Sight Sciences (SGHT) 10-Q 10 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 04, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Registrant Name	SIGHT SCIENCES, INC.
Entity Central Index Key	0001531177
Entity File Number	001-40587
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0625749
Entity Address, Address Line One	4040 Campbell Ave
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Menlo Park
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94025
City Area Code	877
Local Phone Number	266-1144
Title of 12(b) Security	Common Stock, par value $0.001
Trading Symbol	SGHT
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		47,590,348

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 238,586	$ 260,687
Accounts receivable, net	9,949	8,709
Inventory, net	4,082	3,475
Prepaid expenses and other current assets	2,693	4,164
Total current assets	255,310	277,035
Property and equipment, net	1,714	1,454
Operating lease right-of-use assets	1,375	1,495
Other noncurrent assets	191	202
Total assets	258,590	280,186
Current liabilities:
Accounts payable	3,074	3,351
Accrued compensation	3,859	5,987
Accrued and other current liabilities	5,067	4,166
Total current liabilities	12,000	13,504
Long-term debt	32,817	32,656
Other noncurrent liabilities	1,862	1,919
Total liabilities	46,679	48,079
Commitments and contingencies (Note 6)
Stockholders' equity (deficit):
Preferred stock par value of $0.001 per share; 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	0	0
Common stock par value of $0.001 per share; 200,000,000 shares authorized as of March 31, 2022 and December 31, 2021, respectively; 47,590,348 and 47,292,022 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	48	48
Additional paid-in-capital	388,127	385,060
Accumulated deficit	(176,264)	(153,001)
Total stockholders' equity (deficit)	211,911	232,107
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	258,590	280,186
Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock:
Convertible preferred stock par value of $0.001 per share; 10,000,000 shares authorized; no shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	$ 0	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Preferred stock par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	47,590,348	47,504,704
Common stock, shares outstanding	47,590,348	47,504,704
Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock, par value	$ 0.001	$ 0.001
Redeemable convertible preferred stock, shares authorized	10,000,000	10,000,000
Redeemable convertible preferred stock, shares issued	0	0
Redeemable convertible preferred stock, shares outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 14,881	$ 8,635
Cost of goods sold	3,033	2,301
Gross profit	11,848	6,334
Operating expenses:
Research and development	5,646	3,440
Selling, general and administrative	28,395	14,550
Total operating expenses	34,041	17,990
Loss from operations	(22,193)	(11,656)
Interest expense	(1,046)	(1,084)
Other (expense) income, net	(15)	552
Loss before income taxes	(23,254)	(12,188)
Provision for income taxes	9	52
Net loss and comprehensive loss	$ (23,263)	$ (12,240)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.49)	$ (1.29)
Weighted-average shares of common stock outstanding, basic and diluted	47,569,499	9,517,270

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Redeemable Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2020		$ 117,331
Beginning Balance, shares at Dec. 31, 2020		12,767,202
Beginning Balance at Dec. 31, 2020	$ (88,849)		$ 9	$ 1,183	$ (90,041)
Beginning Balance, shares at Dec. 31, 2020			9,509,182
Issuance of common stock upon exercise of stock options	11			11
Issuance of common stock upon exercise of stock options, shares			16,862
Stock-based compensation expense	277			277
Net loss	(12,240)				(12,240)
Ending Balance at Mar. 31, 2021		$ 117,331
Ending Balance, shares at Mar. 31, 2021		12,767,202
Ending Balance at Mar. 31, 2021	(100,801)		$ 9	1,471	(102,281)
Ending Balance, shares at Mar. 31, 2021			9,526,044
Beginning Balance at Dec. 31, 2021		$ 0
Beginning Balance, shares at Dec. 31, 2021		0
Beginning Balance at Dec. 31, 2021	232,107		$ 48	385,060	(153,001)
Beginning Balance, shares at Dec. 31, 2021			47,504,704
Issuance of common stock upon exercise of stock options	$ 93			93
Issuance of common stock upon exercise of stock options, shares	85,644		85,644
Stock-based compensation expense	$ 2,974			2,974
Net loss	(23,263)				(23,263)
Ending Balance at Mar. 31, 2022		$ 0
Ending Balance, shares at Mar. 31, 2022		0
Ending Balance at Mar. 31, 2022	$ 211,911		$ 48	$ 388,127	$ (176,264)
Ending Balance, shares at Mar. 31, 2022			47,590,348

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (23,263)	$ (12,240)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	179	135
Accretion of debt discount and amortization of debt issuance costs	161	170
Stock-based compensation expense	2,974	277
Provision for doubtful accounts receivable	(60)	27
Provision for excess and obsolete inventories	8	211
Noncash operating lease expense	121	156
Change in fair value of redeemable convertible preferred stock warrant	0	(555)
Loss on disposal of property and equipment	46	4
Changes in operating assets and liabilities:
Accounts receivable	(1,180)	(301)
Inventory	(615)	(146)
Prepaid expenses and other current assets	1,472	122
Other noncurrent assets	10	(1,024)
Accounts payable	(248)	1,071
Accrued compensation	(2,129)	(1,845)
Accrued and other current liabilities	472	977
Other noncurrent liabilities	86	91
Net cash used in operating activities	(21,966)	(12,870)
Cash flows from investing activities
Purchases of property and equipment	(227)	(104)
Net cash used in investing activities	(227)	(104)
Cash flows from financing activities
Payments of costs related to initial public offering	0	(223)
Proceeds from exercise of common stock options	92	13
Net cash provided by (used in) financing activities	92	(210)
Net change in cash and cash equivalents	(22,101)	(13,184)
Cash and cash equivalents at beginning of period	260,687	61,511
Cash and cash equivalents at end of period	238,586	48,327
Supplemental disclosure of cash flow information
Cash paid for interest	766	766
Supplemental noncash disclosure
Acquisition of property and equipment included in accounts payable and accrued liabilities	418	35
Unpaid initial public offering costs in accounts payable and accrued liabilities	$ 0	$ 1,017

Company and Nature of Business

Company and Nature of Business	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company and Nature of Business	Note 1. Company and Nature of Business Description of Business Sight Sciences, Inc. (the “Company”) was incorporated in the State of Delaware in 2010. The Company is located and headquartered in Menlo Park, California and has principal commercial offices in Southlake, Texas. The Company is an ophthalmic medical device company focused on the development and commercialization of surgical and nonsurgical technologies for the treatment of prevalent eye diseases. The Company’s Surgical Glaucoma segment's product portfolio features the OMNI® Surgical System ("OMNI"), a device that facilitates the performance of both canaloplasty and trabeculotomy with a single device and single corneal incision to reduce intraocular pressure in adult patients with primary open-angle glaucoma. The Company’s Dry Eye segment's product portfolio consists of the TearCare® System ("TearCare") for ophthalmologists and optometrists. TearCare is a wearable eyelid technology that delivers highly targeted and adjustable heat to the meibomian glands of the eyelids in adult patients with evaporative dry eye disease due to meibomian gland disfunction. Stock Split In July 2021 the Company effected a 2-for-1 stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of the Company’s redeemable convertible preferred stock. Accordingly, all share and per share amounts for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this stock split and adjustment of the redeemable convertible preferred stock conversion ratios. Initial Public Offering In July 2021, the Company closed its initial public offering (“IPO”) of its common stock in which the Company issued and sold 10,000,000 shares of its common stock, and sold an additional 1,500,000 shares of common stock upon the full exercise of the underwriters’ option to purchase additional shares of the Company's common stock. These sales occurred at the initial public offering price of $ 24.00 per share. The Company received net proceeds of approximately $ 252.2 million from the IPO, after deducting underwriting discounts and commissions of $ 19.3 million and offering costs of $ 4.5 million. Immediately prior to the closing of the IPO, all then-outstanding shares of redeemable convertible preferred stock were converted into 25,534,404 shares of common stock. Further, all outstanding redeemable convertible preferred stock warrants were converted into warrants to purchase 659,028 shares of common stock, which resulted in the reclassification of the convertible preferred stock warrant liability to additional paid-in capital. In connection with the Company’s IPO, in July 2021, the Company’s certificate of incorporation was amended and restated to provide for 200,000,000 authorized shares of common stock with a par value of $ 0.001 per share and 10,000,000 authorized shares of preferred stock with a par value of $ 0.001 per share. Significant Risks and Uncertainties Since inception, the Company has incurred losses and negative cash flows from operations. As of March 31, 2022, the Company had an accumulated deficit of $ 176.3 million and recorded a net loss of $ 23.3 million for the three months then ended and expects to incur future additional losses. If the Company’s revenue levels from its products are not sufficient or if the Company is unable to secure additional funding when desired, the Company may need to delay the development of its products and scale back its business and operations. The Company believes that its existing sources of liquidity will satisfy its working capital and capital requirements for at least 12 months from the issuance of its financial statements. Failure to generate sufficient revenues, achieve planned gross margins, or control operating costs will require the Company to raise additional capital through equity or debt financing. Such additional financing may not be available on acceptable terms, or at all, and could require the Company to modify, delay, or abandon some of its planned future expansion or expenditures or reduce some of its ongoing operating costs, which could harm its business, operating results, financial condition, and ability to achieve its intended business objectives. The ongoing COVID-19 pandemic has impacted, and is expected to continue to impact, demand for the Company's products, which are used in procedures and therapies that are considered elective. COVID-19 may also, directly or indirectly, have an unfavorable impact on other areas of the Company's business including, but not limited to, supply chain, sales, third party manufacturing, research and development costs and clinical studies. The full effect of the COVID-19 pandemic on the Company's financial condition and results of operations remains highly uncertain and cannot be predicted with confidence, and will depend on certain developments, including the duration and severity of the COVID-19 pandemic and its potential variants. The impact on the Company's customers and suppliers and the range of governmental and community reactions to the pandemic are uncertain. The Company may continue to experience reduced customer demand or constrained supply that could materially adversely impact business, financial condition, results of operations, liquidity and cash flows in future periods.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies There have been no significant changes in the Company's significant accounting policies during the three months ended March 31, 2022, as compared with those disclosed in the 2021 Form 10-K for the year ended December 31, 2021 filed with the U.S Securities and Exchange Commission (SEC) on March 24, 2022. Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) applicable to interim periods and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X. The unaudited consolidated financial statements have been prepared on a basis consistent with the audited financial statements. In the opinion of management, the unaudited consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company's financial information contained herein. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements at that date. These interim consolidated financial statements do not include all disclosures required by GAAP and should be read in conjunction with the Company's financial statements and accompanying notes for the fiscal year ended December 31, 2021, which are contained in the Company's 2021 Form 10-K filed with the SEC on March 24, 2022. The Company's results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other interim period. The accompanying condensed consolidated financial statements reflect the operations of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expense during the reporting period. The most significant estimates related to inventory excess and obsolescence, the selection of useful lives of property and equipment, determination of the fair value of stock option grants, the fair value of the redeemable convertible preferred stock warrants, and provisions for income taxes and contingencies. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements. Actual results could differ from these estimates and such differences could be material to the Company’s financial position and results of operations. New Accounting Pronouncements During the three-month period ended March 31, 2022, there were no significant Accounting Standard Updates (ASU's) issued that were adopted. As of March 31, 2022, there are no significant ASU's issued and not yet adopted, that are expected to have a material impact on the Company's financial statements and related disclosures.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 3. Fair Value Measurements The Company reports all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Level 3—Inputs are unobservable inputs for the asset or liability. The level in the fair value hierarchy within which a fair value measurement in its entirety is based on the lowest-level input that is significant to the fair value measurement in its entirety. The financial statements as of March 31, 2022 and December 31, 2021, do not include any assets or liabilities that are measured at fair value on a nonrecurring basis. The Company measures the fair value of outstanding debt for disclosure purposes on a recurring basis. As of March 31, 2022 and December 31, 2021, total debt of $ 32.8 million and $ 32.7 million is reported at amortized cost, respectively. This outstanding debt is classified as Level 2 as it is not actively traded. The amortized cost of the outstanding debt approximates the fair value. The Company measured the redeemable convertible preferred stock warrants using Level 3 unobservable inputs within the Black-Scholes option-pricing model. The key assumptions included the fair value of redeemable convertible preferred stock, volatility, the risk-free interest rate, expected term (remaining contractual term of the warrants) and dividend yield. The Company had limited historical volatility information available, and the expected volatility was based on actual volatility for comparable public companies projected over the expected terms of the warrants. The Company did not apply a forfeiture rate to the warrants as there was not enough historical information available to estimate such a rate. The risk-free rate was based on the U.S. Treasury yield curve at the time of the grant over the expected term of the warrants. The Company determined the fair value of the redeemable convertible preferred stock warrants quarterly, with subsequent gains and losses from remeasurement of Level 3 financial liabilities recorded through other (expense) income, net in condensed statements of operations and comprehensive loss. The redeemable convertible preferred stock warrants were converted to common stock warrants upon the closing of the IPO and subsequently settled during the third quarter of the year ended December 31, 2021. A summary of the changes in the fair value of the Company’s Level 3 financial instruments for the three months ended March 31, 2021, is as follows (in thousands): Redeemable convertible preferred stock warrants liabilities Balance – December 31, 2020 $ 2,112 Change in fair value ( 555 ) Balance – March 31, 2021 $ 1,557

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	Note 4. Balance Sheet Components Property and Equipment, Net Property and equipment, net consist of the following (in thousands): As of March 31, As of December 31, 2022 2021 Tools and equipment $ 1,874 $ 1,685 Computer equipment and software 100 100 Furniture and fixtures 254 254 Leasehold improvements 34 29 Construction in process 826 590 3,088 2,658 Less: Accumulated depreciation ( 1,374 ) ( 1,204 ) Property and equipment, net $ 1,714 $ 1,454 Depreciation expense was $ 0.2 million and $ 0.1 million for the three months ended March 31, 2022 and 2021, respectively. Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following (in thousands): As of March 31, As of December 31, 2022 2021 Accrued expenses $ 3,518 $ 2,726 Current portion of lease liabilities 534 510 Short term interest payable 274 275 Other accrued liabilities 741 655 Total accrued and other current liabilities $ 5,067 $ 4,166 Other Noncurrent Liabilities Other noncurrent liabilities consist of the following (in thousands): As of March 31, As of December 31, 2022 2021 Noncurrent portion of lease liabilities $ 896 $ 1,040 Long term interest payable 928 841 Other noncurrent liabilities 38 38 Total other noncurrent liabilities $ 1,862 $ 1,919

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Note 5. Debt In January 2019, the Company entered into credit and security agreements with MidCap Financial Services (the "Lender"), which provided a maximum of $ 25.0 million credit facility consisting of a $ 20.0 million senior secured term loan (the "2019 Term Loan") and a $ 5.0 million 2019 revolving loan (the "2019 Revolver" and collectively with the 2019 Term Loan, the “2019 MidCap Credit Facility”). In November 2020, the Company entered into amended and restated credit and security agreements with the same institution, which replaced the 2019 MidCap Credit Facility, and provided for a maximum of $ 40.0 million credit facility consisting of a $ 35.0 million senior secured term loan (the "2020 Term Loan") and a $ 5.0 million revolving loan (the "2020 Revolver and collectively with the 2020 Term Loan, the “2020 MidCap Credit Facility”). The obligations under the MidCap Credit Facility are guaranteed by the Company's current and future subsidiaries, subject to exceptions for certain foreign subsidiaries. Obligations under the agreements are secured by substantially all assets of the Company, including material intellectual property. Additionally, the Company is subject to customary affirmative and negative covenants as defined in the credit agreements, including covenants that limit or restrict the ability to, among other things, incur indebtedness, grant liens, merge or consolidate, make investments, dispose of assets, make acquisitions, pay dividends or make distributions, repurchase stock and enter into certain transactions with affiliates, in each case subject to certain exceptions. The agreements also have financial covenants that relate to minimum trailing revenue targets, which began in November 2020, and are tested on a monthly basis. As of March 31, 2022, the Company was in compliance with all financial and non-financial covenants. The MidCap Credit Facility agreements each contain events of default that include, among others, non-payment of principal, interest or fees, breach of covenants, inaccuracy of representations and warranties, cross-defaults and bankruptcy and insolvency events. As of March 31, 2022 and December 31, 2021, $ 5.0 million was available to be drawn under the 2020 Revolver, respectively. The 2020 Revolver has not been drawn upon as of March 31, 2022 and December 31, 2021. Long-term and short-term debt was as follows (in thousands): As of March 31, As of December 31, 2022 2021 Term Loan $ 35,000 $ 35,000 Total principal payments due 35,000 35,000 Less: debt discount related to warrant liability and issuance costs ( 2,183 ) ( 2,344 ) Total amounts outstanding 32,817 32,656 Less: Current portion — — Total accrued and other current liabilities $ 32,817 $ 32,656 The repayment schedule relating to the Company’s debt as of March 31, 2022, is as follows (in thousands): Amount 2022 (remainder) — 2023 1,458 2024 17,500 2025 16,042 Thereafter — Total repayments $ 35,000

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6. Commitments and Contingencies Operating Lease Obligations The Company’s leases mainly include facility leases and storage leases. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date if the rate implicit in the lease is not readily determinable. The Company estimates its incremental borrowing rate based on qualitative factors including company specific credit offers, lease term, general economics, and the interest rate environment. On February 5, 2021, the Company renewed the lease of the corporate headquarters in Menlo Park, California. The lease is a noncancelable operating lease for approximately 10,823 square feet of primary office space. The operating lease commenced on August 1, 2021 and is for a term of 37 months from the commencement date. The Company recorded an aggregate right-of-use ("ROU") asset and lease liability of $ 1.5 million. The ROU asset and corresponding lease liability were estimated using a weighted-average incremental borrowing rate of 13.59 %. Total base rent is approximately $ 1.6 million under the lease agreement. The Company recognizes rent expense on a straight-line basis over the noncancelable lease term. The Company’s rent expense was $ 0.2 million for both the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, the remaining lease term for the lease was 2.38 years. Operating lease expense and supplemental cash flow information related to operating leases for the three months ended March 31, 2022 and 2021 were as follows (in thousands): Three Months Ended 2022 2021 Operating lease expense $ 173 $ 175 Cash paid for operating leases 170 177 Aggregate future minimum lease payments at March 31, 2022, under these noncancelable operating leases were as follows (in thousands): As of March 31, 2022 2022 521 2023 705 2024 462 Total future minimum lease payments $ 1,688 Less: imputed interest ( 258 ) Present value of future minimum lease payments $ 1,430 Less: current portion of operating lease liability ( 534 ) Operating lease liabilities - noncurrent $ 896 Legal Proceedings On September 16, 2021, the Company filed suit in the U.S. District Court for the District of Delaware (C.A. No. 1:21-cv-01317) alleging that Ivantis, Inc. directly or indirectly infringes U.S. Patent Nos. 8,287,482, 9,370,443, 9,486,361, and 10,314,742 by making, using, selling, and offering for sale the Hydrus® Microstent. The Company’s Complaint seeks money damages and injunctive relief. On January 24, 2022, Ivantis asserted counterclaims requesting declaratory judgments that the Company's asserted patents-in-suit are not infringed and/or invalid. No trial date has been set. The Company is presently unable to predict the outcome of this lawsuit or to reasonably estimate the potential financial impact of the lawsuit on the Company, if any. The Company is subject to claims and assessments from time to time in the ordinary course of business. Accruals for litigation and contingencies are reflected in the financial statements based on management’s assessment, including the advice of legal counsel, of the expected outcome of litigation or other dispute resolution proceedings, and/or the expected resolution of contingencies. Liabilities for estimated losses are accrued if the potential losses from any claims or legal proceedings are considered probable and the amounts can be reasonably estimated. Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount can be reasonably estimated. Accruals are based only on information available at the time of the assessment due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations in a given period. As of March 31, 2022 and December 31, 2021, the Company was not involved in any material legal proceedings except as described above. Voluntary Recall In March 2022, the Company announced a voluntary recall of the TearCare SmartHub 1.0 devices to ensure regulatory compliance with product classification codes following TearCare's 510(k) clearance with the FDA in December 2021. During the first quarter of 2022, the Company estimated the cost of providing customers with replacement TearCare SmartHub 1.5 devices to be $ 0.9 million, which was expensed to cost of goods sold in the first quarter. The Company began providing replacement devices in March 2022 and expects to have all replacement devices provided by the end of the second quarter of fiscal year 2022. Indemnification In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but that have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company indemnifies each of its directors and officers for certain events or occurrences, subject to certain limits, while the director is or was serving at the Company’s request in such capacity, as permitted under Delaware law and in accordance with its certificate of incorporation and bylaws. The term of the indemnification period lasts as long as a director may be subject to any proceeding arising out of acts or omissions of such director in such capacity. The maximum amount of potential future indemnification is unlimited; however, the Company currently holds director liability insurance. This insurance allows the transfer of risk associated with the Company’s exposure and may enable it to recover a portion of any future amounts paid. The Company believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations as of March 31, 2022 and December 31, 2021.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Stockholders' Equity	Note 7. Stockholders' Equity Common Stock In connection with the Company’s IPO in July 2021, the Company’s certificate of incorporation was amended and restated to provide for 200,000,000 authorized shares of common stock with a par value of $ 0.001 per share and 10,000,000 authorized shares of preferred stock with a par value of $ 0.001 per share. The holders of common stock were also entitled to receive dividends whenever funds are legally available, when and if declared by the board of directors. As of March 31, 2022, no dividends have been declared to date. Each share of common stock is entitled to one vote. At March 31, 2022 and December 31, 2021, the Company had reserved common stock for future issuances as follows: March 31, December 31, 2022 2021 Common stock options issued and outstanding 5,944,899 4,996,945 Common stock available for future grant 3,684,766 5,321,687 Restricted stock units outstanding 656,573 53,250 Shares available for future purchase under ESPP 850,000 850,000 Total 11,136,238 11,221,882 Redeemable Convertible Preferred Stock There was no redeemable convertible preferred stock outstanding as of March 31, 2022 and December 31, 2021. In connection with the Company’s IPO in July 2021, all then-outstanding shares of redeemable convertible preferred stock were converted into 25,534,404 shares of common stock. This resulted in the reclassification of the related redeemable convertible preferred stock to common stock and APIC. Warrants There were no warrants outstanding as of March 31, 2022 and December 31, 2021. The Company had previously issued redeemable convertible preferred stock warrants in connection with the Company's 2019 Term Loan agreement and 2020 Term Loan agreement. At initial recognition, the warrants were recorded at their estimated fair values and were subject to remeasurement at each balance sheet date. Upon completion of the IPO, the outstanding warrants were converted to common stock, resulting in the re-classification of the convertible preferred stock warrant liability to APIC. In August 2021, the warrants were net exercised and the Company issued 483,554 shares of common stock.

Equity Incentive Plans

Equity Incentive Plans	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Equity Incentive Plans	Note 8. Equity Incentive Plans 2011 Stock Option Plan and 2021 Equity Incentive Plan In 2011, the Company established its 2011 stock option plan (the “2011 Plan”) that provided for the granting of stock options to employees and nonemployees of the Company. In July 2021, the Company’s Board of Directors and stockholders adopted and approved the 2021 Incentive Award Plan, (the “2021 Plan”). Under the 2021 Plan, the Company has the ability to issue incentive stock options ("ISOs"), nonqualified stock options ("NSOs"), stock appreciation rights, dividend equivalent rights, restricted stock awards, and restricted stock unit awards. Options under the 2021 Plan can be granted for periods of up to 10 years. For incentive stock options granted to a grantee who, at the time the option is granted, owns stock representing more than 10% of the voting power of all classes of stock of the Company or any parent or subsidiary of the Company, the term of the incentive stock option may be granted for periods of up to five years. The ISOs and NSOs will be granted at a price per share not less than the fair value at the date of grant. The exercise price of an ISO granted to a 10% stockholder shall not be less than 110% of the estimated fair value of the shares on the date of grant, as determined by the board of directors. Options granted to new hires generally vest over a four-year period, with 25% vesting at the end of one year and the remaining vesting monthly thereafter; options granted as merit awards generally vest monthly over a four-year period. The Company reserved 5,200,000 shares of common stock for future issuance under the 2021 Plan. The Company’s 2011 Stock Plan was terminated in connection with the IPO and no further grants will be made under the 2011 Plan from the date that the 2021 Plan became effective. The terms under the 2011 Plan are consistent with those described above for the 2021 Plan. The Company had the ability to issue ISOs, NSOs, stock appreciation rights, dividend equivalent rights, restricted stock awards, and restricted stock unit awards. At March 31, 2022 and December 31, 2021 there were 3,684,766 and 5,321,687 shares, respectively, of common stock available for issuance under the 2021 Plan. Stock Option Awards The following table summarizes stock option activity under the 2021 Plan: Number of Weighted-Average Exercise Price Weighted-Average Average Intrinsic Value Balances as of December 31, 2021 4,996,945 $ 6.05 7.6 $ 58,420 Grants 1,328,000 17.43 Forfeited/cancelled ( 294,402 ) 0.85 Exercised/released ( 85,644 ) 0.93 Balances as of March 31, 2022 5,944,899 $ 8.92 8.3 $ 25,271 Vested and exercisable as of March 31, 2022 2,069,638 $ 3.55 6.7 $ 17,040 Vested and expected to vest as of March 31, 2022 5,914,899 $ 8.97 8.3 $ 24,927 During the three months ended March 31, 2022 and 2021, the Company recorded stock-based compensation of $ 2.5 million and $ 0.3 million related to the stock option awards, respectively. The weighted-average grant-date fair values of options granted during the three months ended March 31, 2022 and 2021 was $ 9.76 and $ 4.98 per share, respectively. The aggregate intrinsic value of options exercised was $ 1.2 million during the three months ended March 31, 2022. The aggregate intrinsic value was calculated as the difference between the exercise prices of the underlying options and the estimated fair value of the common stock on the date of exercise. As of March 31, 2022, the unrecognized stock-based compensation of unvested opti ons was $ 33.6 million, which is expected to be recognized over a weighted-average period of 3.27 years. Determination of fair value The Company estimated the fair value of stock options using the Black-Scholes option-pricing model. The fair value of stock options is recognized on a straight-line basis over the requisite service periods of the awards. The fair value of stock options was estimated using the following weighted-average assumptions: Three Months Ended 2022 2021 Expected term (in years) 5.38 – 6.94 5.00 – 6.07 Expected volatility 58.75 % – 60.12 % 56.75 % – 57.69 % Risk-free interest rate 1.34 % – 2.40 % 0.48 % – 0.81 % Dividend yield – – Expected Term The expected term is calculated using the simplified method, which is available if there is insufficient historical data about exercise patterns and post vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant or for each vesting tranche for awards with graded vesting. The midpoint of the vesting date and the maximum contractual expiration date is used as the expected term under this method. For awards with multiple vesting tranches, the time from grant until the midpoints for each of the tranches may be averaged to provide an overall expected term. Expected Volatility The Company used an average historical stock price volatility of a peer group of publicly traded companies to be representative of its expected future stock price volatility, as the Company did not have any trading history for its common stock. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size, and financial leverage of potential comparable companies. For each grant, the Company measured historical volatility over a period equivalent to the expected term. Risk-Free Interest Rate The risk-free interest rate is based on the implied yield currently available on US Treasury zero-coupon issues with remaining terms equivalent to the expected term of a stock award. Expected Dividend Rate The Company has not paid, and does not anticipate paying, any dividends in the near future. Accordingly, the Company has estimated the dividend yield to be 0%. Restricted Stock Units RSUs are share awards that entitle the holder to receive freely tradable shares of the Company’s common stock upon vesting. The RSUs cannot be transferred, and the awards are subject to forfeiture if the holder’s employment terminates prior to the release of the vesting restrictions. The RSUs generally vest over a four-year period with straight-line vesting in equal amounts on an annual basis, provided the employee remains continuously employed with the Company. The fair value of the RSUs is equal to the closing price of the Company’s common stock on the grant date. The following table summarizes restricted share award activity under the 2021 Plan: Number of Weighted-Average Grant Date Fair Value Per Share Outstanding, December 31, 2021 53,250 $ 22.91 Grants 607,823 17.15 Forfeited/cancelled ( 4,500 ) 17.95 Vested — — Outstanding, March 31, 2022 656,573 $ 17.60 During the three months ended March 31, 2022 and 2021, the Company recorded stock-based compensation of $ 0.5 million and $ 0 related to the RSUs. As of March 31, 2022, there was $ 11.0 million of total unrecognized compensation cost related to the RSUs that is expected to be recognized over a weighted-average period of 3.71 years. Stock Based Compensation The following is a summary of stock-based compensation expense by function (in thousands): Three Months Ended 2022 2021 Cost of goods sold $ 36 $ 7 Research and development 343 37 Selling, general and administrative 2,595 233 Total stock-based compensation expense $ 2,974 $ 277 In July 2021, the Board of Directors and stockholders also adopted and approved the 2021 Employee Stock Purchase Plan (the “ESPP”). The Company reserved 850,000 shares of common stock for future issuance under the ESPP. As of March 31, 2022, no shares of common stock have been purchased under the ESPP.

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	Note 9. Net Loss per Share Attributable to Common Stockholders Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period. As the Company reported a net loss for the three months ended March 31, 2022 and 2021, basic net loss per share is the same as diluted net loss per share as the inclusion of potentially dilutive shares would have been antidilutive if included in the calculation. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data): Three Months Ended 2022 2021 Numerator: Net loss attributable to common stockholders $ ( 23,263 ) $ ( 12,240 ) Denominator: Weighted-average shares of common stock 47,569,499 9,517,270 Net loss per share attributable to common $ ( 0.49 ) $ ( 1.29 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented because including them would have been antidilutive: March 31, 2022 2021 Redeemable convertible preferred stock — 12,767,202 Options to purchase common stock 5,944,899 3,311,756 Redeemable convertible preferred stock warrants — 329,514 Restricted stock units 656,573 — Total 6,601,472 16,408,472

Defined Contribution Plan

Defined Contribution Plan	3 Months Ended
	Mar. 31, 2022
Postemployment Benefits [Abstract]
Defined Contribution Plan	Note 10. Defined Contribution Plan The Company sponsors a defined contribution plan under Section 401(k) of the IRC of 1986, as amended, covering substantially all of its full-time US employees. Participating employees may contribute up to 100 % of their eligible compensation up to the annual Internal Revenue Service’s contribution limit. For the three months ended March 31, 2022 and 2021, the Company matched employee contributions in the amount of $ 0.2 million and $ 0 , respectively.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Segment Information	Note 11. Segment Information The Company has two reportable operating segments which are determined on the basis of product portfolio: Surgical Glaucoma and Dry Eye. The operating and reportable segments were determined based on how the Company’s Chief Executive Officer, its Chief Operating Decision Maker (“CODM”), views and evaluates the Company’s operations. The CODM allocates resources to and evaluates the financial performance of each operating segment primarily based on gross profit and gross profit margin. Surgical Glaucoma segment includes sales of the Company’s OMNI® Surgical System for use in minimally invasive glaucoma procedures. Dry Eye segment includes sales of the Company’s TearCare® System and related components. The following table summarizes select operating results information for each reportable segment (dollars in thousands): Three Months Ended 2022 2021 Revenue Surgical Glaucoma $ 13,870 $ 8,139 Dry Eye 1,011 496 Total 14,881 8,635 Cost of goods sold Surgical Glaucoma 1,491 1,858 Dry Eye 1,542 443 Total 3,033 2,301 Gross profit Surgical Glaucoma 12,379 6,281 Dry Eye ( 531 ) 53 Total 11,848 6,334 Operating expense 34,041 17,990 Loss from operations ( 22,193 ) ( 11,656 ) Interest expense ( 1,046 ) ( 1,084 ) Other (expense) income, net ( 15 ) 552 Loss before income tax $ ( 23,254 ) $ ( 12,188 ) The Company does not allocate any income and expenses beyond revenue and cost of goods sold to the reportable operating segments in its reporting to the CODM. No asset information is provided for reportable operating segments because they are not reviewed by the CODM on segment basis. Substantially all of the Company’s revenue is generated from sales in the United States, and none of its property and equipment is located outside the United States.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 12. Subsequent Events The Company evaluated subsequent events through May 10, 2022, the date on which the condensed consolidated financial statements were available for issuance.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) applicable to interim periods and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X. The unaudited consolidated financial statements have been prepared on a basis consistent with the audited financial statements. In the opinion of management, the unaudited consolidated financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company's financial information contained herein. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements at that date. These interim consolidated financial statements do not include all disclosures required by GAAP and should be read in conjunction with the Company's financial statements and accompanying notes for the fiscal year ended December 31, 2021, which are contained in the Company's 2021 Form 10-K filed with the SEC on March 24, 2022. The Company's results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022 or for any other interim period. The accompanying condensed consolidated financial statements reflect the operations of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expense during the reporting period. The most significant estimates related to inventory excess and obsolescence, the selection of useful lives of property and equipment, determination of the fair value of stock option grants, the fair value of the redeemable convertible preferred stock warrants, and provisions for income taxes and contingencies. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements. Actual results could differ from these estimates and such differences could be material to the Company’s financial position and results of operations.
New Accounting Pronouncements Not Yet Adopted	New Accounting Pronouncements During the three-month period ended March 31, 2022, there were no significant Accounting Standard Updates (ASU's) issued that were adopted. As of March 31, 2022, there are no significant ASU's issued and not yet adopted, that are expected to have a material impact on the Company's financial statements and related disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value, Inputs, Level 3
Summary of Changes in Level 3 Fair Value Instruments	A summary of the changes in the fair value of the Company’s Level 3 financial instruments for the three months ended March 31, 2021, is as follows (in thousands): Redeemable convertible preferred stock warrants liabilities Balance – December 31, 2020 $ 2,112 Change in fair value ( 555 ) Balance – March 31, 2021 $ 1,557

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Property and Equipment, Net	Property and equipment, net consist of the following (in thousands): As of March 31, As of December 31, 2022 2021 Tools and equipment $ 1,874 $ 1,685 Computer equipment and software 100 100 Furniture and fixtures 254 254 Leasehold improvements 34 29 Construction in process 826 590 3,088 2,658 Less: Accumulated depreciation ( 1,374 ) ( 1,204 ) Property and equipment, net $ 1,714 $ 1,454
Summary of Accrued and Other Current Liabilities	Accrued and other current liabilities consist of the following (in thousands): As of March 31, As of December 31, 2022 2021 Accrued expenses $ 3,518 $ 2,726 Current portion of lease liabilities 534 510 Short term interest payable 274 275 Other accrued liabilities 741 655 Total accrued and other current liabilities $ 5,067 $ 4,166
Summary of Other Noncurrent Liabilities	Other noncurrent liabilities consist of the following (in thousands): As of March 31, As of December 31, 2022 2021 Noncurrent portion of lease liabilities $ 896 $ 1,040 Long term interest payable 928 841 Other noncurrent liabilities 38 38 Total other noncurrent liabilities $ 1,862 $ 1,919

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term and Short-term Debt	Long-term and short-term debt was as follows (in thousands): As of March 31, As of December 31, 2022 2021 Term Loan $ 35,000 $ 35,000 Total principal payments due 35,000 35,000 Less: debt discount related to warrant liability and issuance costs ( 2,183 ) ( 2,344 ) Total amounts outstanding 32,817 32,656 Less: Current portion — — Total accrued and other current liabilities $ 32,817 $ 32,656
Repayment Schedule Relating to the Company's Debt	The repayment schedule relating to the Company’s debt as of March 31, 2022, is as follows (in thousands): Amount 2022 (remainder) — 2023 1,458 2024 17,500 2025 16,042 Thereafter — Total repayments $ 35,000

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Expense Recognized and Supplemental Cash Flow	Operating lease expense and supplemental cash flow information related to operating leases for the three months ended March 31, 2022 and 2021 were as follows (in thousands): Three Months Ended 2022 2021 Operating lease expense $ 173 $ 175 Cash paid for operating leases 170 177
Schedule of Aggregate Future Minimum Lease Payments	Aggregate future minimum lease payments at March 31, 2022, under these noncancelable operating leases were as follows (in thousands): As of March 31, 2022 2022 521 2023 705 2024 462 Total future minimum lease payments $ 1,688 Less: imputed interest ( 258 ) Present value of future minimum lease payments $ 1,430 Less: current portion of operating lease liability ( 534 ) Operating lease liabilities - noncurrent $ 896

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
Reserved Common Stock for Future Issuances	At March 31, 2022 and December 31, 2021, the Company had reserved common stock for future issuances as follows: March 31, December 31, 2022 2021 Common stock options issued and outstanding 5,944,899 4,996,945 Common stock available for future grant 3,684,766 5,321,687 Restricted stock units outstanding 656,573 53,250 Shares available for future purchase under ESPP 850,000 850,000 Total 11,136,238 11,221,882

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Summary of Stock Option Activity	Number of Weighted-Average Exercise Price Weighted-Average Average Intrinsic Value Balances as of December 31, 2021 4,996,945 $ 6.05 7.6 $ 58,420 Grants 1,328,000 17.43 Forfeited/cancelled ( 294,402 ) 0.85 Exercised/released ( 85,644 ) 0.93 Balances as of March 31, 2022 5,944,899 $ 8.92 8.3 $ 25,271 Vested and exercisable as of March 31, 2022 2,069,638 $ 3.55 6.7 $ 17,040 Vested and expected to vest as of March 31, 2022 5,914,899 $ 8.97 8.3 $ 24,927
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options	Three Months Ended 2022 2021 Expected term (in years) 5.38 – 6.94 5.00 – 6.07 Expected volatility 58.75 % – 60.12 % 56.75 % – 57.69 % Risk-free interest rate 1.34 % – 2.40 % 0.48 % – 0.81 % Dividend yield – –
Share-based Payment Arrangement, Restricted Stock Unit, Activity	The following table summarizes restricted share award activity under the 2021 Plan: Number of Weighted-Average Grant Date Fair Value Per Share Outstanding, December 31, 2021 53,250 $ 22.91 Grants 607,823 17.15 Forfeited/cancelled ( 4,500 ) 17.95 Vested — — Outstanding, March 31, 2022 656,573 $ 17.60
Summary of Stock-Based Compensation Expense by Function	The following is a summary of stock-based compensation expense by function (in thousands): Three Months Ended 2022 2021 Cost of goods sold $ 36 $ 7 Research and development 343 37 Selling, general and administrative 2,595 233 Total stock-based compensation expense $ 2,974 $ 277

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders	The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data): Three Months Ended 2022 2021 Numerator: Net loss attributable to common stockholders $ ( 23,263 ) $ ( 12,240 ) Denominator: Weighted-average shares of common stock 47,569,499 9,517,270 Net loss per share attributable to common $ ( 0.49 ) $ ( 1.29 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented because including them would have been antidilutive: March 31, 2022 2021 Redeemable convertible preferred stock — 12,767,202 Options to purchase common stock 5,944,899 3,311,756 Redeemable convertible preferred stock warrants — 329,514 Restricted stock units 656,573 — Total 6,601,472 16,408,472

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following table summarizes select operating results information for each reportable segment (dollars in thousands): Three Months Ended 2022 2021 Revenue Surgical Glaucoma $ 13,870 $ 8,139 Dry Eye 1,011 496 Total 14,881 8,635 Cost of goods sold Surgical Glaucoma 1,491 1,858 Dry Eye 1,542 443 Total 3,033 2,301 Gross profit Surgical Glaucoma 12,379 6,281 Dry Eye ( 531 ) 53 Total 11,848 6,334 Operating expense 34,041 17,990 Loss from operations ( 22,193 ) ( 11,656 ) Interest expense ( 1,046 ) ( 1,084 ) Other (expense) income, net ( 15 ) 552 Loss before income tax $ ( 23,254 ) $ ( 12,188 )

Company and Nature of Business

Company and Nature of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Jul. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Proceeds from Issuance Initial Public Offering	$ 252,200
Conversion of redeemable convertible preferred stock	25,534,404
Stock split	July 2021 the Company effected a 2-for-1 stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of the Company’s redeemable convertible preferred stock.
Accumulated deficit		$ 176,264		$ 153,001
Net loss		$ 23,263	$ 12,240
Common stock, shares authorized		200,000,000		200,000,000
Common stock, par value		$ 0.001		$ 0.001
Preferred stock, shares authorized		10,000,000		10,000,000
Preferred stock par value		$ 0.001		$ 0.001
IPO
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Sale of stock, price per share	$ 24
Underwriting discounts and commissions	$ 19,300
Estimated offering costs	$ 4,500
Warrants to purchase common stock	659,028
Common stock, shares authorized	200,000,000
Common stock, par value	$ 0.001
Preferred stock, shares authorized	10,000,000
Preferred stock par value	$ 0.001
IPO | Common Stock
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock issued	10,000,000
Underwriters' Option | Common Stock
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock issued	1,500,000

Fair value Measurement - Additi

Fair value Measurement - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Amount	$ 32.8	$ 32.7

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes in Fair Value Level 3 Financial Liabilities (Details) - Fair Value, Inputs, Level 3 - Redeemable Convertible Preferred Stock Warrants $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Beginning Balance	$ 2,112
Change in fair value	(555)
Ending Balance	$ 1,557

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 3,088	$ 2,658
Less: Accumulated depreciation	(1,374)	(1,204)
Property and equipment, net	1,714	1,454
Tools and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,874	1,685
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	100	100
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	254	254
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	34	29
Construction In Process
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 826	$ 590

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 179	$ 135

Balance Sheet Components - Su_2

Balance Sheet Components - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 3,518	$ 2,726
Current portion of lease liabilities	534	510
Short term interest payable	274	275
Other accrued liabilities	741	655
Total accrued and other current liabilities	$ 5,067	$ 4,166

Balance Sheet Components - Su_3

Balance Sheet Components - Summary of Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long term interest payable	$ 928	$ 841
Noncurrent portion of lease liabilities	896	1,040
Other noncurrent liabilities	38	38
Total other noncurrent liabilities	$ 1,862	$ 1,919

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Jul. 31, 2021	Nov. 30, 2020	Jan. 31, 2019
Debt Instrument [Line Items]
Long-term Debt	$ 35,000,000
IPO
Debt Instrument [Line Items]
Warrants issued to purchase shares of convertible preferred stock			659,028
Revolving 2020
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	$ 5,000,000	$ 5,000,000
Mid Cap Financial Services
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 40,000,000	$ 25,000,000
Mid Cap Financial Services | Senior Secured 2019 Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity					20,000,000
Mid Cap Financial Services | Senior Secured 2020 Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity				35,000,000
Mid Cap Financial Services | Revolver 2019
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 5,000,000
Mid Cap Financial Services | Revolving 2020
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 5,000,000

Debt - Schedule of Long-term an

Debt - Schedule of Long-term and Short-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal payments due	$ 35,000	$ 35,000
Less: debt discount related to warrant liability and issuance costs	(2,183)	(2,344)
Total amounts outstanding	32,817	32,656
Less: Current portion	0	0
Total accrued and other current liabilities	32,817	32,656
Term Loan
Debt Instrument [Line Items]
Principal payments due	$ 35,000	$ 35,000

Debt - Schedule Relating to the

Debt - Schedule Relating to the Company's Debt (Details) $ in Thousands	Mar. 31, 2022USD ($)
Debt Disclosure [Abstract]
2022 (remainder)	$ 0
2023	1,458
2024	17,500
2025	16,042
Thereafter	0
Long-term Debt, Total	$ 35,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Thousands	Feb. 05, 2021USD ($)ft²	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease office space | ft²	10,823
Lease commencement date	Aug. 1, 2021
Operating lease right-of-use assets	$ 1,500	$ 1,375		$ 1,495
Lease, borrowing rate	13.59%
Operating leases, rent expense		$ 173	$ 175
Total base rent under lease agreement	$ 1,600
Operating lease term	37 months
Remaining lease term		2 years 4 months 17 days
Replacement cost of device		$ 900

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Operating Lease Expense Recognized and Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 173	$ 175
Cash paid for operating leases	$ 170	$ 177

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Aggregate Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2022	$ 521
2023	705
2024	462
Total future minimum lease payments	1,688
Less: imputed interest	(258)
Present value of future minimum lease payments	1,430
Less: current portion of operating lease liability	(534)	$ (510)
Operating lease liabilities - noncurrent	$ 896	$ 1,040

Redeemable Convertible Preferre

Redeemable Convertible Preferred Stock - Summary of Redeemable Convertible Preferred Stock Issued and Outstanding (Details) - Redeemable Convertible Preferred Stock - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Shares Authorized	10,000,000	10,000,000
Shares Issued	0	0
Shares Outstanding	0	0	12,767,202	12,767,202
Carrying Value	$ 0	$ 0	$ 117,331	$ 117,331

Redeemable Convertible Prefer_2

Redeemable Convertible Preferred Stock - Additional Information (Details)	1 Months Ended
	Jul. 31, 2021shares
Class Of Stock [Line Items]
Conversion of preferred stock to common stock upon initial public offering, Shares	25,534,404

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Details)	1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 31, 2021$ / sharesshares	Mar. 31, 2022USD ($)Vote$ / sharesshares	Dec. 31, 2021$ / sharesshares	Aug. 31, 2021shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized		200,000,000	200,000,000
Preferred stock, shares authorized		10,000,000	10,000,000
Common stock, par value | $ / shares		$ 0.001	$ 0.001
Preferred stock par value | $ / shares		$ 0.001	$ 0.001
Dividends declared | $		$ 0
Number of votes entitled per share of common stock | Vote		1
Redeemable convertible preferred stock outstanding		0	0
Conversion of redeemable convertible preferred stock	25,534,404
Warrant outstanding		0	0
Common stock, shares issued		47,590,348	47,504,704
IPO
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized	200,000,000
Preferred stock, shares authorized	10,000,000
Common stock, par value | $ / shares	$ 0.001
Preferred stock par value | $ / shares	$ 0.001
Warrants
Subsidiary, Sale of Stock [Line Items]
Common stock, shares issued				483,554

Stockholder's Equity - Schedule

Stockholder's Equity - Schedule of Reserved Common Stock for Future Issuances (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance	11,136,238	11,221,882
Common stock options issued and outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance	5,944,899	4,996,945
Common stock available for future grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance	3,684,766	5,321,687
Restricted stock units outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance	656,573	53,250
Shares available for future purchase under ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance	850,000	850,000

Equity Incentive Plans - Additi

Equity Incentive Plans - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Jul. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant-date fair values of options granted	$ 9.76	$ 4.98
Aggregate intrinsic value of options exercised	$ 1,200,000
Unrecognized stock-based compensation of unvested options	$ 33,600,000
Weighted-average period expected to recognize	3 years 3 months 7 days
Common stock reserved for future issuance	11,136,238		11,221,882
Number of Shares, Granted	1,328,000
Stock based compensation	$ 2,500,000	$ 300,000
Share of common stock purchased	2,974,000	277,000
Restricted Stock Units RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation of unvested options	$ 11,000
Weighted-average period expected to recognize	3 years 8 months 15 days
Stock based compensation	$ 500,000	$ 0
2011 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock available for issuance			5,321,687
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock available for issuance	3,684,766
Common stock reserved for future issuance	5,200,000
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance				850,000
Share of common stock purchased	$ 0

Equity Incentive Plans - Summar

Equity Incentive Plans - Summary of Company Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares	4,996,945
Number of Shares, Granted	1,328,000
Forfeited/cancelled	(294,402)
Number of Shares, Exercised/released	(85,644)
Number of Shares	5,944,899	4,996,945
Number of Shares Vested and exercisable as of March 31, 2022	2,069,638
Number of Shares, Vested and expected to vest as of March 31, 2022	5,914,899
2011 Plan and 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-Average Exercise Price	$ 6.05
Weighted-Average Exercise Price, Granted	17.43
Weighted-Average Exercise Price, Forfeited/cancelled	0.85
Weighted-Average Exercise Price, Exercised/released	0.93
Weighted-Average Exercise Price	8.92	$ 6.05
Weighted-Average Exercise Price, Vested and exercisable as of March 31, 2022	3.55
Weighted-Average Exercise Price, Expected to vest as of March 31, 2022	$ 8.97
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term
Weighted Average Remaining Contractual Term	8 years 3 months 18 days	7 years 7 months 6 days
Weighted average contractual term, vested and exercisable	6 years 8 months 12 days
Weighted average contractual term, vested and expected	8 years 3 months 18 days
Average Intrinsic Value	$ 25,271	$ 58,420
Average Intrinsic Value, Vested and exercisable as of March 31, 2022	17,040
Average Intrinsic Value, Vested and expected as of March 31, 2022	$ 24,927

Equity Incentive Plans - Summ_2

Equity Incentive Plans - Summary of Stock Based Compensation Fair Value Assumptions (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 11 months 8 days	6 years 25 days
Expected volatility	60.12%	57.69%
Risk-free interest rate	2.40%	0.81%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 4 months 17 days	5 years
Expected volatility	58.75%	56.75%
Risk-free interest rate	1.34%	0.48%

Equity Incentive Plans - Summ_3

Equity Incentive Plans - Summary of Share-Based Compensation Expense By Function (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,974	$ 277
Cost of Goods Sold
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	36	7
Research and Development Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	343	37
Selling, General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,595	$ 233

Equity Incentive Plans - summ_4

Equity Incentive Plans - summarizes restricted share award activity under the 2021 Plan (Details)	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Forfeited/cancelled	(294,402)
Restricted Stock [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance	53,250
Grant	607,823
Forfeited/cancelled	(4,500)
Vested
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance	656,573
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 22.91
Weighted average, Grant | $ / shares	17.15
Weighted-Average Exercise Price, Forfeited/cancelled | $ / shares	17.95
Weighted average, Vested | $ / shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 17.60

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss attributable to common stockholders	$ (23,263)	$ (12,240)
Denominator:
Weighted-average shares of common stock outstanding, basic and diluted	47,569,499	9,517,270
Net loss per share attributable to common stockholders, basic and diluted	$ (0.49)	$ (1.29)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Redeemable convertible preferred stock	6,601,472	16,408,472
Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock	0	12,767,202
Redeemable Convertible Preferred Stock Warrants
Redeemable convertible preferred stock	0	329,514
Options to Purchase Common Stock
Redeemable convertible preferred stock	5,944,899	3,311,756
Restricted Stock Units
Redeemable convertible preferred stock	656,573	0

Defined Contribution Plan - Add

Defined Contribution Plan - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Postemployment Benefits [Abstract]
Defined contribution plan, maximum annual contributions per employee	100.00%
Defined contribution plan, maximum annual contributions per employee amount	$ 200,000	$ 0

Segment Information - Additiona

Segment Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2022Segment
Segment Reporting [Abstract]
Number of Reportable Segments	2

Segment Information - Summary o

Segment Information - Summary of Operating Result Information for Each Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue
Revenue	$ 14,881	$ 8,635
Cost of goods sold
Cost of goods sold	3,033	2,301
Gross profit
Gross profit	11,848	6,334
Operating expense	34,041	17,990
Loss from operations	(22,193)	(11,656)
Interest expense	(1,046)	(1,084)
Other (expense) income, net	(15)	552
Loss before income tax	(23,254)	(12,188)
Surgical Glaucoma
Revenue
Revenue	13,870	8,139
Cost of goods sold
Cost of goods sold	1,491	1,858
Gross profit
Gross profit	12,379	6,281
Dry Eye
Revenue
Revenue	1,011	496
Cost of goods sold
Cost of goods sold	1,542	443
Gross profit
Gross profit	$ (531)	$ 53