating results that are used in the preparation of expected cash flows. Leases Lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized when the Company takes possession of the leased property (“Commencement Date”) based on the present value of lease payments over the lease term. The Company estimates the incremental borrowing rate based upon the cost of its own debt financing, current market interest rates and quoted offerings or the rate implicit in the lease. Operating lease right-of-use assets also include any lease payments made at or before lease commencement and exclude any lease incentives received. The lease terms used to calculate the right-of-use asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Rent expense on noncancelable leases containing known future scheduled rent increases is recorded on a straight-line basis over the term of the respective leases beginning on the Commencement Date. The difference between rent expense and rent paid is accounted for as a component of operating lease right-of-use assets on the accompanying consolidated balance sheets. Landlord improvement allowances and other such lease incentives are recorded as property and equipment and as reduction of the right-of-use leased assets and are amortized on a straight-line basis as a reduction to operating lease costs. Leases with an initial term of 12 months or less are expensed as incurred and are not recorded as right-of-use assets on the consolidated balance sheets. Net Loss per Share Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average shares of common stock outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average shares of common stock and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. Diluted net loss per share is calculated by dividing net loss by the weighted-average number of shares of common stock and potential dilutive securities outstanding during the period. The following outstanding potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to common stockholders because their impact under the treasury stock method was anti-dilutive for the periods presented: Year Ended December 31, 2023 2022 Stock options issued and outstanding under the Calhoun Vision, Inc. 2006 Stock Plan, Calhoun Vision, Inc. 2015 Equity Incentive Plan and the 2021 Equity Incentive Plan 6,860,328 1,926,226 Restricted stock units issued under the 2021 Equity Incentive Plan 685,029 543,538 Stock issuable in offering period under the 2021 Employee Stock Purchase Plan 98,189 48,594 Revenue Recognition The Company’s revenue is generated from the sale of LALs used in cataract surgery along with a specifically designed machine for delivering light to the eye, the LDD, to adjust the lens post-surgery, as needed. Revenue is recognized from sales of products in the U.S. Canada and Europe. Customers are primarily comprised of ambulatory surgery centers, hospitals, and physician private practices. The Company recognizes revenues when promised goods or services are transferred to customers at a transaction price that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services. Specifically, the Company applies the following five steps to recognize revenue: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation. The Company applies the five-step model to contracts when it is probable that it will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. At contract inception, the Company assesses the goods promised within each customer contract to determine the individual deliverables in its product offerings as separate performance obligations and assesses whether each promised good or service is distinct. The transaction price is determined based on the consideration expected to be received, based either on the stated value in contractual arrangements or the estimated cash to be collected in non-contracted arrangements. The Company recognizes revenue as the amount of the transaction price that is allocated to the respective performance obligation when, or as, the performance obligation is satisfied, considering whether or not this occurs at a point in time or over time. The Company elected to account for shipping costs as fulfillment costs rather than a promised service and excludes from revenue any taxes collected from customers that are remitted to government authorities. The Company’s LDD contracts contain multiple performance obligations bundled for one transaction price, with all obligations generally satisfied within one year. For these bundled arrangements, the Company accounts for individual products and services as separate performance obligations if they are distinct, that is, if a product or service is separately identifiable from other items in the bundled package, and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The Company’s LDD contracts include a combination of the following performance obligations: (i) LDD capital asset and related components, (ii) training and (iii) device service (initial year). Each of these three performance obligations are considered distinct. The LDD capital asset is distinct because the customer can benefit from it together with other resources that are readily available to the customer. Training on the use of the machine is offered as a distinct activity after installation of the LDD to enhance the customer’s ability to utilize the machine by having an industry professional provide best practices and customize training to the specific needs of the customer. Each LDD comes with a twelve-month manufacturer’s warranty (service-type) that includes preventative maintenance, unscheduled service (labor and parts) and software updates. After the first year, service contracts can be purchased separately on a standalone basis. The Company recognizes revenue as performance obligations are satisfied by transferring control of the product or service to a customer. Specifically, revenue for the LDD capital asset is recognized at a point in time at installation. Revenue for training is also recorded at a point in time, generally 60 days after installation. Revenue for the device service is recognized ratably over time after installation, generally 12 months. The Company has determined that the transaction price is the invoice price, net of adjustments, if any. The allocation to the separate performance obligations is based upon the relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the products or services. The Company estimates the standalone selling price using the market assessment approach considering market conditions and entity-specific factors including, but not limited to, features and functionality of the products and services, geographies, type of customer and market conditions. The Company regularly reviews and updates standalone selling prices as necessary. LALs are generally held at customer sites on consignment. The single performance obligation is satisfied, and revenue from sales are recognized for LALs upon customer notification that the LALs have been implanted in a patient. For the years ended December 31, 2023 and 2022, credits related to returns and rebates on list prices were not significant. The Company has adopted the practical expedient permitting the direct expensing of costs incurred to obtain contracts where the amortization of such costs would occur over one year or less, and it applied to substantially all the Company’s contracts. Revenue for service agreements is recognized ratably over the term of each contract. Revenue from contracts with customers consisted of the following (in thousands): Year Ended December 31, 2023 2022 LDD (including training) $ 32,091 $ 22,515 LAL 54,092 24,965 Service warranty, service contracts, and accessories 2,894 1,525 $ 89,077 $ 49,005 For the years ended December 31, 2023 and 2022 . the Company did not have any customers who individually accounted for greater than 10 % of revenue. For the years ended December 31, 2023 and 2022, contract liabilities from sales activity recorded as liabilities on the Company's consolidated balance sheets consisted of the following (in thousands): Year Ended December 31, 2023 2022 Balance at beginning of period $ 1,187 $ 540 Additions during the period 3,422 2,052 Revenue recognized during the period ( 2,721 ) ( 1,405 ) Balance at end of period $ 1,888 $ 1,187 Cost of Sales Cost of sales consists of materials, labor and manufacturing overhead incurred to produce the Company’s products as well as the cost of shipping and handling. Overhead costs include the cost of quality assurance, material procurement, inventory control, facilities, equipment and operations supervision and management, including stock-based compensation. Cost of sales also includes depreciation expense for production equipment and certain direct costs such as royalty and license fee expenses. Research and Development Expenses Research and development expenses are expensed as incurred. Research and development expenses consist of upfront fees and milestones paid to collaborators and expenses incurred in performing research and development activities for new products and technology. The expenses include personnel-related costs, including compensation and benefits and stock-based compensation, consultants hired to perform research projects, costs incurred at clinical trial sites, regulatory and manufacturing engineering costs related to FDA premarket approval submission preparation, various laboratory and research supplies, write-off of pre-approved inventory utilized for clinical trial and research purposes, costs incurred in the development of manufacturing processes in excess of capitalizable value, fees paid to contract research organizations and direct FDA related costs. The Company also accrued the costs of ongoing clinical trials associated with programs that have been terminated or discontinued for which there is no future economic benefit at the time the decision is made to terminate or discontinue the program. Stock-Based Compensation The Company recognizes compensation expense for equity-based awards on the date of grant to employees, board of directors and consultants based on the estimated grant date fair value of the award Equity-based payments include stock options, restricted stock units and employee stock plan purchases. The fair value of the option awards are estimated using the Black-Scholes option-pricing model and recognized in expense in the consolidated statements of operations and comprehensive loss over the requisite service period, which is generally four years. The Company amortizes the stock-based compensation for equity awards with service conditions on a straight-line basis over the vesting period of the awards. Compensation cost for stock options with performance conditions is recognized based upon the probability of that performance condition being met. Forfeitures of unvested stock option awards are recognized as reductions of expense as they occur. The Black-Scholes option-pricing model requires the use of assumptions about a number of variables, such as the fair market value of the Company’s common stock, the risk-free interest rate, dividend yield, expected term and expected volatility: • Prior to the completion of the Company’s initial public offering (“IPO”), and its shares being traded on the Nasdaq Global Market, the fair value of the Company’s common stock was determined by the Board at the time of each option grant by considering a number of objective and subjective factors. These factors included the valuation of a select group of public peer group companies within the medical device industry that focus on technological advances and development that the Board believed were comparable to the Company’s operations. Operating and financial performance, the lack of liquidity of the common stock and trends in the broader economy and medical device industry also impacted the determination of the fair value of the common stock. In addition, the Company regularly engaged a third-party valuation specialist to assist with estimates related to the valuation of the Company’s common stock. For all grants subsequent to the Company's shares being traded on the Nasdaq Global Market in July 2021, the fair value of common stock was determined by using the closing price per share of common stock as reported on the Nasdaq Global Market; • The risk-free interest rate used is based on the published U.S. Department of Treasury interest rates in effect at the time of stock option grant for zero coupon U.S. Treasury notes with maturities approximating each grant’s expected term; • The dividend yield is zero as the Company has not paid dividends and does not anticipate paying a cash dividend in the foreseeable future; • Due to the lack of historical exercise history, the expected term for options granted is calculated using the “simplified method” and represents the average time that options are expected to be outstanding based on the mid-point between the vesting date and the end of the contractual term of the award; • Expected volatility is derived from the historical volatilities of a select group of comparable peer companies, for a look-back period commensurate with the expected term of the stock options, as the Company has limited trading history of common stock. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The likelihood of realizing the tax benefits related to a potential deferred tax asset is evaluated, and a valuation allowance is recognized to reduce that deferred tax asset if it is more likely than not that all or some portion of the deferred tax asset will not be realized. Deferred tax assets and liabilities are calculated at the beginning and end of the year; the change in the sum of the deferred tax asset, valuation allowance and deferred tax liability during the year generally is recognized as a deferred tax expense or benefit. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Operations and Comprehensive Loss in the period that includes the enactment date. Significant judgment is required in determining the Company’s provision for income taxes, deferred tax assets and liabilities and the valuation allowance recorded against net deferred tax assets. The Company assesses the likelihood that deferred tax assets will be recovered as deductions from future taxable income. The evaluation of the need for a valuation allowance is performed on a jurisdiction-by-jurisdiction basis and includes a review of all available positive and negative evidence. Factors reviewed include projections of pre-tax book income for the foreseeable future, determination of cumulative pre-tax book income after permanent differences, earnings history and reliability of forecasting. The Company recognized a valuation allowance on deferred tax assets as of December 31, 2023 and 2022 after evaluating that it is more likely than not that deferred tax assets will not be realized as of those dates. The Company evaluates the accounting for uncertainty in income tax recognized in the consolidated financial statements and determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit is recorded in its consolidated financial statements. For those tax positions where it is “not more likely than not” that a tax benefit will be sustained, no tax benefit is recognized. Where applicable, associated interest and penalties are also recorded. The Company has no t accrued any liabilities for any such uncertain tax positions as of December 31, 2023 or 2022. The Company is subject to U.S. federal and state tax authority examinations for all the years since inception due to net operating loss and tax cred

Short-Term Investments

Short-Term Investments	12 Months Ended
	Dec. 31, 2023
Short-Term Investments [Abstract]
Short-Term Investments	Note 3 – Short-Term Investments Short-term investments, principally U.S. Treasury bills, are available-for-sale and consisted of the following (in thousands): As of December 31, 2023 Amortized Cost Unrealized Gain, Net Estimated Fair Value U.S. Treasury securities $ 117,480 $ 10 $ 117,490 As of December 31, 2022 Amortized Cost Unrealized Loss, Net Estimated Fair Value U.S. Treasury securities $ 94,043 $ ( 75 ) $ 93,968 All available-for-sale securities held as of December 31, 2023 and 2022 had a maturity of less than one year . The Company has classified all marketable securities, regardless of maturity, as short-term investments based upon the Company’s ability and intent to use any and all of those marketable securities to satisfy the Company’s liquidity requirements. At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis, the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, any historical failure of the issuer to make scheduled interest or principal payments, any changes to the rating of the security by a rating agency, any adverse legal or regulatory events affecting the issuer or issuer’s industry, and any significant deterioration in economic conditions. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest expense in the consolidated statements of operations through an allowance for credit losses. Unrealized gains and losses that are not credit-related are included in accumulated other comprehensive loss. Unrealized losses on available-for-sale debt securities as of December 31, 2023 and December 31, 2022 were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. Further, the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis. Accordingly, the Company did no t record an allowance for credit losses with these investments as of December 31, 2023 and December 31, 2022 .

Inventories

Inventories	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Note 4 – Inventories Inventories consisted of the following (in thousands): December 31, December 31, 2023 2022 Finished goods $ 8,092 $ 6,408 Raw materials 5,680 6,494 Work-in-process 4,145 2,567 Inventories, gross 17,917 15,469 Less: reserve for excess and obsolete inventory ( 496 ) ( 634 ) Inventories, net $ 17,421 $ 14,835 At December 31, 2023 and 2022, finished goods included $ 4.4 million and $ 2.8 million of inventory held on consignment at customer sites, respectively.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property and equipment	Note 5 – Property and Equipment Property and equipment consisted of the following (in thousands): December 31, 2023 2022 Machinery and equipment 14,638 12,799 Leasehold improvements 11,553 11,206 Construction in progress 2,335 1,331 Computer hardware and software 1,824 1,693 Production molds 2,005 1,873 Furniture and fixtures 1,028 928 Right-of-use equipment 156 206 Property and Equipment, gross 33,539 30,036 Less: Accumulated depreciation and amortization ( 22,698 ) ( 19,898 ) Property and Equipment, net $ 10,841 $ 10,138 The Company recorded $ 4.1 million and $ 3.9 million in depreciation and amortization expense for the years ended December 31, 2023 and 2022 , respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 6 – Fair Value Measurements The table below (in thousands) present information about the Company’s assets and liabilities measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. The Company did not have any assets or liabilities measured at fair value on a recurring basis within Level 3 fair value measurements. Money market funds are liquid investments and are actively traded. The pricing information on these investment instruments is readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. U.S. Treasury are measured at fair value using Level 2 inputs. The Company reviews trading activity and pricing for these investments as of each measurement date. When sufficient quoted pricing for identical securities is not available, the Company uses market pricing and other observable market inputs for similar securities obtained from various third-party data providers. These inputs represent quoted prices for similar assets in active markets or these inputs have been derived from observable market data. This approach results in the classification of these securities as Level 2 of the fair value hierarchy. As of December 31, 2023 Level I Level II Total Assets: Money market securities $ 4,475 — $ 4,475 U.S. Treasury securities — 117,490 117,490 Total assets at fair value $ 4,475 $ 117,490 $ 121,965 As of December 31, 2022 Level I Level II Total Assets: Money market securities $ 8,909 — $ 8,909 U.S. Treasury securities — 93,968 93,968 Total assets at fair value $ 8,909 $ 93,968 $ 102,877

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	12 Months Ended
	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Accrued Expenses and Other Current Liabilities	Note 7 – Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands): December 31, December 31, 2023 2022 Employee compensation and benefits $ 10,637 $ 8,537 Contract liabilities 2,045 1,348 Accrued interest — 455 Other 2,557 2,332 $ 15,239 $ 12,672

Term Loan

Term Loan	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Term Loan	Note 8 – Term Loan Refinancing and Payoff of Oxford Debt On October 29, 2020, the Company and Oxford Finance LLC (“Oxford”), as collateral agent, and certain lenders (“Lenders”) entered into that certain Loan and Security Agreement, as amended by that certain Consent and First Amendment to Loan and Security Agreement, dated as of July 6, 2021, and that certain Second Amendment to Loan and Security Agreement, dated as of May 3, 2022 (the “May 2022 LSA”), pursuant to which the Lenders provided to the Company certain loans in accordance with the terms and conditions of the May 2022 LSA (such loans collectively, the “May 2022 Term Loan”). The May 2022 LSA increased the loan and security agreement to $ 60.0 million, of which $ 40.0 million was fully drawn upon as of May 3, 2022 from the original term loan. On June 30, 2023, the Company entered into a new Loan and Security Agreement (the “June 2023 LSA”) with Oxford as collateral agent and the lenders party thereto, pursuant to which the Company borrowed $ 20.0 million in aggregate Term A Loans (the “Term A Loans”). On that same date, the Company prepaid the May 2022 Term Loan in full which included approximately $ 1.2 million in final payment and other fees using a combination of cash, primarily comprised of $ 19.4 million of net cash raised under the ATM Facility during the quarter ended June 30, 2023, $ 20.0 million in Term A Loans and $ 1.7 million in cash reserves. On August 4, 2023, the Company repaid its outstanding June 2023 LSA of $ 20.0 million early which included outstanding accrued interest of approximately $ 0.2 million, and approximately $ 1.0 million in final payment and other fees using $ 11.9 million of cash, net, raised under the ATM Facility and $ 9.3 million in cash reserves.

Stock-Based Compensation Expens

Stock-Based Compensation Expense	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Expense	Note 9 – Stock-Based Compensation Expense The Company has three equity incentive compensation plans: the 2006 Stock Plan (the “2006 Plan”), the 2015 Equity Incentive Plan (the “2015 Plan”) and the 2021 Equity Incentive Plan (the “2021 Plan”). 2006 Plan The 2006 Plan was originally adopted by the Board and approved by the Company’s stockholders in 2006. The 2006 Plan was terminated in 2015 in connection with the adoption of the 2015 Plan and as a result no new awards may be issued under the 2006 Plan. However, the 2006 Plan will continue to govern the terms and conditions of the outstanding awards previously granted under the 2006 Plan. 2015 Plan The 2015 Plan was originally adopted by the Board and approved by the Company’s stockholders in 2015. The 2015 Plan was most recently amended in March 2021. In July 2021, upon completion of the IPO, the 2015 Plan terminated immediately prior to effectiveness of the 2021 Plan with respect to the grant of future awards. However, the 2015 Plan will continue to govern the terms and conditions of the outstanding awards previously granted under the 2015 Plan. 2021 Plan On July 28, 2021, the 2021 Plan was adopted and approved by the Board and stockholders prior to the IPO and became effective on the business day immediately prior to the effective date of the Company’s IPO registration statement. The 2021 Plan provides for the grant of incentive stock options to employees and any subsidiary corporations’ employees, and for the grant of nonstatutory stock options, stock appreciation rights, restricted stock, restricted stock units (“RSUs”), and performance awards to employees, directors, and consultants and subsidiary corporations’ employees and consultants. The number of shares of the Company’s common stock originally available for issuance under the 2021 Plan was equal to 2,420,135 shares of common stock plus any shares subject to awards granted under the 2015 Plan and the 2006 Plan that, after the effectiveness of the 2021 Plan, expire or otherwise terminate without having been exercised in full, are tendered to or withheld by the Company for payment of an exercise price or for tax withholding obligations, or are forfeited to or repurchased by the Company due to failure to vest, with the maximum number of shares to be added to the 2021 Plan from the 2015 Plan and 2006 Plan equal to 4,569,530 shares of common stock. Evergreen provision The number of common shares reserved for issuance under the 2021 Plan will be increased automatically on the first day of each fiscal year beginning with the 2022 fiscal year and ending on the ten year anniversary of the date the Board approved the 2021 Plan, by a number equal to the least of: (i) 7,260,406 shares of our common stock; (ii) 4 % of the outstanding shares of our common stock on the last day of our immediately preceding fiscal year; or (iii) such lesser number of shares of our common stock as the administrator may determine. The 2021 Plan is administered by the Board. On January 1, 2023 and 2022, the number of shares available under the 2021 Plan increased by 1,130,735 and 1,094,670 , respectively pursuant to this feature. 2021 ESPP On July 28, 2021, the Board and stockholders adopted and approved the 2021 ESPP. The number of shares of the Company’s common stock originally available for issuance under the 2021 ESPP was equal to 664,976 shares of common stock and the initial purchase period began on November 1, 2021. The 2021 ESPP provides eligible employees of the Company and its subsidiaries with the opportunity to purchase shares of the Company’s Common Stock at a purchase price equal to 85 % of the common stock’s fair market value on the first trading day or last trading day of each purchase period, whichever is lower. The 2021 ESPP provides for two six-month purchase periods every twelve months: May 1 through October 31 and November 1 through April 30. As of December 31, 2023 , the number of shares of the Company’s common stock available for future issuance under the 2021 ESPP was equal to 577,847 shares of common stock. Evergreen provision The number of common shares reserved for issuance under the 2021 ESPP plan will be increased automatically on the first day of each fiscal year beginning with our 2022 fiscal year, by a number equal to the least of: (i) 1,452,081 shares; (ii) 1 % of the outstanding shares of our common stock on the last day of our immediately preceding fiscal year; or (iii) such other amount as the administrator may determine. The 2021 ESPP is administered by the Board. The Board determined that no additional shares would be reserved for issuance on January 1, 2023 pursuant to this feature. On January 1, 2022, the number of shares available under the 2021 ESPP increased by 273,667 shares of common stock pursuant to this feature. Stock-Based Compensation Expense The purpose of the 2021 Plan and 2021 ESPP is to provide a means by which eligible recipients of stock awards may be given an opportunity to benefit from increases in the value of the common stock in order to retain or procure the services of the employees, members of the Board and consultants and provide them with an incentive to promote the Company’s success and accomplish corporate goals. Stock option awards are granted with an exercise price of no less than 100% of estimated fair market value on the date of grant. Time based awards generally vest over four years as follows, subject to the optionee’s continuing service: (i) one fourth of the total number of shares vest and become exercisable on the one-year anniversary and then 1/48th of the total number of shares subject to the option vest and become exercisable on each monthly anniversary thereafter for the remaining three years; or (ii) 1/48th of the total number of shares subject to the option vest and become exercisable each month over four years. A summary of the stock option activities related to the Plans, as of and for the year ended December 31, 2023 and 2022 is presented below: Number of Options Weighted Weighted Weighted Avg Options outstanding as of December 31, 2022 6,339,558 $ 11.88 6.48 Granted 1,465,466 16.41 $ 10.27 Exercised ( 841,896 ) 9.92 4.74 Forfeited ( 120,711 ) 13.30 10.71 Expired ( 65,013 ) 18.35 Options outstanding as of December 31, 2023 6,777,404 13.02 6.51 Exercisable as of December 31, 2023 4,237,959 $ 11.70 5.30 A summary of restricted stock unit activities for the year ended December 31, 2023 and 2022 is presented below: Weighted Average Number of Grant Date Shares Fair Value Unvested at December 31, 2022 492,862 $ 15.08 Granted 430,926 16.00 Vested ( 262,078 ) 14.81 Forfeited ( 11,353 ) 15.16 Unvested at December 31, 2023 650,357 $ 15.80 As of December 31, 2023 and 2022 , the intrinsic value of options vested was $ 121.3 million and $ 15.9 million, respectively, and of all options outstanding was $ 185.0 million and $ 16.4 million, respectively. During the year ended December 31, 2023 and 2022 , the total cash received from the exercise of stock options was $ 8.4 million and $ 0.8 million, respectively. The total fair value less strike price of these options was $ 13.7 million and $ 1.8 million, respectively. Stock-based compensation expense was classified in the accompanying consolidated statements of operations and comprehensive income (loss) as follows (in thousands): Twelve Months Ended December 31, 2023 2022 Research and development $ 3,963 $ 3,064 Selling, general and administrative 10,609 7,399 Cost of sales 1,174 934 $ 15,746 $ 11,397 As of December 31, 2023 and 2022 , there were 2,539,445 and 2,447,687 unvested options, respectively. Total unrecognized expense related to unvested stock options was approximately $ 22.7 million and $ 19.1 million as of December 31, 2023 and 2022 , respectively. Amounts are expected to be recognized over a weighted average period of approximately 2.4 years and 2.6 years, respectively. As of December 31, 2023 and 2022 , total unrecognized expense related to unvested restricted stock units was approximately $ 8.3 million and $ 6.1 million as of December 31, 2023 and 2022 , respectively. Amounts are expected to be recognized over a weighted average period of approximately 2.3 years. The following table presents the range and weighted-average assumptions, used in the Black-Scholes option pricing model to determine the fair value of stock options: Twelve Months Ended December 31, 2023 2022 Range Weighted Average Range Weighted Average Expected volatility 64.9 % to 68.6 % 64.9 % 62.4 % to 64.9 % 63.1 % Risk-free interest rate 3.4 % to 4.8 % 4.1 % 2.0 % to 3.8 % 2.7 % Expected life (in years) 5.5 to 6.1 years 6.0 years 6.0 to 10.0 years 6.1 years Expected dividend yield 0.0 % 0.0 % 0.0 % 0.0 % Grant date fair value $ 12.91 to $ 39.71 $ 17.60 $ 10.74 to $ 15.52 $ 12.73

Stockholders Equity (Deficit)

Stockholders Equity (Deficit)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	Note 10 – Stockholders’ Equity Shelf Registration Statement On August 8, 2022, the Company filed a $ 200.0 million shelf registration statement which became effective on August 12, 2022. The shelf registration statement is effective for three years and permits the Company to sell, from time to time, up to $ 200.0 million in aggregate value of our common stock, preferred stock, debt securities, warrants, and/or units. The shelf registration statement is intended to provide the Company with flexibility to access additional capital when market conditions are appropriate. Included in the $ 200.0 million shelf registration statement, the Company also filed a prospectus supplement to sell up to an aggregate value of $ 50.0 million dollars of our common stock through an ATM offering. ATM Offering During the year ended December 31, 2022, the Company sold 475,875 common shares for $ 6.0 million after deducting underwriting discounts and commissions and other offering expenses. As of December 31, 2023, a total of 2,617,964 shares of the Company's common stock, for total gross proceeds of $ 50.0 million (net proceeds of $ 47.5 million), have been issued and sold pursuant to the ATM offering, of which 2,142,089 shares of the Company's common stock, for net proceeds of $ 41.5 million, were sold during the year ended December 31, 2023, which was the remaining authorized value of the common stock under the ATM offering. Common stock reserved for future issuance consisted of the following: December 31, 2023 December 31, 2022 Stock options issued and outstanding under the Equity Plans 6,777,404 6,339,558 Shares available for future issuance under the Equity Plans 358,610 865,122 Restricted stock units issued under the 2021 Plan 650,357 492,862 Shares available for future issuance under 2021 ESPP 577,847 664,976 Shares available for future sale under the ATM offering (1)(2) — 3,454,064 Total shares of common stock reserved 8,364,218 11,816,582 (1) The ATM offering was completed in July 2023. (2) The December 31, 2022 shares available for issuance were calculated based on the closing stock price of $ 12.67 as reported on the Nasdaq Global Market on December 30, 2022.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 11 – Income Taxes The components of loss before income taxes are as follows (in thousands): December 31, December 31, 2023 2022 U.S. loss before taxes $ ( 48,590 ) $ ( 66,750 ) Foreign income before taxes 2 3 Loss before income taxes $ ( 48,588 ) $ ( 66,747 ) Income tax expense for the years ended December 31, 2023 and 2022 consists of the following (in thousands): Year ended December 31, 2023 2022 Current: Federal $ — $ — State 21 8 Foreign ( 1 ) 1 20 9 Deferred: Federal ( 9,527 ) ( 11,366 ) State ( 3,266 ) ( 3,542 ) Foreign — — ( 12,793 ) ( 14,908 ) Change in valuation allowance 12,793 14,908 Income tax expense $ 20 $ 9 The significant components that comprised the Company’s net deferred taxes are as follows (in thousands): Year ended December 31, Deferred tax assets: 2023 2022 Net operating loss $ 73,600 $ 70,179 Amortization 81 99 R&D expenditures capitalization 10,923 4,879 Stock-based compensation 3,292 2,960 Research and development credit 11,271 9,202 Right-of-use liability 752 1,204 Depreciation 1,035 779 Other 2,934 2,332 Gross deferred tax assets 103,888 91,634 Less: valuation allowance ( 103,242 ) ( 90,471 ) Total net deferred tax assets $ 646 $ 1,163 Deferred tax liabilities: Right-of-use asset ( 646 ) ( 1,163 ) Total deferred tax liabilities ( 646 ) ( 1,163 ) Net deferred tax assets $ — $ — A reconciliation of the provision for income taxes with the expected income tax computed by applying the federal statutory income tax rate to loss before provision for income taxes was calculated as follows (amounts in thousands): December 31, 2023 December 31, 2022 Rate Amount Rate Amount Income tax provision at the federal statutory tax rate 21.0 % $ ( 10,203 ) 21.0 % $ ( 14,017 ) State taxes, net of federal benefit 4.1 % ( 1,992 ) 3.5 % ( 2,358 ) Research and development credits 3.7 % ( 1,805 ) 1.9 % ( 1,269 ) Stock-based compensation ( 0.3 )% 150 ( 2.4 )% 1,625 Other non-deductible permanent items ( 0.5 )% 246 ( 0.2 )% 105 Expired tax attributes ( 2.2 )% 1,070 ( 1.5 )% 988 Other 0.5 % ( 239 ) 0.0 % 27 Change in valuation allowance ( 26.3 )% 12,793 ( 22.3 )% 14,908 Income tax expense 0.0 % 20 0.0 % $ 9 The tax effects of items that give rise to significant portions of deferred tax assets are primarily net operating loss carryforwards. The Company evaluates the recoverability of deferred tax assets and assesses all available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. Based on the weight of all the evidence, including a history of operating losses and the Company’s ability to generate future taxable income to realize these assets, a full valuation allowance has been recorded to offset the net deferred tax asset as realization of such asset is uncertain. The Company’s valuation allowance increased by $ 12.8 million and $ 14.9 million in 2023 and 2022, respectively. As of December 31, 2023 , the Company had federal net operating loss carryforwards of $ 311.2 million and state net operating loss carryforwards of $ 148.6 million which will not expire and will be able to offset 80 % of taxable income in future years. Of the $ 311.2 million in federal NOLs, $ 204.8 million will not expire and will be able to offset 80 % of taxable income in future years. Of the $ 148.6 million in state NOLs, $ 25.3 million will not expire and will be able to offset 80 % of taxable income in future years. The remaining federal NOL carryforwards will expire between 2024 and 2037, and the remaining state NOL carryforwards will expire between 2025 and 2043. In addition, the Company also had federal credit carry forwards of $ 9.9 million and state credit carry forwards of $ 9.3 million as of December 31, 2023, which may be available to offset future tax liabilities. The federal credits will expire between 2037 and 2043, and the state credits do not expire. The Inflation Reduction Act 2022 which incorporates a Corporate Alternative Minimum Tax (“CAMT”) was signed on August 16, 2022. The changes will affect tax years beginning after December 31, 2022. The new tax will require companies to compute two separate calculations for federal income tax purposes and pay the greater of the new minimum tax or their regular tax liability. The CAMT act is not expected to have a material impact on the Company's consolidated financial statements. Utilization of the net operating loss carryforwards may be subject to substantial annual limitation due to ownership change limitations that may have occurred or that could occur in the future, as required by Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), as well as similar state provisions. These ownership changes may limit the amount of net operating loss carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an “ownership change,” as defined by Section 382 of the Code, results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percentage points of the outstanding stock of a company by certain stockholders or public groups. Pursuant to Internal Revenue Code (“IRC”) Sections 382 and 383, annual use of the Company’s net operating loss and R&D credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. The Company has not completed an IRC Sections 382 and 383 analysis regarding the limitation of net operating loss and R&D credit carryforwards as of December 31, 2023. The Company has not completed a formal R&D study but has estimated the federal and California credit for purposes of the tax footnote as of December 31, 2023. However, the Company has not reflected a benefit in the consolidated financial statements due to the recorded valuation allowance. The following reconciliation of the beginning and ending amount of gross unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands): Year ended December 31, 2023 2022 Beginning balance of unrecognized tax benefits $ 3,494 $ 3,013 Additions for current year tax positions 683 481 Reductions for prior year tax positions 67 — Ending balance $ 4,244 $ 3,494 None of the unrecognized tax benefits, if recognized, would impact the annual effective rate, due to the valuation allowance. The Company’s unrecognized tax benefits are recorded as a reduction in deferred tax assets. The Company does not expect any significant increases or decreases to the Company’s unrecognized tax benefits within the next 12 months. Due to the existence of the valuation allowance, future changes in the Company's unrecognized tax benefits will not impact the Company's effective tax rate. The Company has not incurred any material interest or penalties as of the current reporting date with respect to income tax matters. The Company is subject to U.S. federal and various states' income taxes. The federal returns for tax years 2020 through 2023 remain open to examination and the state returns remain subject to examination for tax years 2019 through 2023. Carryforward attributes that were generated in years where the statute of limitations is closed may still be adjusted upon examination by the Internal Revenue Service or other respective tax authorities. All other state jurisdictions remain open to examination. There are no cumulative earnings in our foreign subsidiaries as of December 31, 2023 and 2022 that would be subject to U.S. income tax or foreign withholding tax. The Company plans to indefinitely reinvest any future earnings of its foreign subsidiaries.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	Note 12 – Leases The Company has operating and finance leases for facilities and certain equipment. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company does not combine lease and non-lease components in the recognition of lease expense. The Company’s leases have remaining non-cancelable lease terms of up to 3 years, some of which include options to extend the leases for up to 15 years. The exercise of lease renewal options is at the Company’s sole discretion. The Company recognizes rent expense for minimum lease payments on a straight-line basis over the expected lease term, including rent holidays, rent escalation clause and/or cancelable option periods where failure to exercise such options would result in an economic penalty. As of December 31, 2023 , the Company held four leases for office, manufacturing and warehouse facilities in Aliso Viejo, California. The four leases are for approximately 121,000 square feet in the aggregate and expire between March 31, 2025 and January 31, 2026 . For one of the facilities operating leases, the lessor provided $ 900,000 in tenant allowances. On April 4, 2022, the Company entered into a thirty-four-month sublease agreement for a portion of the 5 Columbia Building, in Aliso Viejo, CA. The sublease commencement date was June 13, 2022 and will expire on March 31, 2025 . The base rent receivable is $ 11,410 per month. On January 4, 2023, the Company amended the base rent of sublease agreement to $ 5,319 per month beginning on March 1, 2023 . The following table presents the lease balances within the consolidated balance sheets (in thousands): December 31, December 31, Leases Classification 2023 2022 Assets Operating Operating leases right-of-use assets $ 2,444 $ 3,943 Finance Property and equipment, net 156 206 Total lease assets 2,600 4,149 Liabilities Current Operating Lease liabilities 1,764 1,818 Finance Lease liabilities 37 152 Noncurrent Operating Long-term lease liabilities 1,093 2,813 Finance Long-term lease liabilities 118 43 Total lease liabilities $ 3,012 $ 4,826 As the implicit rates in the Company’s leases were not readily available, the incremental borrowing rate was determined based upon information available at the lease commencement date in determining the present value of future lease payments. For the years ended December 31, 2023 and 2022, the components of operating and finance lease expenses were as follows (in thousands): Year Ended December 31, Lease Cost Classification 2023 2022 Operating lease cost Cost of sales $ 14 $ 14 Research and development 103 324 Selling, general and administrative 1,766 1,688 Finance lease cost Research and development 119 110 Selling, general and administrative 33 28 Finance lease cost Interest expense 12 18 Maturities of the Company’s operating and finance lease liabilities as of December 31, 2023, were as follows (in thousands): Year Ended December 31, Operating Leases Finance Leases 2025 1,970 56 2026 1,054 40 2027 90 40 2028 11 40 2029 10 34 Total lease payments 3,135 210 Less: imputed interest ( 278 ) ( 55 ) Total lease liabilities $ 2,857 $ 155 The weighted average remaining lease term and weighted average discount rate used to determine lease liabilities related to the Company’s operating and finance leases as of December 31, 2023 and 2022 were: December 31, December 31, Lease Term and Discount Rate 2023 2022 Weighted average remaining lease term (years) Operating leases 1.69 2.42 Finance leases 4.37 1.29 Weighted average discount rate Operating leases 10.4 % 10.3 % Finance leases 14.0 % 9.5 %

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13 – Commitments and Contingencies Letter of credit The Company has a standby letter of credit, expiring September 30, 2024, issued by a financial institution as required security for one operating lease. The aggregate amount of the letter of credit was $ 0.2 million and $ 0.3 million as of December 31, 2023 and 2022, respectively. Legal matters From time-to-time, the Company may be involved in certain legal proceedings or regulatory matters arising in the ordinary course of business, including without limitation, actions with respect to intellectual property, employment, regulatory, product liability and contractual matters. In connection with these proceedings or matters, the Company regularly assesses the probability and amount (or range) of possible issues based on the developments in these proceedings or matters. A liability is recorded in the consolidated financial statements if it is determined that it is probable that a loss has been incurred, and that the amount (or range) of the loss can be reasonably estimated. Because of the uncertainties related to any pending proceedings or matters, the Company is currently unable to predict their ultimate outcome and, with respect to any legal proceeding or regulatory matter where no liability has been accrued, to make a reasonable estimate of the possible loss (or range of loss) that could result from an adverse outcome. At December 31, 2023 and 2022 , there were no legal proceedings, regulatory matters, or other disputes or claims for which a material loss was considered probable or for which the amount (or range) of loss was reasonably estimable. However, regardless of the outcome, legal proceedings, regulatory matters, and other disputes and claims can have an adverse impact on the Company because of legal costs, diversion of management time and resources, and other factors.

Employee benefit plan

Employee benefit plan	12 Months Ended
	Dec. 31, 2023
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Employee Benefit Plans	Note 14 – Employee benefit plan 401(k) retirement savings plan The Company maintains a defined contribution 401(k) retirement savings plan for the benefit of its employees, including its named executive officers, who satisfy certain eligibility requirements. Under the 401(k) plan, eligible employees may elect to defer a portion of their compensation, within the limits prescribed by the Code, on a pre-tax or after-tax (Roth) basis, through contributions to the 401(k) plan. The 401(k) plan is intended to qualify under Sections 401(a) and 501(a) of the Code. As a tax-qualified retirement plan, pre-tax contributions to the 401(k) plan and earnings on those pre-tax contributions are not taxable to the employees until distributed from the 401(k) plan, and earnings on Roth contributions are not taxable when distributed from the 401(k) plan. The Company makes matching contributions of up to 2 % of eligible compensation, as contributed by eligible participating employees. Employer matching contributions vest 25 % per year over four years. The Company contributed $ 900,000 and $ 688,000 , net of forfeitures, to the 401(k) plan for the year ended December 31, 2023 and 2022 , respectively.

Summary of Accounting Policies

Summary of Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of RxSight, Inc. and its wholly-owned subsidiaries, RxSight, B.V., and RxSight GmbH. The Company translates the financial statements of its foreign subsidiaries using end-of-period exchange rates for assets and liabilities and average exchange rates during each reporting period for results of operations. All significant inter-company balances and transactions have been eliminated in consolidation. Operating Segments The Company determined its operating segment on the same basis that it uses to evaluate its performance internally. The Company’s chief operating decision-maker (“CODM”), its Chief Executive Officer, reviews its consolidated operating results for the purpose of allocating resources and evaluating financial performance. The Company determined that it operates and manages its business (including its non-U.S. subsidiaries) in one reportable segment: the research and development, manufacture and sale of light adjustable lenses and related capital equipment.
Liquidity	Liquidity Shelf Registration Statement On August 8, 2022, the Company filed a $ 200.0 million shelf registration statement on Form S-3 (“shelf registration statement”) which became effective on August 12, 2022. The shelf registration statement is effective for three years and permits the Company to sell, from time to time, up to $ 200.0 million in aggregate value of common stock, preferred stock, debt securities, warrants, and/or units. The shelf registration statement is intended to provide the Company with flexibility to access additional capital. At the time of filing the shelf registration statement, the Company also filed a prospectus supplement to sell up to an aggregate value of $ 50.0 million dollars of common stock through an “at-the-market” (“ATM”) offering. ATM Offering As of December 31, 2023, through the ATM offering, a total of 2,617,964 shares of the Company's common stock, for total net proceeds of $ 47.5 million, have been issued and sold, of which 2,142,089 shares of the Company's common stock, for net proceeds of $ 41.6 million, were sold during the twelve months ended December 31, 2023. As of December 31, 2023, the full $ 50 million authorized under the ATM offering was sold. Public Offering On February 7, 2023 , the Company entered into an underwriting agreement with BofA Securities, Inc., in which the Company agreed to issue and sell 4,000,000 shares of the Company's common stock in a public offering (“Public Offering”), pursuant to the shelf registration statement. The shares of common stock were sold at a price to the public of $ 12.50 per share. Under the terms of the underwriting agreement, the Company also granted the underwriters an option exercisable for 30 days from the date of the underwriting agreement to purchase up to an additional 600,000 shares of common stock on the same terms and conditions. The underwriters' option was exercised in full on February 10, 2023 and closed on February 14, 2023. The Company received net proceeds of approximately $ 53.6 million from the Public Offering, after deducting underwriters' discounts and commissions of $ 3.5 million and offering expenses of $ 0.5 million. As of December 31, 2023 and 2022 the Company has cash, cash equivalents and short-term investments of $ 127.2 million and $ 105.8 million, respectively. The Company began generating revenue from its principal operations in 2019. The Company has a limited operating history, and the revenue and income potential of the Company’s business and market are unproven. The Company has experienced recurring net losses and negative cash flows from operating activities since its inception. For the years ended December 31, 2023 and 2022, the Company incurred losses from operations of $ 50.1 million and $ 63.3 million, respectively. Based on the Company’s anticipated sales growth in relation to the anticipated costs associated with, among other things, its continuing research and development activities and the expansion of its sales and marketing activities, the Company expects to continue to incur net operating losses into the foreseeable future. Successful transition to attaining profitable operations is dependent upon gaining market acceptance of the Company’s products and achieving a level of revenues adequate to support the Company’s cost structure. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company believes that existing cash resources will be sufficient to meet projected operating requirements for at least 12 months from the date of issuance of the accompanying consolidated financial statements. The Company plans to continue to fund its losses from operations using its cash, cash equivalents and short-term investments as of December 31, 2023 and meet its future capital funding needs, as needed, through equity or debt financings, other third-party funding, collaborations, strategic alliances and licensing arrangements or a combination of these. There can be no assurance that the Company will be able to obtain additional financing on acceptable terms, or at all. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible and/or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make informed estimates, judgments and assumptions that affect the reported amounts in the consolidated financial statements and disclosures in the accompanying notes as of the date of the accompanying consolidated financial statements. On an on-going basis, management evaluates the most critical estimates and assumptions for continued reasonableness. These estimates and assumptions involve judgments with respect to numerous factors that are difficult to predict. Actual results may differ materially from the estimates used in the preparation of the accompanying consolidated financial statements under different assumptions or conditions. The Company’s consolidated financial statements as of and for the year ended December 31, 2023 reflect the Company’s estimates of the impact of the macroeconomic environment, including the impact of inflation, higher interest rates and foreign exchange rate fluctuations. The duration and the scope of these conditions cannot be predicted; therefore, the extent to which these conditions will directly or indirectly impact the Company’s business, results of operations and financial condition, is uncertain. The Company is not aware of any specific event or circumstance that would require an update to its estimates, judgments and assumptions or a revision of the carrying value of the Company’s assets or liabilities as of the date of this filing.
Cash Equivalents	Cash Equivalents Cash equivalents consist of investments in money market accounts. The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase that can be liquidated without prior notice or penalty to be cash equivalents. Cash equivalents are recorded at face value or cost, which approximates fair market value.
Short-Term Investments	Short-term Investments Short-term investments are classified based on the maturity date of the related securities. Based on the nature of the assets, the Company’s short-term investments, which are government securities, are classified as available-for-sale and are recorded at their estimated fair value as determined by prices for identical or similar securities at the balance sheet date. The Company’s short-term investments consist of Level 2 financial instruments in the fair value hierarchy. Unrealized gains and losses are recorded as a component of Other Comprehensive Loss within Stockholders’ Equity on the consolidated balance sheets. Realized gains and losses are included as other income (expense) in the accompanying Consolidated Statements of Operations and Comprehensive Loss. The cost basis for realized gains and losses on available-for-sale securities is determined on a specific identification basis. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such determination at each balance sheet date. The Company periodically reviews its investments for unrealized losses other than credit losses and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. In determining whether the carrying value is recoverable, management considers the following factors: • whether the investment has been in a continuous loss position for over 12 months; • the duration to maturity of investments; • intention and ability to hold the investment to maturity and if it is not more likely than not that the Company will be required to sell the investment before recovery of the amortized cost basis; • the credit rating, financial condition and near-term prospects of the issuer and • the type of investments made. The Company had an unrealized gain of $ 10,000 and $ 75,000 of unrealized losses related to short-term investments as of December 31, 2023 and 2022, respectively. At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. The Company did no t record an allowance for credit losses for these investments as of December 31, 2023 and December 31, 2022 . For additional information see Note 3 – Short-Term Investments.
Restricted Cash	Restricted Cash Restricted cash consists of cash held as collateral for a letter of credit as security for future facility lease payments and corporate credit cards at the Company’s bank. Restricted cash decreased $ 50,000 during the year ended December 31, 2023 to $ 711,000 as required for these operating activities. The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the amount reported in the Consolidated Statement of Cash Flows for the years ended December 31, 2023 and 2022 (in thousands). Year Ended December 31, 2023 2022 Cash and cash equivalents $ 9,692 $ 11,834 Restricted cash 711 761 Cash, cash equivalents and restricted cash in the consolidated statements of cash flows $ 10,403 $ 12,595
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments which potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, short-term investments and accounts receivable. The Company’s policy is to invest cash in institutional money market funds and marketable securities of the U.S. government to limit the amount of credit exposure. The Company currently maintains a portfolio of cash equivalents and short-term investments in money market funds and U.S. treasury bills. A portion of the Company's operating cash is held in accounts in excess of the Federal Deposit Insurance Corporation (“FDIC”) insurance limits; however, the Company has established guidelines regarding diversification of its investments and their maturities, which are designed to maintain principal and maximize liquidity. The Company has not experienced material losses on cash equivalents and short-term investments. The Company’s products require approval from the FDA and foreign regulatory agencies before commercial sales can commence. There can be no assurance that the Company’s products will receive any of these required approvals. The denial or delay of such approvals may have a material adverse impact on the Company’s business and may impact business in the future. In addition, after approval by the FDA, there is still an ongoing risk of adverse events that did not appear during the device approval process. The Company is subject to risks common to companies in the medical device industry, including, but not limited to, new technological innovations, clinical development risk, establishment of appropriate commercial partnerships, protection of proprietary technology, compliance with government and environmental regulations, uncertainty of market acceptance of the Company's products, product liability and the need to obtain additional financing.
Accounts Receivable	Accounts Receivable Accounts receivable pertain to contracts with customers who are granted credit by the Company in the ordinary course of business and are presented net of allowances for credit losses. Accounts receivable are typically due between 30 and 90 days after invoicing. The Company does not have a high concentration of business with any individual customer as of December 31, 2023, and 2022 . The Company did not have any customer who individually accounted for greater than 10 % of accounts receivable. The Company maintains an allowance for credit losses resulting from the inability of its customers, including ambulatory surgery centers, to make required payments. The allowance for credit losses is calculated quarterly and is developed using an aging of receivables where receivables are segregated into various categories based upon due date, and a historical loss percentage is applied to each category that is adjusted for current receivable composition, counterparty and specific risk and prevailing economic condition and supportable forecasted economic conditions. If a receivable is deemed uncollectible after collection efforts have been exhausted, it is written off against the allowance for credit losses. The Company closely monitors the credit quality of its customers and has yet to experience a write-off of a receivable or uncollected receivable. After evaluation of the collectability of accounts receivable, the Company did no t record any significant allowance for credit losses as of December 31, 2023 or December 31, 2022 . The Company does not generally require collateral or other security on receivables.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Fair value is measured as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques that are consistent with the market, income or cost approach are used to measure fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels: Level 1—Observable inputs such as unadjusted quoted prices in active markets that are accessible at the measurement date for identical unrestricted assets or liabilities. Level 2—Inputs (other than quoted prices included in Level 1) that are either directly or indirectly observable for the asset or liability, for substantially the full term of the asset or liability, through correlation with market data. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs to valuation models or other pricing methodologies that do not require significant judgment because the inputs used in the model, such as interest rates and volatility, can be corroborated by readily observable market data. Level 3—One or more significant inputs that are unobservable and supported by little or no market activity and reflect the use of significant management judgment and assumptions. Level 3 assets and liabilities include those whose fair value measurements are determined using pricing models, discounted cash flow methodologies or similar valuation techniques and significant management judgment or estimation. These include the Black-Scholes option-pricing model which uses inputs such as expected volatility, risk-free interest rate and expected term to determine fair market valuation. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. The Company reviews the fair value hierarchy classification at each reporting date. Changes in the ability to observe valuation inputs may result in a reclassification of levels for certain assets or liabilities within the fair value hierarchy. The Company did not have any transfers of assets and liabilities between the levels of the fair value measurement hierarchy during the years presented. The Company’s financial instruments consist principally of cash, cash equivalents, short-term investments, accounts receivable, accounts payable and operating lease liabilities. Cash, cash equivalents, accounts receivable and accounts payable are carried at their estimated fair value because of the short-term nature of these assets and liabilities. The Company’s short-term investments in government securities are carried at fair value, determined based on publicly available quoted market prices for identical securities at the measurement date. The Company believes the fair values of its operating lease liabilities at December 31, 2023 and 2022 and amended term loan at December 31, 2022 approximated their carrying values, based on the borrowing rates that were available for loans with similar terms as of that date.
Inventories	Inventories Inventories consist of raw materials, work-in-process and finished goods. Raw materials are comprised of chemicals and parts used in the production of the Company's lenses, cartridges, and LDDs. Finished goods are comprised of lenses, cartridges, accessories and LDDs. Inventories are valued at the lower of cost or net realizable value. Cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis. The carrying value of inventories is reviewed for potential impairment whenever indicators suggest that the cost of inventories exceeds the carrying value and management adjusts the inventories to its net realizable value. The cost of finished goods and work-in-process is comprised of raw materials, direct labor, other direct costs and related production overhead to the extent that these costs do not exceed the net realizable value of the goods produced. The Company periodically reviews inventories for potential impairment, estimated losses from obsolescence, material expirations or unmarketable inventories or excess inventories and writes down the cost of inventories to net realizable value at the time such determinations are made. Net realizable value is determined using the estimated selling price, in the ordinary course of business, less estimated costs to complete and dispose.
Long-Lived Assets	Long-Lived Assets Property and equipment and leasehold improvements are recorded at cost, net of accumulated depreciation and amortization. Property and equipment are depreciated over the estimated useful lives of the related assets, generally three to five years , using a straight-line method. Leasehold improvements are amortized on the straight-line method over the shorter of the lease term or their estimated economic lives. Repairs and maintenance costs are charged directly to operations as incurred, while renewals and betterments are capitalized. All long-lived assets are reviewed for impairment whenever circumstances such as events or changes in the business indicate that an asset or asset group’s carrying value may not be recoverable based on undiscounted future operating cash flows to be derived from their use. Factors that are considered important that could trigger an impairment review include a current period operating or cash flow loss or a history of operating or cash flow losses and a projection or forecast that demonstrates continuing losses or insufficient income associated with the use of a long-lived asset or asset group. Other factors include a significant change in the manner of the use of the asset or a significant negative industry or economic trend. This evaluation is performed based on estimated undiscounted future cash flows from operating activities compared with the carrying value of the related assets. If the undiscounted future cash flows are less than the carrying value, an impairment loss is recognized, measured by the difference between the carrying value and the estimated fair value of the assets. Fair value is determined primarily using the discounted cash flows expected to be generated from the use of assets. Significant management judgment is required in the forecast of future operating results that are used in the preparation of expected cash flows.
Leases	Leases Lease right-of-use assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized when the Company takes possession of the leased property (“Commencement Date”) based on the present value of lease payments over the lease term. The Company estimates the incremental borrowing rate based upon the cost of its own debt financing, current market interest rates and quoted offerings or the rate implicit in the lease. Operating lease right-of-use assets also include any lease payments made at or before lease commencement and exclude any lease incentives received. The lease terms used to calculate the right-of-use asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Rent expense on noncancelable leases containing known future scheduled rent increases is recorded on a straight-line basis over the term of the respective leases beginning on the Commencement Date. The difference between rent expense and rent paid is accounted for as a component of operating lease right-of-use assets on the accompanying consolidated balance sheets. Landlord improvement allowances and other such lease incentives are recorded as property and equipment and as reduction of the right-of-use leased assets and are amortized on a straight-line basis as a reduction to operating lease costs. Leases with an initial term of 12 months or less are expensed as incurred and are not recorded as right-of-use assets on the consolidated balance sheets.
Net Loss per Share	Net Loss per Share Basic net loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average shares of common stock outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average shares of common stock and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. Diluted net loss per share is calculated by dividing net loss by the weighted-average number of shares of common stock and potential dilutive securities outstanding during the period. The following outstanding potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to common stockholders because their impact under the treasury stock method was anti-dilutive for the periods presented: Year Ended December 31, 2023 2022 Stock options issued and outstanding under the Calhoun Vision, Inc. 2006 Stock Plan, Calhoun Vision, Inc. 2015 Equity Incentive Plan and the 2021 Equity Incentive Plan 6,860,328 1,926,226 Restricted stock units issued under the 2021 Equity Incentive Plan 685,029 543,538 Stock issuable in offering period under the 2021 Employee Stock Purchase Plan 98,189 48,594
Revenue Recognition	Revenue Recognition The Company’s revenue is generated from the sale of LALs used in cataract surgery along with a specifically designed machine for delivering light to the eye, the LDD, to adjust the lens post-surgery, as needed. Revenue is recognized from sales of products in the U.S. Canada and Europe. Customers are primarily comprised of ambulatory surgery centers, hospitals, and physician private practices. The Company recognizes revenues when promised goods or services are transferred to customers at a transaction price that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services. Specifically, the Company applies the following five steps to recognize revenue: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when, or as, the Company satisfies a performance obligation. The Company applies the five-step model to contracts when it is probable that it will collect the consideration to which it is entitled in exchange for the goods or services it transfers to the customer. At contract inception, the Company assesses the goods promised within each customer contract to determine the individual deliverables in its product offerings as separate performance obligations and assesses whether each promised good or service is distinct. The transaction price is determined based on the consideration expected to be received, based either on the stated value in contractual arrangements or the estimated cash to be collected in non-contracted arrangements. The Company recognizes revenue as the amount of the transaction price that is allocated to the respective performance obligation when, or as, the performance obligation is satisfied, considering whether or not this occurs at a point in time or over time. The Company elected to account for shipping costs as fulfillment costs rather than a promised service and excludes from revenue any taxes collected from customers that are remitted to government authorities. The Company’s LDD contracts contain multiple performance obligations bundled for one transaction price, with all obligations generally satisfied within one year. For these bundled arrangements, the Company accounts for individual products and services as separate performance obligations if they are distinct, that is, if a product or service is separately identifiable from other items in the bundled package, and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The Company’s LDD contracts include a combination of the following performance obligations: (i) LDD capital asset and related components, (ii) training and (iii) device service (initial year). Each of these three performance obligations are considered distinct. The LDD capital asset is distinct because the customer can benefit from it together with other resources that are readily available to the customer. Training on the use of the machine is offered as a distinct activity after installation of the LDD to enhance the customer’s ability to utilize the machine by having an industry professional provide best practices and customize training to the specific needs of the customer. Each LDD comes with a twelve-month manufacturer’s warranty (service-type) that includes preventative maintenance, unscheduled service (labor and parts) and software updates. After the first year, service contracts can be purchased separately on a standalone basis. The Company recognizes revenue as performance obligations are satisfied by transferring control of the product or service to a customer. Specifically, revenue for the LDD capital asset is recognized at a point in time at installation. Revenue for training is also recorded at a point in time, generally 60 days after installation. Revenue for the device service is recognized ratably over time after installation, generally 12 months. The Company has determined that the transaction price is the invoice price, net of adjustments, if any. The allocation to the separate performance obligations is based upon the relative standalone selling price. Standalone selling prices are based on observable prices at which the Company separately sells the products or services. The Company estimates the standalone selling price using the market assessment approach considering market conditions and entity-specific factors including, but not limited to, features and functionality of the products and services, geographies, type of customer and market conditions. The Company regularly reviews and updates standalone selling prices as necessary. LALs are generally held at customer sites on consignment. The single performance obligation is satisfied, and revenue from sales are recognized for LALs upon customer notification that the LALs have been implanted in a patient. For the years ended December 31, 2023 and 2022, credits related to returns and rebates on list prices were not significant. The Company has adopted the practical expedient permitting the direct expensing of costs incurred to obtain contracts where the amortization of such costs would occur over one year or less, and it applied to substantially all the Company’s contracts. Revenue for service agreements is recognized ratably over the term of each contract. Revenue from contracts with customers consisted of the following (in thousands): Year Ended December 31, 2023 2022 LDD (including training) $ 32,091 $ 22,515 LAL 54,092 24,965 Service warranty, service contracts, and accessories 2,894 1,525 $ 89,077 $ 49,005 For the years ended December 31, 2023 and 2022 . the Company did not have any customers who individually accounted for greater than 10 % of revenue. For the years ended December 31, 2023 and 2022, contract liabilities from sales activity recorded as liabilities on the Company's consolidated balance sheets consisted of the following (in thousands): Year Ended December 31, 2023 2022 Balance at beginning of period $ 1,187 $ 540 Additions during the period 3,422 2,052 Revenue recognized during the period ( 2,721 ) ( 1,405 ) Balance at end of period $ 1,888 $ 1,187
Cost of Sales	Cost of Sales Cost of sales consists of materials, labor and manufacturing overhead incurred to produce the Company’s products as well as the cost of shipping and handling. Overhead costs include the cost of quality assurance, material procurement, inventory control, facilities, equipment and operations supervision and management, including stock-based compensation. Cost of sales also includes depreciation expense for production equipment and certain direct costs such as royalty and license fee expenses.
Research and Development Expenses	Research and Development Expenses Research and development expenses are expensed as incurred. Research and development expenses consist of upfront fees and milestones paid to collaborators and expenses incurred in performing research and development activities for new products and technology. The expenses include personnel-related costs, including compensation and benefits and stock-based compensation, consultants hired to perform research projects, costs incurred at clinical trial sites, regulatory and manufacturing engineering costs related to FDA premarket approval submission preparation, various laboratory and research supplies, write-off of pre-approved inventory utilized for clinical trial and research purposes, costs incurred in the development of manufacturing processes in excess of capitalizable value, fees paid to contract research organizations and direct FDA related costs. The Company also accrued the costs of ongoing clinical trials associated with programs that have been terminated or discontinued for which there is no future economic benefit at the time the decision is made to terminate or discontinue the program.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes compensation expense for equity-based awards on the date of grant to employees, board of directors and consultants based on the estimated grant date fair value of the award Equity-based payments include stock options, restricted stock units and employee stock plan purchases. The fair value of the option awards are estimated using the Black-Scholes option-pricing model and recognized in expense in the consolidated statements of operations and comprehensive loss over the requisite service period, which is generally four years. The Company amortizes the stock-based compensation for equity awards with service conditions on a straight-line basis over the vesting period of the awards. Compensation cost for stock options with performance conditions is recognized based upon the probability of that performance condition being met. Forfeitures of unvested stock option awards are recognized as reductions of expense as they occur. The Black-Scholes option-pricing model requires the use of assumptions about a number of variables, such as the fair market value of the Company’s common stock, the risk-free interest rate, dividend yield, expected term and expected volatility: • Prior to the completion of the Company’s initial public offering (“IPO”), and its shares being traded on the Nasdaq Global Market, the fair value of the Company’s common stock was determined by the Board at the time of each option grant by considering a number of objective and subjective factors. These factors included the valuation of a select group of public peer group companies within the medical device industry that focus on technological advances and development that the Board believed were comparable to the Company’s operations. Operating and financial performance, the lack of liquidity of the common stock and trends in the broader economy and medical device industry also impacted the determination of the fair value of the common stock. In addition, the Company regularly engaged a third-party valuation specialist to assist with estimates related to the valuation of the Company’s common stock. For all grants subsequent to the Company's shares being traded on the Nasdaq Global Market in July 2021, the fair value of common stock was determined by using the closing price per share of common stock as reported on the Nasdaq Global Market; • The risk-free interest rate used is based on the published U.S. Department of Treasury interest rates in effect at the time of stock option grant for zero coupon U.S. Treasury notes with maturities approximating each grant’s expected term; • The dividend yield is zero as the Company has not paid dividends and does not anticipate paying a cash dividend in the foreseeable future; • Due to the lack of historical exercise history, the expected term for options granted is calculated using the “simplified method” and represents the average time that options are expected to be outstanding based on the mid-point between the vesting date and the end of the contractual term of the award; • Expected volatility is derived from the historical volatilities of a select group of comparable peer companies, for a look-back period commensurate with the expected term of the stock options, as the Company has limited trading history of common stock.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The likelihood of realizing the tax benefits related to a potential deferred tax asset is evaluated, and a valuation allowance is recognized to reduce that deferred tax asset if it is more likely than not that all or some portion of the deferred tax asset will not be realized. Deferred tax assets and liabilities are calculated at the beginning and end of the year; the change in the sum of the deferred tax asset, valuation allowance and deferred tax liability during the year generally is recognized as a deferred tax expense or benefit. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the Consolidated Statements of Operations and Comprehensive Loss in the period that includes the enactment date. Significant judgment is required in determining the Company’s provision for income taxes, deferred tax assets and liabilities and the valuation allowance recorded against net deferred tax assets. The Company assesses the likelihood that deferred tax assets will be recovered as deductions from future taxable income. The evaluation of the need for a valuation allowance is performed on a jurisdiction-by-jurisdiction basis and includes a review of all available positive and negative evidence. Factors reviewed include projections of pre-tax book income for the foreseeable future, determination of cumulative pre-tax book income after permanent differences, earnings history and reliability of forecasting. The Company recognized a valuation allowance on deferred tax assets as of December 31, 2023 and 2022 after evaluating that it is more likely than not that deferred tax assets will not be realized as of those dates. The Company evaluates the accounting for uncertainty in income tax recognized in the consolidated financial statements and determines whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit is recorded in its consolidated financial statements. For those tax positions where it is “not more likely than not” that a tax benefit will be sustained, no tax benefit is recognized. Where applicable, associated interest and penalties are also recorded. The Company has no t accrued any liabilities for any such uncertain tax positions as of December 31, 2023 or 2022. The Company is subject to U.S. federal and state tax authority examinations for all the years since inception due to net operating loss and tax credit carryforwards. The net operating losses and tax credits are subject to adjustment until the statute closes on the year the attributes are ultimately utilized. The Company’s income tax returns are based on calculations and assumptions that are subject to examination by the Internal Revenue Service and other tax authorities. In addition, the calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax regulations. The Company recognizes liabilities for uncertain tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While the Company believes it has appropriate support for the positions taken on its tax returns, the Company regularly assesses the potential outcomes of examinations by tax authorities in determining the adequacy of its provision for income taxes. The Company continually assesses the likelihood and amount of potential revisions and adjusts the income tax provision, income taxes payable and deferred taxes in the period in which the facts that give rise to a revision become known. The Company is required to file federal and state income tax returns in the United States, United Kingdom, Germany and Netherlands. The preparation of these income tax returns requires the Company to interpret the applicable tax laws and regulations in effect on such jurisdictions, which could impact the amount of tax paid. An amount is accrued for the estimate of additional tax liabilities, including interest and penalties, for any uncertain tax positions taken or expected to be taken in an income tax return. The accrual for uncertain tax positions is updated when more definitive information becomes available.
Comprehensive Loss	Comprehensive Loss All components of comprehensive loss, including net loss, are reported in the consolidated financial statements in the period in which they are recognized. Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on marketable securities and foreign currency translation adjustments.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASU”). There have been no recent accounting pronouncements, changes in accounting pronouncements or recently adopted accounting guidance during the year ended December 31, 2023 that are of significance or potential significance to the Company.

Summary of Accounting Policie_2

Summary of Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Cash Cash Equivalents And Restricted Cash	The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the amount reported in the Consolidated Statement of Cash Flows for the years ended December 31, 2023 and 2022 (in thousands). Year Ended December 31, 2023 2022 Cash and cash equivalents $ 9,692 $ 11,834 Restricted cash 711 761 Cash, cash equivalents and restricted cash in the consolidated statements of cash flows $ 10,403 $ 12,595
Schedule of Dilutive Securities Excluded from Computation of Income (Loss) Per Share	The following outstanding potentially dilutive securities were excluded from the calculation of diluted net loss per share attributable to common stockholders because their impact under the treasury stock method was anti-dilutive for the periods presented: Year Ended December 31, 2023 2022 Stock options issued and outstanding under the Calhoun Vision, Inc. 2006 Stock Plan, Calhoun Vision, Inc. 2015 Equity Incentive Plan and the 2021 Equity Incentive Plan 6,860,328 1,926,226 Restricted stock units issued under the 2021 Equity Incentive Plan 685,029 543,538 Stock issuable in offering period under the 2021 Employee Stock Purchase Plan 98,189 48,594
Schedule of Revenue from Contracts with Customers	Revenue from contracts with customers consisted of the following (in thousands): Year Ended December 31, 2023 2022 LDD (including training) $ 32,091 $ 22,515 LAL 54,092 24,965 Service warranty, service contracts, and accessories 2,894 1,525 $ 89,077 $ 49,005
Schedule of Deferred Revenue Activity	For the years ended December 31, 2023 and 2022, contract liabilities from sales activity recorded as liabilities on the Company's consolidated balance sheets consisted of the following (in thousands): Year Ended December 31, 2023 2022 Balance at beginning of period $ 1,187 $ 540 Additions during the period 3,422 2,052 Revenue recognized during the period ( 2,721 ) ( 1,405 ) Balance at end of period $ 1,888 $ 1,187

Short-Term Investments (Tables)

Short-Term Investments (Tables)	12 Months Ended
	Dec. 31, 2023
Short-Term Investments [Abstract]
Schedule of Short-Term Investments Available For Sale	Short-term investments, principally U.S. Treasury bills, are available-for-sale and consisted of the following (in thousands): As of December 31, 2023 Amortized Cost Unrealized Gain, Net Estimated Fair Value U.S. Treasury securities $ 117,480 $ 10 $ 117,490 As of December 31, 2022 Amortized Cost Unrealized Loss, Net Estimated Fair Value U.S. Treasury securities $ 94,043 $ ( 75 ) $ 93,968

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): December 31, December 31, 2023 2022 Finished goods $ 8,092 $ 6,408 Raw materials 5,680 6,494 Work-in-process 4,145 2,567 Inventories, gross 17,917 15,469 Less: reserve for excess and obsolete inventory ( 496 ) ( 634 ) Inventories, net $ 17,421 $ 14,835

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Property and equipment consisted of the following (in thousands): December 31, 2023 2022 Machinery and equipment 14,638 12,799 Leasehold improvements 11,553 11,206 Construction in progress 2,335 1,331 Computer hardware and software 1,824 1,693 Production molds 2,005 1,873 Furniture and fixtures 1,028 928 Right-of-use equipment 156 206 Property and Equipment, gross 33,539 30,036 Less: Accumulated depreciation and amortization ( 22,698 ) ( 19,898 ) Property and Equipment, net $ 10,841 $ 10,138

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on recurring basis and the fair value hierarchy of the valuation techniques	As of December 31, 2023 Level I Level II Total Assets: Money market securities $ 4,475 — $ 4,475 U.S. Treasury securities — 117,490 117,490 Total assets at fair value $ 4,475 $ 117,490 $ 121,965 As of December 31, 2022 Level I Level II Total Assets: Money market securities $ 8,909 — $ 8,909 U.S. Treasury securities — 93,968 93,968 Total assets at fair value $ 8,909 $ 93,968 $ 102,877

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Accrued Liabilities, Current [Abstract]
Summary of accrued expenses and other current liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands): December 31, December 31, 2023 2022 Employee compensation and benefits $ 10,637 $ 8,537 Contract liabilities 2,045 1,348 Accrued interest — 455 Other 2,557 2,332 $ 15,239 $ 12,672

Stockholders Equity (Deficit) (

Stockholders Equity (Deficit) (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Summary of Common Stock Reserved For Future Issuance	Common stock reserved for future issuance consisted of the following: December 31, 2023 December 31, 2022 Stock options issued and outstanding under the Equity Plans 6,777,404 6,339,558 Shares available for future issuance under the Equity Plans 358,610 865,122 Restricted stock units issued under the 2021 Plan 650,357 492,862 Shares available for future issuance under 2021 ESPP 577,847 664,976 Shares available for future sale under the ATM offering (1)(2) — 3,454,064 Total shares of common stock reserved 8,364,218 11,816,582 (1) The ATM offering was completed in July 2023. (2) The December 31, 2022 shares available for issuance were calculated based on the closing stock price of $ 12.67 as reported on the Nasdaq Global Market on December 30, 2022.

Stock-Based Compensation Expe_2

Stock-Based Compensation Expense (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of the Status and Changes in Stock Option Activities	A summary of the stock option activities related to the Plans, as of and for the year ended December 31, 2023 and 2022 is presented below: Number of Options Weighted Weighted Weighted Avg Options outstanding as of December 31, 2022 6,339,558 $ 11.88 6.48 Granted 1,465,466 16.41 $ 10.27 Exercised ( 841,896 ) 9.92 4.74 Forfeited ( 120,711 ) 13.30 10.71 Expired ( 65,013 ) 18.35 Options outstanding as of December 31, 2023 6,777,404 13.02 6.51 Exercisable as of December 31, 2023 4,237,959 $ 11.70 5.30
Summary of Non-Vested Restricted Stock Unit Activities	A summary of restricted stock unit activities for the year ended December 31, 2023 and 2022 is presented below: Weighted Average Number of Grant Date Shares Fair Value Unvested at December 31, 2022 492,862 $ 15.08 Granted 430,926 16.00 Vested ( 262,078 ) 14.81 Forfeited ( 11,353 ) 15.16 Unvested at December 31, 2023 650,357 $ 15.80
Schedule of Stock-Based Compensation Expense	Stock-based compensation expense was classified in the accompanying consolidated statements of operations and comprehensive income (loss) as follows (in thousands): Twelve Months Ended December 31, 2023 2022 Research and development $ 3,963 $ 3,064 Selling, general and administrative 10,609 7,399 Cost of sales 1,174 934 $ 15,746 $ 11,397
Schedule of Range and Weighted-average Assumptions Used in Black-Scholes Option Pricing Model to Determine the Fair Value of Stock Options	The following table presents the range and weighted-average assumptions, used in the Black-Scholes option pricing model to determine the fair value of stock options: Twelve Months Ended December 31, 2023 2022 Range Weighted Average Range Weighted Average Expected volatility 64.9 % to 68.6 % 64.9 % 62.4 % to 64.9 % 63.1 % Risk-free interest rate 3.4 % to 4.8 % 4.1 % 2.0 % to 3.8 % 2.7 % Expected life (in years) 5.5 to 6.1 years 6.0 years 6.0 to 10.0 years 6.1 years Expected dividend yield 0.0 % 0.0 % 0.0 % 0.0 % Grant date fair value $ 12.91 to $ 39.71 $ 17.60 $ 10.74 to $ 15.52 $ 12.73

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax	The components of loss before income taxes are as follows (in thousands): December 31, December 31, 2023 2022 U.S. loss before taxes $ ( 48,590 ) $ ( 66,750 ) Foreign income before taxes 2 3 Loss before income taxes $ ( 48,588 ) $ ( 66,747 )
Schedule of Components of Income Tax Expense (Benefit)	Income tax expense for the years ended December 31, 2023 and 2022 consists of the following (in thousands): Year ended December 31, 2023 2022 Current: Federal $ — $ — State 21 8 Foreign ( 1 ) 1 20 9 Deferred: Federal ( 9,527 ) ( 11,366 ) State ( 3,266 ) ( 3,542 ) Foreign — — ( 12,793 ) ( 14,908 ) Change in valuation allowance 12,793 14,908 Income tax expense $ 20 $ 9
Schedule of Deferred Tax Assets and Liabilities	The significant components that comprised the Company’s net deferred taxes are as follows (in thousands): Year ended December 31, Deferred tax assets: 2023 2022 Net operating loss $ 73,600 $ 70,179 Amortization 81 99 R&D expenditures capitalization 10,923 4,879 Stock-based compensation 3,292 2,960 Research and development credit 11,271 9,202 Right-of-use liability 752 1,204 Depreciation 1,035 779 Other 2,934 2,332 Gross deferred tax assets 103,888 91,634 Less: valuation allowance ( 103,242 ) ( 90,471 ) Total net deferred tax assets $ 646 $ 1,163 Deferred tax liabilities: Right-of-use asset ( 646 ) ( 1,163 ) Total deferred tax liabilities ( 646 ) ( 1,163 ) Net deferred tax assets $ — $ —
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the provision for income taxes with the expected income tax computed by applying the federal statutory income tax rate to loss before provision for income taxes was calculated as follows (amounts in thousands): December 31, 2023 December 31, 2022 Rate Amount Rate Amount Income tax provision at the federal statutory tax rate 21.0 % $ ( 10,203 ) 21.0 % $ ( 14,017 ) State taxes, net of federal benefit 4.1 % ( 1,992 ) 3.5 % ( 2,358 ) Research and development credits 3.7 % ( 1,805 ) 1.9 % ( 1,269 ) Stock-based compensation ( 0.3 )% 150 ( 2.4 )% 1,625 Other non-deductible permanent items ( 0.5 )% 246 ( 0.2 )% 105 Expired tax attributes ( 2.2 )% 1,070 ( 1.5 )% 988 Other 0.5 % ( 239 ) 0.0 % 27 Change in valuation allowance ( 26.3 )% 12,793 ( 22.3 )% 14,908 Income tax expense 0.0 % 20 0.0 % $ 9
Schedule of Unrecognized Tax Benefits [Roll Forward]	The following reconciliation of the beginning and ending amount of gross unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands): Year ended December 31, 2023 2022 Beginning balance of unrecognized tax benefits $ 3,494 $ 3,013 Additions for current year tax positions 683 481 Reductions for prior year tax positions 67 — Ending balance $ 4,244 $ 3,494

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Lease Balance Sheet Information	The following table presents the lease balances within the consolidated balance sheets (in thousands): December 31, December 31, Leases Classification 2023 2022 Assets Operating Operating leases right-of-use assets $ 2,444 $ 3,943 Finance Property and equipment, net 156 206 Total lease assets 2,600 4,149 Liabilities Current Operating Lease liabilities 1,764 1,818 Finance Lease liabilities 37 152 Noncurrent Operating Long-term lease liabilities 1,093 2,813 Finance Long-term lease liabilities 118 43 Total lease liabilities $ 3,012 $ 4,826
Schedule of Component of Lease Expense	For the years ended December 31, 2023 and 2022, the components of operating and finance lease expenses were as follows (in thousands): Year Ended December 31, Lease Cost Classification 2023 2022 Operating lease cost Cost of sales $ 14 $ 14 Research and development 103 324 Selling, general and administrative 1,766 1,688 Finance lease cost Research and development 119 110 Selling, general and administrative 33 28 Finance lease cost Interest expense 12 18
Schedule of Maturities of Lease Liabilities	Maturities of the Company’s operating and finance lease liabilities as of December 31, 2023, were as follows (in thousands): Year Ended December 31, Operating Leases Finance Leases 2025 1,970 56 2026 1,054 40 2027 90 40 2028 11 40 2029 10 34 Total lease payments 3,135 210 Less: imputed interest ( 278 ) ( 55 ) Total lease liabilities $ 2,857 $ 155
Summary of Weighted Average Remaining Lease Term and Discount Rate	The weighted average remaining lease term and weighted average discount rate used to determine lease liabilities related to the Company’s operating and finance leases as of December 31, 2023 and 2022 were: December 31, December 31, Lease Term and Discount Rate 2023 2022 Weighted average remaining lease term (years) Operating leases 1.69 2.42 Finance leases 4.37 1.29 Weighted average discount rate Operating leases 10.4 % 10.3 % Finance leases 14.0 % 9.5 %

Organization and Basis of Pre_2

Organization and Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Millions				12 Months Ended
	Feb. 07, 2023 USD ($) $ / shares shares	Aug. 12, 2022 USD ($)	Aug. 08, 2022 USD ($)	Dec. 31, 2023 USD ($) Segment Subsidiary $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Subsequent Event [Line Items]
Number of wholly owned subsidiaries | Subsidiary				1
Common stock par value (USD per share) | $ / shares				$ 0.001	$ 0.001
Common stock sale underwriting discounts and commission deducted					$ 6
Common stock, authorized (in shares) | shares				900,000,000	900,000,000
Preferred stock par value per share | $ / shares				$ 0.001	$ 0.001
Preferred stock, shares authorized | shares				100,000,000	100,000,000
Preferred stock, shares outstanding | shares				0	0
Cash, cash equivalents, and short-term investments				$ 127.2	$ 105.8
Losses from operations				$ 50.1	$ 63.3
Number of reportable segment | Segment				1
IPO [Member]
Subsequent Event [Line Items]
Sale of stock, date	Feb. 07, 2023
Sale of shares | shares	4,000,000
Common stock par value (USD per share) | $ / shares	$ 12.5
Additional common shares sold | shares	600,000
Common stock sale underwriting discounts and commission deducted	$ 3.5
Common stock offering costs	0.5
Gross Proceeds of Common Stock under ATM Offering	$ 53.6
Shelf Registration Statement [Member]
Subsequent Event [Line Items]
Gross Proceeds of Common Stock under ATM Offering			$ 200
Shelf Registration Statement [Member] | Maximum [Member]
Subsequent Event [Line Items]
Gross Proceeds of Common Stock under ATM Offering		$ 200
ATM Offering [Member]
Subsequent Event [Line Items]
Sale of shares | shares				2,617,964
Gross Proceeds of Common Stock under ATM Offering				$ 47.5
Proceeds from sale of stock				$ 50
ATM Offering [Member] | Maximum [Member]
Subsequent Event [Line Items]
Sale of shares | shares				2,142,089
Gross Proceeds of Common Stock under ATM Offering		$ 50		$ 41.6

Summary of Accounting Policie_3

Summary of Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) Segment	Dec. 31, 2022 USD ($)
Unrealized Gain (Loss) on Investments	$ 10,000	$ 75,000
Allowance for doubtful accounts	0	0
Increased (Decreased) In Restricted Cash	50,000
Restricted cash	711,000	761,000
Liability on Uncertain Tax Position	0	0
Allowance for credit losses for investments	$ 0	$ 0
Percentage of gross accounts receivable	10%	10%
Deferred Revenue, Revenue Recognized	$ 2,721,000	$ 1,405,000
Number of reportable segment | Segment	1
Minimum [Member]
Useful lives of property and equipment	3 years
Maximum
Useful lives of property and equipment	5 years
No Customer | Customer Concentration Risk | Revenue Benchmark
Concentration Risk, Percentage	10%	10%

Summary of Accounting Policie_4

Summary of Accounting Policies - Schedule of Cash Cash Equivalents And Restricted Cash (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 9,692,000	$ 11,834,000
Restricted cash	711,000	761,000
Cash, cash equivalents and restricted cash in the consolidated statements of cash flows	$ 10,403,000	$ 12,595,000	$ 25,172,000

Summary of Accounting Policie_5

Summary of Accounting Policies - Schedule of Dilutive Securities Excluded from Computation of Income (Loss) Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restricted Stock Units (RSUs) [Member]
Earnings Per Share [Line Items]
Anti-dilutive securities	685,029	543,538
Employee Stock Purchase Plan [Member]
Earnings Per Share [Line Items]
Anti-dilutive securities	98,189	48,594
Stock Options Issued And Outstanding Under Plans [Member]
Earnings Per Share [Line Items]
Anti-dilutive securities	6,860,328	1,926,226

Summary of Accounting Policie_6

Summary of Accounting Policies - Schedule of Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 89,077	$ 49,005
L D D
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	32,091	22,515
LAL
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	54,092	24,965
Service Warranty, Service Contracts, And Accessories
Disaggregation of Revenue [Line Items]
Revenue from contracts with customers	$ 2,894	$ 1,525

Summary of Accounting Policie_7

Summary of Accounting Policies - Schedule of Deferred Revenue Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred Revenue [Abstract]
Balance at beginning of period	$ 1,187	$ 540
Additions during the period	3,422	2,052
Revenue recognized during the period	(2,721)	(1,405)
Balance at end of period	$ 1,888	$ 1,187

Short-Term Investments - Schedu

Short-Term Investments - Schedule of Short-term Investment Available For Sale (Details) - U.S. Treasury securities - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short Term Debt [Line Items]
Amortized Cost, Total	$ 117,480	$ 94,043
Unrealized Loss, Net	(10)	(75)
Estimated Fair Value	$ 117,490	$ 93,968

Short-Term Investments - Additi

Short-Term Investments - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short Term Debt [Line Items]
Allowance for credit losses for investments	$ 0	$ 0
Maximum [Member]
Short Term Debt [Line Items]
Investment, Type [Extensible Enumeration]	US Government Agencies Short-Term Debt Securities [Member]	US Government Agencies Short-Term Debt Securities [Member]

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 8,092	$ 6,408
Raw materials	5,680	6,494
Work-in-process	4,145	2,567
Inventory gross	17,917	15,469
Less: reserve for excess and obsolete inventory	(496)	(634)
Inventory, Net	$ 17,421	$ 14,835

Inventories - Additional Inform

Inventories - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventory held on consignment	$ 4.4	$ 2.8

Property and Equipment - Schedu

Property and Equipment - Schedule of property and equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment	$ 33,539	$ 30,036
Less: Accumulated depreciation and amortization	(22,698)	(19,898)
Property, Plant and Equipment, Net	10,841	10,138
Machinery and Equipment [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	14,638	12,799
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	11,553	11,206
Construction in Progress [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	2,335	1,331
Computer Hardware and Software [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	1,824	1,693
Production Molds [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	2,005	1,873
Furniture and Fixtures [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	1,028	928
Right-Of-Use Equipment [Member]
Property Plant And Equipment [Line Items]
Total property and equipment	$ 156	$ 206

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation and Amortization	$ 4.1	$ 3.9

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of assets and liabilities measured at fair value on recurring basis and the fair value hierarchy of the valuation techniques (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Total assets at fair value	$ 121,965	$ 102,877
Fair Value, Inputs, Level 1
Assets:
Total assets at fair value	4,475	8,909
Fair Value, Inputs, Level 2
Assets:
Total assets at fair value	117,490	93,968
Money Market Securities
Assets:
Total assets at fair value	4,475	8,909
Money Market Securities | Fair Value, Inputs, Level 1
Assets:
Total assets at fair value	4,475	8,909
Money Market Securities | Fair Value, Inputs, Level 2
Assets:
Total assets at fair value	0	0
U.S. Treasury securities
Assets:
Total assets at fair value	117,490	93,968
U.S. Treasury securities | Fair Value, Inputs, Level 1
Assets:
Total assets at fair value	0	0
U.S. Treasury securities | Fair Value, Inputs, Level 2
Assets:
Total assets at fair value	$ 117,490	$ 93,968

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Employee compensation and benefits	$ 10,637	$ 8,537
Contract liabilities	2,045	1,348
Accrued interest	0	455
Other	2,557	2,332
Total	$ 15,239	$ 12,672

Term Loan - Additional Informat

Term Loan - Additional Information (Details) - USD ($) $ in Thousands				6 Months Ended	12 Months Ended
	Aug. 04, 2023	Jun. 30, 2023	May 03, 2022	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Proceeds from Issuance of Common Stock					$ 9,473	$ 1,778
August 4, 2023 [Member]
Debt Instrument [Line Items]
Cash reserves	$ 9,300
ATM Offering [Member] | Common Stock
Debt Instrument [Line Items]
Proceeds from Issuance of Common Stock	11,900
Term Loan
Debt Instrument [Line Items]
Proceeds from Loan Originations				$ 20,000
Net cash raised under the ATM Facility				19,400
Cash reserves		$ 1,700		1,700
May 3, 2022 [Member]
Debt Instrument [Line Items]
Debt instrument face amount			$ 60,000
Proceeds from Loan Originations			$ 40,000
Final payment and other fees		1,200
New Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Debt instrument face amount		$ 20,000		$ 20,000
Accrued interest paid	200
Final payment and other fees	1,000
Repayments of Debt	$ 20,000

Term Loan - Future Annual Princ

Term Loan - Future Annual Principal Payments Due Under the Amended Term Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Term loan, net	$ 0	$ 40,169

Common Stock Warrant Liability

Common Stock Warrant Liability - Additional Information (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Class Of Warrant Or Right [Line Items]
Common stock par value (USD per share)	$ 0.001	$ 0.001

Common Stock Warrant Liabilit_2

Common Stock Warrant Liability - Schedule Of Assumptions Used To Determine The Fair Value Of Warrant (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Maximum [Member]
Class Of Warrant Or Right [Line Items]
Expected life (in years)	6 years 1 month 6 days	10 years
Minimum [Member]
Class Of Warrant Or Right [Line Items]
Expected life (in years)	5 years 6 months	6 years

Stockholders Equity (Deficit) -

Stockholders Equity (Deficit) - Summary of Preferred Units (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Temporary Equity [Line Items]
Preferred stock par value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred Shares Issued	0	0
Preferred stock, shares outstanding	0	0

Stockholders Equity (Deficit)_2

Stockholders Equity (Deficit) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Feb. 07, 2023	Aug. 08, 2022	Dec. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock, authorized (in shares)			900,000,000	900,000,000
Preferred stock, shares authorized			100,000,000	100,000,000
Preferred stock par value per share			$ 0.001	$ 0.001
Common stock sale underwriting discounts and commission deducted				$ 6
Preferred stock, shares outstanding			0	0
Registration amount		$ 200
Securities issuable value under self registration statement form		$ 200
Registration Payment Arrangement, Term		three years
Common Shares issued under ATM Offering				475,875
Maximum [Member]
Class Of Stock [Line Items]
Securities issuable value under self registration statement form		$ 200
IPO [Member]
Class Of Stock [Line Items]
Sale of Stock, Transaction Date	Feb. 07, 2023
Sale of shares	4,000,000
Additional common shares sold	600,000
Common stock sale underwriting discounts and commission deducted	$ 3.5
Common stock offering costs	0.5
Gross Proceeds of Common Stock under ATM Offering	$ 53.6
ATM Offering [Member] | Common Stock
Class Of Stock [Line Items]
Sale of shares			2,142,089
Gross Proceeds of Common Stock under ATM Offering			$ 50
Securities issuable value under self registration statement form		$ 50
Common Shares issued under ATM Offering			2,617,964
Net Proceeds of Common Stock under ATM Offering			$ 47.5
Proceeds from sale of stock			$ 41.5

Stockholders Equity (Deficit)_3

Stockholders Equity (Deficit) - Summary of Common Stock Reserved For Future Issuance (Details) - shares		Dec. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Conversion of preferred stock		8,364,218	11,816,582
Restricted Stock Units (RSUs) [Member]
Class Of Stock [Line Items]
Conversion of preferred stock		650,357	492,862
The 2021 ESPP Plan [Member]
Class Of Stock [Line Items]
Conversion of preferred stock		577,847	664,976
Stock options issued and outstanding under the Equity Plans
Class Of Stock [Line Items]
Conversion of preferred stock		6,777,404	6,339,558
Shares available for future issuance under the Equity Plans
Class Of Stock [Line Items]
Conversion of preferred stock		358,610	865,122
Shares available for future sale under the ATM offering [Member]
Class Of Stock [Line Items]
Conversion of preferred stock	[1]	0	3,454,064
[1] (1) The ATM offering was completed in July 2023. (2) The December 31, 2022 shares available for issuance were calculated based on the closing stock price of $ 12.67 as reported on the Nasdaq Global Market on December 30, 2022.

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Common Stock Reserved For Future Issuance (Parenthetical) (Details)	Dec. 30, 2022 $ / shares
Class of Stock [Line Items]
Closing Stock Price	$ 12.67

Convertible Preferred Stock War

Convertible Preferred Stock Warrants - Schedule of Probability Weighted Assumptions of Convertible Preferred Stock Warrants (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, Weighted Average	64.90%	63.10%
Expected dividend yield	0%	0%
Expected dividend yield, Weighted Average	0%	0%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, Minimum	64.90%	62.40%
Risk adjusted discount factor, Minimum	3.40%	2%
Expected life (in years)	5 years 6 months	6 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, Maximum	68.60%	64.90%
Risk adjusted discount factor, Maximum	4.80%	3.80%
Expected life (in years)	6 years 1 month 6 days	10 years

Stock-Based Compensation Expe_3

Stock-Based Compensation Expense - Additional Information (Details) - USD ($) $ in Millions		12 Months Ended
	Jul. 28, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2023	Jan. 01, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Conversion of preferred stock		8,364,218	11,816,582
Common stock issued (in shares)		36,139,513	28,268,389
Total unrecognized expense related to unvested stock options		$ 8.3	$ 6.1
Share-based Compensation, Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-Based Compensation, Terms of Award				Stock option awards are granted with an exercise price of no less than 100% of estimated fair market value on the date of grant. Time based awards generally vest over four years as follows, subject to the optionee’s continuing service: (i) one fourth of the total number of shares vest and become exercisable on the one-year anniversary and then 1/48th of the total number of shares subject to the option vest and become exercisable on each monthly anniversary thereafter for the remaining three years; or (ii) 1/48th of the total number of shares subject to the option vest and become exercisable each month over four years.
Stock-Based Compensation, Vesting period				4 years
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Conversion of preferred stock		650,357	492,862
Unvested at December 31, 2023		650,357
2021 Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock available for issuance	2,420,135
Conversion of preferred stock					1,130,735	1,094,670
Common stock issued (in shares)	7,260,406
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum	4%
Weighted average period for recognition of expenses		2 years 3 months 18 days
2021 Plan [Member] | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Conversion of preferred stock	4,569,530
The 2021 ESPP Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Conversion of preferred stock	1,452,081					273,667
Common stock issued (in shares)	664,976	577,847
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum	1%
The 2021 ESPP Plan [Member] | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum	85%
The Calhoun Vision, Inc. 2015 Equity Incentive Plan and the Calhoun Vision, Inc. 2006 Stock Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Intrinsic Value of Vested Options		$ 121.3	$ 15.9
Intrinsic Value of Outstanding Options		185	16.4
Total Cash Received from the Exercise of Stock Options		8.4	0.8
Total Fair Value Less Strike Price of Stock Options Exercised		$ 13.7	$ 1.8
Unvested at December 31, 2023		2,539,445	2,447,687
Total unrecognized expense related to unvested stock options		$ 22.7	$ 19.1
Weighted average period for recognition of expenses		2 years 4 months 24 days	2 years 7 months 6 days

Stock-Based Compensation Expe_4

Stock-Based Compensation Expense - Summary of Stock Option Activities (Details) - The Calhoun Vision, Inc. 2015 Equity Incentive Plan and the Calhoun Vision, Inc. 2006 Stock Plan [Member] - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Beginning balance	6,339,558
Number of Options, Granted	1,465,466
Number of Options, Exercised	(841,896)
Number of Options, Forfeited	(120,711)
Number of Options, Expired	(65,013)
Number of Options, Ending balance	6,777,404	6,339,558
Number of Options, Exercisable	4,237,959
Weighted-Average Exercise Price, Beginning balance	$ 11.88
Weighted-Average Exercise Price, Options Granted	16.41
Weighted-Average Exercise Price, Options Exercised	9.92
Weighted-Average Exercise Price, Options Forfeited	13.3
Weighted-Average Exercise Price, Options Expired	18.35
Weighted-Average Exercise Price, Ending balance	13.02	$ 11.88
Weighted-Average Exercise Price, Exercisable	11.7
Weighted Average Grant Date Fair Value, Options Granted	10.27
Weighted Average Grant Date Fair Value, Options Exercised	4.74
Weighted Average Grant Date Fair Value, Options Forfeited	$ 10.71
Weighted-Average Remaining Contractual Term (Years), Options outstanding	6 years 6 months 3 days	6 years 5 months 23 days
Weighted-Average Remaining Contractual Term (Years), Exercisable	5 years 3 months 18 days

Stock-Based Compensation Expe_5

Stock-Based Compensation Expense - Summary of Non-Vested Restricted stock unit Activities (Details) - Restricted Stock Units (RSUs) [Member]	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested at December 31, 2022 | shares	492,862
Number of Options, Granted | shares	430,926
Number of shares, vested | shares	(262,078)
Number of shares, forfeited | shares	(11,353)
Unvested at December 31, 2023 | shares	650,357
Weighted average fair value, beginning balance | $ / shares	$ 15.08
Weighted Average Grant Date Fair Value, Options Granted | $ / shares	16
Weighted average fair value, vested | $ / shares	14.81
Weighted average fair value, forfeited | $ / shares	15.16
Weighted average fair value, Ending Balance | $ / shares	$ 15.8

Stock-Based Compensation Expe_6

Stock-Based Compensation Expense - Schedule of Stock-Based Compensation Expense (Details) - The Calhoun Vision, Inc. 2015 Equity Incentive Plan and the Calhoun Vision, Inc. 2006 Stock Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 15,746	$ 11,397
Research and Development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	3,963	3,064
Selling, General and Administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	10,609	7,399
Cost of sales [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,174	$ 934

Stock-Based Compensation Expe_7

Stock-Based Compensation Expense - Schedule of Range and Weighted-average Assumptions Used in Black-Scholes Option Pricing Model to Determine the Fair Value of Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected dividend yield	0%	0%
Expected volatility, Weighted Average	64.90%	63.10%
Risk-free interest rate, Weighted Average	4.10%	2.70%
Expected life (in years), Weighted Average	6 years	6 years 1 month 6 days
Expected dividend yield, Weighted Average	0%	0%
Grant date fair value, Weighted Average	$ 17.6	$ 12.73
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, Minimum	64.90%	62.40%
Risk-free interest rate, Minimum	3.40%	2%
Expected life (in years)	5 years 6 months	6 years
Grant date fair value	$ 12.91	$ 10.74
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility, Maximum	68.60%	64.90%
Risk-free interest rate, Maximum	4.80%	3.80%
Expected life (in years)	6 years 1 month 6 days	10 years
Grant date fair value	$ 39.71	$ 15.52

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income before Income Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. loss before taxes	$ (48,590)	$ (66,750)
Foreign income before taxes	2	3
Loss before income taxes	$ (48,588)	$ (66,747)

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal	$ 0	$ 0
State	21	8
Foreign	(1)	1
Current Income Tax Expense (Benefit), Total	20	9
Federal	(9,527)	(11,366)
State	(3,266)	(3,542)
Foreign	0	0
Deferred Income Tax Expense (Benefit), Total	(12,793)	(14,908)
Change in valuation allowance	12,793	14,908
Income tax expense	$ 20	$ 9

Income Tax - Schedule of Deferr

Income Tax - Schedule of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Components of Deferred Tax Assets [Abstract]
Net operating loss	$ 73,600	$ 70,179
Amortization	81	99
R&D expenditures capitalization	10,923	4,879
Stock-based compensation	3,292	2,960
Research and development credit	11,271	9,202
Right-of-use liability	752	1,204
Depreciation	1,035	779
Other	2,934	2,332
Gross deferred tax assets	103,888	91,634
Less: valuation allowance	(103,242)	(90,471)
Total net deferred tax assets	646	1,163
Right-of-use asset	(646)	(1,163)
Total deferred tax liabilities	(646)	(1,163)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax provision at the federal statutory tax rate	21%	21%
State taxes, net of federal benefit	4.10%	3.50%
Research and development credits	3.70%	1.90%
Stock-based compensation	(0.30%)	(2.40%)
Other non-deductible permanent items	(0.50%)	(0.20%)
Expired tax attributes	(2.20%)	(1.50%)
Other	0.50%	0%
Change in valuation allowance	(26.30%)	(22.30%)
Income tax expense	0%	0%
Income tax provision at the federal statutory tax rate	$ (10,203)	$ (14,017)
State taxes, net of federal benefit	(1,992)	(2,358)
Research and development credits	(1,805)	(1,269)
Stock-based compensation	150	1,625
Other non-deductible permanent items	246	105
Expired tax attributes	1,070	988
Other	(239)	27
Change in valuation allowance	12,793	14,908
Income tax expense	$ 20	$ 9

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Increase in valuation allowance	$ 12,793	$ 14,908
Federal net operating loss carryforwards	311,200
State net operating loss carryforwards	148,600
Federal net operating loss	9,900
State net operating Loss	9,300
Federal operating loss carry forwards not expire	204,800
State operating loss carry forwards	9,300
Federal Operating Loss Carry Forwards	9,900
State operating loss carry forwards not expire	$ 25,300
Taxable Income offset, percentage	80%
Description of the limitations on the use of all operating loss carryforwards	Pursuant to Internal Revenue Code (“IRC”) Sections 382 and 383, annual use of the Company’s net operating loss and R&D credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period.
Amount of earnings from Foreign subsidiaries	$ 0	$ 0

Income Taxes - Schedule of Unre

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Beginning balance of unrecognized tax benefits	$ 3,494	$ 3,013
Additions for current year tax positions	683	481
Reductions for prior year tax positions	67	0
Ending balance	$ 4,244	$ 3,494

Leases - Additional Information

Leases - Additional Information (Details)			12 Months Ended
	Jan. 04, 2023 USD ($)	Apr. 04, 2022 USD ($)	Dec. 31, 2023 USD ($) ft² Item
Lessee Lease Description [Line Items]
Lease expiration date		Mar. 31, 2025
Sublease agreement		34 months
Lease Rent Payable		$ 11,410
Base rent	$ 5,319
Lease beginning date	Mar. 01, 2023
California | Office Manufacturing And Warehouse Facility
Lessee Lease Description [Line Items]
Number Of Leases | Item			4
Area of leased space | ft²			121,000
Lease expiration date			Mar. 31, 2025
Operating leases,tenant allowance			$ 900,000
California | Maximum | Office Manufacturing And Warehouse Facility
Lessee Lease Description [Line Items]
Lease expiration date			Jan. 31, 2026

Leases - Summary Of Lease Balan

Leases - Summary Of Lease Balances Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating leases right-of-use assets	$ 2,444	$ 3,943
Assets Finance	$ 156	$ 206
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Total lease assets	$ 2,600	$ 4,149
Liabilities Current Operating	$ 1,764	$ 1,818
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease Liabilities Current	Lease Liabilities Current
Liabilities Current Finance	$ 37	$ 152
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Lease Liabilities Current	Lease Liabilities Current
Noncurrent
Liabilities Noncurrent Operating	$ 1,093	$ 2,813
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease Liabilities Noncurrent	Lease Liabilities Noncurrent
Liabilities Noncurrent Finance	$ 118	$ 43
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Lease Liabilities Noncurrent	Lease Liabilities Noncurrent
Total lease liabilities	$ 3,012	$ 4,826

Leases - Schedule of Components

Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lessee Lease Description [Line Items]
Finance lease cost	$ 12	$ 18
Cost of sales [Member]
Lessee Lease Description [Line Items]
Operating lease cost	14	14
Research and Development [Member]
Lessee Lease Description [Line Items]
Operating lease cost	103	324
Finance lease cost	119	110
Selling, General and Administrative [Member]
Lessee Lease Description [Line Items]
Operating lease cost	1,766	1,688
Finance lease cost	$ 33	$ 28

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Operating Leases
2025	$ 1,970
2026	1,054
2027	90
2028	11
2029	10
Total lease payments	3,135
Less: imputed interest	(278)
Total lease liabilities	2,857
Finance Leases
2025	56
2026	40
2027	40
2028	40
2029	34
Total lease payments	210
Less: imputed interest	(55)
Total lease liabilities	$ 155

Leases - Summary of Weighted Av

Leases - Summary of Weighted Average Remaining Lease Term and Discount Rate (Details)	Dec. 31, 2023	Dec. 31, 2022
Weighted average remaining lease term (years)
Weighted average remaining lease term - operating leases	1 year 8 months 8 days	2 years 5 months 1 day
Weighted average remaining lease term - finance leases	4 years 4 months 13 days	1 year 3 months 14 days
Weighted average discount rate
Weighted average discount rate - operating leases (as a percent)	10.40%	10.30%
Weighted average discount rate - finance leases (as a percent)	14%	9.50%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Short Term Debt [Line Items]
Legal proceedings, regulatory matters, legal costs	$ 0	$ 0
Letter of Credit [Member]
Short Term Debt [Line Items]
Aggregate amount of the letter of credit	$ 200	$ 300

Employee benefit plan - Additio

Employee benefit plan - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jul. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]
Percentage of eligible compensation, contributed by eligible participating employees	2%
Employer matching contributions		25%
Defined contribution, net		$ 900,000	$ 688,000

Subsequent events - Additional

Subsequent events - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Underwriters discounts and commissions	$ 622	$ 587
Common Stock, Shares, Issued	36,139,513	28,268,389
Proceeds from Issuance of Common Stock	$ 9,473	$ 1,778