Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | SIGHT SCIENCES, INC. | |
Entity Central Index Key | 0001531177 | |
Entity File Number | 001-40587 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 80-0625749 | |
Entity Address, Address Line One | 4040 Campbell Ave | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Menlo Park | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94025 | |
City Area Code | 877 | |
Local Phone Number | 266-1144 | |
Title of 12(b) Security | Common Stock, par value $0.001 | |
Trading Symbol | SGHT | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Security Exchange Name | NASDAQ | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 48,151,302 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 199,819 | $ 260,687 |
Accounts receivable, net | 12,593 | 8,709 |
Inventory, net | 5,520 | 3,475 |
Prepaid expenses and other current assets | 4,411 | 4,164 |
Total current assets | 222,343 | 277,035 |
Property and equipment, net | 1,568 | 1,454 |
Operating lease right-of-use assets | 1,121 | 1,495 |
Other noncurrent assets | 202 | 202 |
Total assets | 225,234 | 280,186 |
Current liabilities: | ||
Accounts payable | 3,239 | 3,351 |
Accrued compensation | 7,993 | 5,987 |
Accrued and other current liabilities | 6,154 | 4,166 |
Total current liabilities | 17,386 | 13,504 |
Long-term debt | 33,158 | 32,656 |
Other noncurrent liabilities | 1,751 | 1,919 |
Total liabilities | 52,295 | 48,079 |
Commitments and contingencies (Note 6) | ||
Stockholders' equity: | ||
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 | 395,227 | 385,060 |
Accumulated deficit | (222,336) | (153,001) |
Total stockholders' equity | 172,939 | 232,107 |
Total liabilities, redeemable convertible preferred stock and stockholders' equity | 225,234 | 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 | Sep. 30, 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 | 48,083,292 | 47,504,704 |
Common stock, shares outstanding | 48,083,292 | 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenue | $ 18,677 | $ 13,101 | $ 50,788 | $ 34,271 |
Cost of goods sold | 2,928 | 2,062 | 8,696 | 6,668 |
Gross profit | 15,749 | 11,039 | 42,092 | 27,603 |
Operating expenses: | ||||
Research and development | 6,053 | 4,279 | 17,626 | 11,265 |
Selling, general and administrative | 31,541 | 20,790 | 91,367 | 53,100 |
Total operating expenses | 37,594 | 25,069 | 108,993 | 64,365 |
Loss from operations | (21,845) | (14,030) | (66,901) | (36,762) |
Interest expense | (1,131) | (1,122) | (3,243) | (3,288) |
Other (expense) income, net | 766 | (2,001) | 846 | (6,884) |
Loss before income taxes | (22,210) | (17,153) | (69,298) | (46,934) |
Provision for income taxes | 19 | 16 | 37 | 90 |
Net loss and comprehensive loss | $ (22,229) | $ (17,169) | $ (69,335) | $ (47,024) |
Net loss per share attributable to common stockholders-basic | $ (0.46) | $ (0.43) | $ (1.45) | $ (2.38) |
Net loss per share attributable to common stockholders-diluted | $ (0.46) | $ (0.43) | $ (1.45) | $ (2.38) |
Weighted-average shares of common stock outstanding-basic | 47,910,541 | 39,849,769 | 47,728,845 | 19,772,145 |
Weighted-average shares of common stock outstanding-diluted | 47,910,541 | 39,849,769 | 47,728,845 | 19,772,145 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (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 | ||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering | 117,331 | $ (117,331) | $ 27 | 117,304 | |
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, Shares | (12,767,202) | 25,534,404 | |||
ssuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and other offering costs of $23.8 million | 252,174 | $ 12 | 252,162 | ||
ssuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and other offering costs of $23.8 million, Shares | 11,500,000 | ||||
Conversion of redeemable convertible preferred stock warrants to common stock warrants upon initial public offering | 8,973 | 8,973 | |||
Exercise of common stock warrants | $ 1 | (1) | |||
Exercise of common stock warrants, shares | 483,554 | ||||
Exercise of stock options, Amount | 264 | 264 | |||
Exercise of stock options, Shares | 264,882 | ||||
Stock-based compensation expense | 3,107 | 3,107 | |||
Net loss | (47,024) | (47,024) | |||
Ending Balance at Sep. 30, 2021 | $ 0 | ||||
Ending Balance, shares at Sep. 30, 2021 | 0 | ||||
Ending Balance at Sep. 30, 2021 | (245,976) | $ 49 | 382,992 | (137,065) | |
Ending Balance, shares at Sep. 30, 2021 | 47,292,022 | ||||
Beginning Balance at Jun. 30, 2021 | $ 117,331 | ||||
Beginning Balance, shares at Jun. 30, 2021 | 12,767,202 | ||||
Beginning Balance at Jun. 30, 2021 | (117,289) | $ 9 | 2,598 | (119,896) | |
Beginning Balance, shares at Jun. 30, 2021 | 9,732,032 | ||||
Conversion of redeemable convertible preferred stock to common stock upon initial public offering | 117,331 | $ (117,331) | $ 27 | 117,304 | |
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, Shares | (12,767,202) | 25,534,404 | |||
ssuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and other offering costs of $23.8 million | 252,174 | $ 12 | 252,162 | ||
ssuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and other offering costs of $23.8 million, Shares | 11,500,000 | ||||
Conversion of redeemable convertible preferred stock warrants to common stock warrants upon initial public offering | 8,973 | 8,973 | |||
Exercise of common stock warrants | $ 1 | (1) | |||
Exercise of common stock warrants, shares | 483,554 | ||||
Exercise of stock options, Amount | 57 | 57 | |||
Exercise of stock options, Shares | 42,032 | ||||
Stock-based compensation expense | 1,899 | 1,899 | |||
Net loss | (17,169) | (17,169) | |||
Ending Balance at Sep. 30, 2021 | $ 0 | ||||
Ending Balance, shares at Sep. 30, 2021 | 0 | ||||
Ending Balance at Sep. 30, 2021 | (245,976) | $ 49 | 382,992 | (137,065) | |
Ending Balance, shares at Sep. 30, 2021 | 47,292,022 | ||||
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 | ||||
Exercise of stock options, Shares | 581,539 | ||||
Issuance of common stock upon exercise of stock options, Shares | 573,873 | ||||
Issuance of common stock upon exercise of stock options | $ 438 | 438 | |||
Issuance of common stock upon vesting of restricted stock units, shares | 4,715 | ||||
Stock-based compensation expense | 9,729 | 9,729 | |||
Net loss | (69,335) | (69,335) | |||
Ending Balance at Sep. 30, 2022 | $ 0 | ||||
Ending Balance, shares at Sep. 30, 2022 | 0 | ||||
Ending Balance at Sep. 30, 2022 | 172,939 | $ 48 | 395,227 | (222,336) | |
Ending Balance, shares at Sep. 30, 2022 | 48,083,292 | ||||
Beginning Balance at Jun. 30, 2022 | $ 0 | ||||
Beginning Balance, shares at Jun. 30, 2022 | 0 | ||||
Beginning Balance at Jun. 30, 2022 | 191,759 | $ 48 | 391,818 | (200,107) | |
Beginning Balance, shares at Jun. 30, 2022 | 47,819,706 | ||||
Issuance of common stock upon exercise of stock options, Shares | 258,871 | ||||
Issuance of common stock upon exercise of stock options | 186 | 186 | |||
Issuance of common stock upon vesting of restricted stock units, shares | 4,715 | ||||
Stock-based compensation expense | 3,223 | 3,223 | |||
Net loss | (22,229) | (22,229) | |||
Ending Balance at Sep. 30, 2022 | $ 0 | ||||
Ending Balance, shares at Sep. 30, 2022 | 0 | ||||
Ending Balance at Sep. 30, 2022 | $ 172,939 | $ 48 | $ 395,227 | $ (222,336) | |
Ending Balance, shares at Sep. 30, 2022 | 48,083,292 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
IPO [Member] | ||
Subsidiary, Sale of Stock [Line Items] | ||
Issuance costs | $ 23.8 | $ 23.8 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (69,335) | $ (47,024) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 557 | 457 |
Accretion of debt discount and amortization of debt issuance costs | 502 | 531 |
Stock-based compensation expense | 9,729 | 3,107 |
Provision for doubtful accounts receivable | 395 | 149 |
Provision for excess and obsolete inventories | 124 | 297 |
Noncash operating lease expense | 374 | 448 |
Change in fair value of redeemable convertible preferred stock warrant | 0 | 6,861 |
Loss on disposal of property and equipment | 55 | 98 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (4,280) | (3,707) |
Inventory | (2,169) | (648) |
Prepaid expenses and other current assets | (245) | (3,331) |
Other noncurrent assets | 0 | (204) |
Accounts payable | (77) | (319) |
Accrued compensation | 2,006 | 569 |
Accrued and other current liabilities | 1,631 | 211 |
Other noncurrent liabilities | 270 | 279 |
Net cash used in operating activities | (60,463) | (41,818) |
Cash flows from investing activities | ||
Purchases of property and equipment | (841) | (656) |
Net cash used in investing activities | (841) | (656) |
Cash flows from financing activities | ||
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions | 0 | 256,680 |
Payment of other offering costs related to the initial public offering | 0 | (4,506) |
Proceeds from exercise of common stock options | 436 | 264 |
Net cash provided by (used in) financing activities | 436 | 252,438 |
Net change in cash and cash equivalents | (60,868) | 209,964 |
Cash and cash equivalents at beginning of period | 260,687 | 61,511 |
Cash and cash equivalents at end of period | 199,819 | 271,475 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 2,350 | 2,331 |
Supplemental noncash disclosure | ||
Acquisition of property and equipment included in accounts payable and accrued liabilities | 46 | 83 |
Noncash investing and financing: | ||
Common Stock issued on conversion of convertible preferred stock | 0 | 117,331 |
Common stock warrants issued on conversion of preferred stock warrants and the reclassification of the warrant liability | $ 0 | $ 8,973 |
Company and Nature of Business
Company and Nature of Business | 9 Months Ended |
Sep. 30, 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 and is headquartered in Menlo Park, California. 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. 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 September 30, 2022, the Company had an accumulated deficit of $ 222.3 million and recorded a net loss of $ 69.3 million for the nine months then ended and expects to incur future additional losses. If the Company’s revenue levels from its products are not sufficient or if the Company is unable to secure additional funding when desired, the Company may need to delay the development of its products and scale back its business and operations. The Company believes that its existing sources of liquidity will satisfy its working capital and capital requirements for at least 12 months from the issuance of its financial statements. Any failure to generate sufficient revenues, achieve planned gross margins, or control operating costs could 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 COVID-19 pandemic has impacted, and may in the future 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. As occurred in earlier stages of the COVID-19 pandemic, the Company may, among other things, 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 | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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- and nine-months ended September 30, 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 expenses 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 and nine-month period ended September 30, 2022, there were no significant Accounting Standard Updates (ASU's) issued that were adopted. As of September 30, 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 | 9 Months Ended |
Sep. 30, 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 Company's cash and cash equivalents included $ 174.4 million of treasury bills as of September 30, 2022. These securities are classified as held-to-maturity and all have been purchased with original maturities of 90 days or less. Held-to-maturity debt securities are recorded at amortized cost in the financial statements. September 30, 2022 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value U.S. treasury securities $ 174,435 $ 16 $ ( 18 ) $ 174,433 The Company measures the fair value of outstanding debt for disclosure purposes on a recurring basis. As of September 30, 2022 and December 31, 2021, total debt of $ 33.2 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 income (expense), net in condensed consolidated 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 and nine months ended September 30, 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 Change in fair value 5,427 Balance – June 30, 2021 6,984 Change in fair value 1,989 Conversion of preferred stock warrants to common stock warrants upon the closing of the IPO ( 8,973 ) Balance – September 30, 2021 $ — The financial statements as of September 30, 2022 and December 31, 2021, do not include any assets or liabilities that are measured at fair value on a nonrecurring basis. |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 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 September 30, As of December 31, 2022 2021 Tools and equipment $ 2,154 $ 1,685 Computer equipment and software 91 100 Furniture and fixtures 246 254 Leasehold improvements 34 29 Construction in process 406 590 2,931 2,658 Less: Accumulated depreciation ( 1,363 ) ( 1,204 ) Property and equipment, net $ 1,568 $ 1,454 Depreciation expense was $ 0.2 million and $ 0.6 million for the three and nine months ended September 30, 2022, respectively. Depreciation expense was $ 0.2 million and $ 0.5 million for the three and nine months ended September 30, 2021, respectively. Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following (in thousands): As of September 30, As of December 31, 2022 2021 Accrued expenses $ 4,350 $ 2,726 Current portion of lease liabilities 578 510 Short term interest payable 295 275 Other accrued liabilities 931 655 Total accrued and other current liabilities $ 6,154 $ 4,166 Other Noncurrent Liabilities Other noncurrent liabilities consist of the following (in thousands): As of September 30, As of December 31, 2022 2021 Long term interest payable $ 1,111 $ 841 Noncurrent portion of lease liabilities 601 1,040 Other noncurrent liabilities 39 38 Total other noncurrent liabilities $ 1,751 $ 1,919 |
Debt
Debt | 9 Months Ended |
Sep. 30, 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. As of September 30, 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 September 30, 2022 and December 31, 2021, $ 5.0 million was available to be drawn under the 2020 Revolver, respectively. The 2020 Revolver had not been drawn upon as of September 30, 2022 and December 31, 2021. Long-term and short-term debt was as follows (in thousands): As of September 30, 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 ( 1,842 ) ( 2,344 ) Total amounts outstanding 33,158 32,656 Less: Current portion — — Total accrued and other current liabilities $ 33,158 $ 32,656 The repayment schedule relating to the Company’s debt as of September 30, 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 | 9 Months Ended |
Sep. 30, 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 11,000 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 $ 0.5 million for both the nine months ended September 30, 2022 and 2021, respectively. The Company’s rent expense was $ 0.2 million for both the three months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, the remaining lease term for the lease was 1.9 years. Operating lease expense and supplemental cash flow information related to operating leases for the three and nine months ended September 30, 2022 and 2021 were as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Operating lease expense $ 168 $ 175 $ 514 $ 528 Cash paid for operating leases 168 131 509 484 New operating lease assets obtained in exchange for - 1,514 - 1,537 Aggregate future minimum lease payments at September 30, 2022, under these noncancelable operating leases were as follows (in thousands): As of September 30, 2022 2022 (remainder) 177 2023 705 2024 462 Total future minimum lease payments $ 1,344 Less: imputed interest ( 165 ) Present value of future minimum lease payments $ 1,179 Less: current portion of operating lease liability ( 578 ) Operating lease liabilities – noncurrent $ 601 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 and 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. On August 1, 2022, the Company filed an amended complaint alleging that Alcon Inc., Alcon Vision, LLC and Alcon Research, LLC infringe the four originally asserted patents by making, using, selling, and offering for sale the Hydrus® Microstent, and that all defendants also infringe U.S. Patent No. 11,389,328. The defendants reasserted counterclaims requesting declaratory judgments that the Company’s asserted patents-in-suit are not infringed and/or invalid. A five-day jury trial is scheduled to commence on April 8, 2024. Ivantis and Alcon filed petitions with the U.S. Patent Office seeking inter partes review of U.S. Patent Nos. 8,287,482, 9,370,443, 9,486,361, and 10,314,742 (IPR2022-01529, IPR2022-01530, IPR2022-01533, IPR2022-01540). Around the end of March 2023, the U.S. Patent Office will determine whether to institute inter partes review proceedings. If any inter partes review is instituted, the U.S. Patent Office would make validity findings as to the affected patent(s) by the end of March 2024. The Company is presently unable to predict the outcome of this lawsuit or to reasonably estimate the potential financial impact of the lawsuit on the Company, if any. The Company is subject to claims and assessments from time to time in the ordinary course of business. Accruals for litigation and contingencies are reflected in the financial statements based on management’s assessment, including the advice of legal counsel, of the expected outcome of litigation or other dispute resolution proceedings, and/or the expected resolution of contingencies. Liabilities for estimated losses are accrued if the potential losses from any claims or legal proceedings are considered probable and the amounts can be reasonably estimated. Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount can be reasonably estimated. Accruals are based only on information available at the time of the assessment due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations in a given period. As of September 30, 2022 and December 31, 2021, the Company was not involved in any material legal proceedings except as described above. Indemnification In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but that have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company indemnifies each of its directors and officers for certain events or occurrences, subject to certain limits, while the director is or was serving at the Company’s request in such capacity, as permitted under Delaware law and in accordance with its certificate of incorporation and bylaws. The term of the indemnification period lasts as long as a director or officer may be subject to any proceeding arising out of acts or omissions of such director or officer in such capacity. The maximum amount of potential future indemnification is unlimited; however, the Company currently holds director and officer 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 immaterial. Accordingly, the Company has not recognized any liabilities relating to these obligations as of September 30, 2022 and December 31, 2021. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 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 September 30, 2022, no dividends have been declared to date. Each share of common stock is entitled to one vote. At September 30, 2022 and December 31, 2021, the Company had reserved common stock for future issuances as follows: September 30, December 31, 2022 2021 Common stock options issued and outstanding 5,028,066 4,996,945 Common stock available for future grant 6,431,924 5,321,687 Restricted stock units outstanding 700,873 53,250 Shares available for future purchase under ESPP 1,325,047 850,000 Total 13,485,910 11,221,882 Redeemable Convertible Preferred Stock There was no redeemable convertible preferred stock outstanding as of September 30, 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 September 30, 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 | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Note 8. Equity Incentive Plans 2011 Stock Option Plan and 2021 Incentive Award 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 initially reserved 5,200,000 shares of common stock for future issuance under the 2021 Plan. This initial reserve will be increased annually on the first day of each calendar year beginning on January 1, 2022 and ending on and including January 1, 2031. These annual increases shall be equal to the lesser of (i) 5% of the aggregate number of shares of Common Stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of Common Stock as determined by the Board, subject to certain limitations. 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 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 September 30, 2022 and December 31, 2021 there were 6,431,924 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 1,375,700 17.09 Forfeited/cancelled ( 763,040 ) 6.97 Exercised/released ( 581,539 ) 0.74 Balances as of September 30, 2022 5,028,066 $ 9.54 8.0 $ 8,138 Vested and exercisable as of September 30, 2022 2,188,978 $ 6.20 6.9 $ 6,437 Vested and expected to vest as of September 30, 2022 5,028,066 $ 9.54 8.0 $ 8,138 During the three and nine months ended September 30, 2022, the Company recorded stock-based compensation of $ 2.4 million and $ 7.5 million related to stock option awards, respectively. During the three and nine months ended September 30, 2021, the Company recorded stock-based compensation of $ 1.9 million and $ 3.0 million related to stock option awards, respectively. The weighted-average grant-date fair values of options granted during the nine months ended September 30, 2022 and 2021 was $ 9.58 and $ 10.56 per share, respectively. The aggregate intrinsic value of options exercised was $ 1.7 million and $ 4.6 million during the three and nine months ended September 30, 2022, respectively. The aggregate intrinsic value was calculated as the difference between the exercise prices of the underlying options and the estimated fair value of the common stock on the date of exercise. As of September 30, 2022, the unrecognized stock-based compensation of unvested opti ons was $ 25.3 million, which is expected to be recognized over a weighted-average period of 2.8 years. Determination of fair value The Company estimated the fair value of stock options using the Black-Scholes option-pricing model. The fair value of stock options is recognized on a straight-line basis over the requisite service periods of the awards. The fair value of stock options was estimated using the following weighted-average assumptions: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Expected term (in years) 5.91 – 6.06 5.90 – 6.07 5.38 – 6.94 5.00 – 6.08 Expected volatility 64.12 % – 64.61 % 60.33 % – 60.68 % 58.74 % – 64.61 % 56.75 % – 60.81 % Risk-free interest rate 3.25 % – 3.97 % 0.95 % – 1.16 % 1.34 % – 3.97 % 0.48 % – 1.16 % 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 767,323 15.39 Forfeited/cancelled ( 114,985 ) 17.62 Vested ( 4,715 ) 21.27 Outstanding, September 30, 2022 700,873 $ 15.54 During the three and nine months ended September 30, 2022, the Company recorded stock-based compensation of $ 0.7 million and $ 2.0 million related to the RSUs. During both the three and nine months ended September 30, 2021, the Company recorded stock-based compensation of $ 0.1 million related to the RSUs. As of September 30, 2022, there was $ 9.0 million of total unrecognized compensation cost related to the RSUs that is expected to be recognized over a weighted-average period of 3.1 years. Employee Stock Purchase Plan In July 2021, the Board of Directors and stockholders also adopted and approved the 2021 Employee Stock Purchase Plan (the “ESPP”). The Company initially reserved 850,000 shares of common stock for future issuance under the ESPP. During the second quarter of fiscal year 2022, the Company's first six month offering period began, with the first purchase of shares to occur during the fourth quarter of fiscal year 2022. As of September 30, 2022, the Company has collected withholdings of $ 0.6 million for purchase of shares under the ESPP. The Company recorded $ 0.1 million and $ 0.2 million of compensation expense for the three and nine months ended September 30, 2022, respectively. There was no compensation expense associated with the Company's ESPP for the three and nine months ended September 30, 2021. As of September 30, 2022, no shares of common stock had been purchased under the ESPP and there were 1,325,047 shares of common stock available for issuance under the ESPP. The fair value of shares to be issued under the Company's 2021 ESPP was estimated using the Black-Scholes valuation model with the following assumptions for the three and nine-months ended September 30, 2022: Three Months Ended Nine Months Ended 2022 Expected term (in years) 0.50 0.50 Expected volatility 76.50 % 76.50 % Risk-free interest rate 1.51 % 1.51 % Dividend yield – – Stock Based Compensation The following is a summary of stock-based compensation expense by function (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Cost of goods sold $ 39 $ 22 $ 117 $ 46 Research and development 259 169 1,012 307 Selling, general and administrative 2,925 1,708 8,600 2,754 Total stock-based compensation expense $ 3,223 $ 1,899 $ 9,729 $ 3,107 |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 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 Nine Months Ended 2022 2021 2022 2021 Numerator: Net loss attributable to common stockholders $ ( 22,229 ) $ ( 17,169 ) $ ( 69,335 ) $ ( 47,024 ) Denominator: Weighted-average shares of common stock 47,910,541 39,849,769 47,728,845 19,772,145 Net loss per share attributable to common $ ( 0.46 ) $ ( 0.43 ) $ ( 1.45 ) $ ( 2.38 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented because including them would have been antidilutive: September 30, 2022 2021 Options to purchase common stock 5,028,066 5,229,169 Restricted stock units 700,873 23,800 Total 5,728,939 5,252,969 |
Defined Contribution Plan
Defined Contribution Plan | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2022, the Company matched employee contributions in the amount of $ 0.1 million and $ 0.4 million, respectively. The Company did no t match employee contributions during the three and nine months ended September 30, 2021. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 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 ("OMNI") and SION TM Surgical Instrument ("SION") for use in minimally invasive glaucoma procedures. Dry Eye segment includes sales of the Company’s TearCare® System ("TearCare") and related components and accessories for use in the treatment of Dry Eye Disease. The following table summarizes select operating results information for each reportable segment (dollars in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Revenue Surgical Glaucoma $ 17,072 $ 12,446 $ 46,842 $ 32,573 Dry Eye 1,605 655 3,946 1,698 Total 18,677 13,101 50,788 34,271 Cost of goods sold Surgical Glaucoma 1,932 1,621 5,372 5,252 Dry Eye 996 441 3,324 1,416 Total 2,928 2,062 8,696 6,668 Gross profit Surgical Glaucoma 15,140 10,825 41,470 27,321 Dry Eye 609 214 622 282 Total 15,749 11,039 42,092 27,603 Operating expense 37,594 25,069 108,993 64,365 Loss from operations ( 21,845 ) ( 14,030 ) ( 66,901 ) ( 36,762 ) Interest expense ( 1,131 ) ( 1,122 ) ( 3,243 ) ( 3,288 ) Other income (expense), net 766 ( 2,001 ) 846 ( 6,884 ) Loss before income tax $ ( 22,210 ) $ ( 17,153 ) $ ( 69,298 ) $ ( 46,934 ) 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 a segment basis. Substantially all of the Company’s revenue is generated from sales in the United States, and none of its property and equipment is located outside the United States. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12. Subsequent Events The Company evaluated subsequent events through November 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) | 9 Months Ended |
Sep. 30, 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- and nine-months ended September 30, 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 expenses 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 and nine-month period ended September 30, 2022, there were no significant Accounting Standard Updates (ASU's) issued that were adopted. As of September 30, 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) | 9 Months Ended |
Sep. 30, 2022 | |
Summary of Held-to-maturity debt securities at amortized cost in the financial statements. | These securities are classified as held-to-maturity and all have been purchased with original maturities of 90 days or less. Held-to-maturity debt securities are recorded at amortized cost in the financial statements. September 30, 2022 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value U.S. treasury securities $ 174,435 $ 16 $ ( 18 ) $ 174,433 |
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 and nine months ended September 30, 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 Change in fair value 5,427 Balance – June 30, 2021 6,984 Change in fair value 1,989 Conversion of preferred stock warrants to common stock warrants upon the closing of the IPO ( 8,973 ) Balance – September 30, 2021 $ — |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, As of December 31, 2022 2021 Tools and equipment $ 2,154 $ 1,685 Computer equipment and software 91 100 Furniture and fixtures 246 254 Leasehold improvements 34 29 Construction in process 406 590 2,931 2,658 Less: Accumulated depreciation ( 1,363 ) ( 1,204 ) Property and equipment, net $ 1,568 $ 1,454 |
Summary of Accrued and Other Current Liabilities | Accrued and other current liabilities consist of the following (in thousands): As of September 30, As of December 31, 2022 2021 Accrued expenses $ 4,350 $ 2,726 Current portion of lease liabilities 578 510 Short term interest payable 295 275 Other accrued liabilities 931 655 Total accrued and other current liabilities $ 6,154 $ 4,166 |
Summary of Other Noncurrent Liabilities | Other noncurrent liabilities consist of the following (in thousands): As of September 30, As of December 31, 2022 2021 Long term interest payable $ 1,111 $ 841 Noncurrent portion of lease liabilities 601 1,040 Other noncurrent liabilities 39 38 Total other noncurrent liabilities $ 1,751 $ 1,919 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 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 ( 1,842 ) ( 2,344 ) Total amounts outstanding 33,158 32,656 Less: Current portion — — Total accrued and other current liabilities $ 33,158 $ 32,656 |
Repayment Schedule Relating to the Company's Debt | The repayment schedule relating to the Company’s debt as of September 30, 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) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2022 and 2021 were as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Operating lease expense $ 168 $ 175 $ 514 $ 528 Cash paid for operating leases 168 131 509 484 New operating lease assets obtained in exchange for - 1,514 - 1,537 |
Schedule of Aggregate Future Minimum Lease Payments | Aggregate future minimum lease payments at September 30, 2022, under these noncancelable operating leases were as follows (in thousands): As of September 30, 2022 2022 (remainder) 177 2023 705 2024 462 Total future minimum lease payments $ 1,344 Less: imputed interest ( 165 ) Present value of future minimum lease payments $ 1,179 Less: current portion of operating lease liability ( 578 ) Operating lease liabilities – noncurrent $ 601 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Reserved Common Stock for Future Issuances | At September 30, 2022 and December 31, 2021, the Company had reserved common stock for future issuances as follows: September 30, December 31, 2022 2021 Common stock options issued and outstanding 5,028,066 4,996,945 Common stock available for future grant 6,431,924 5,321,687 Restricted stock units outstanding 700,873 53,250 Shares available for future purchase under ESPP 1,325,047 850,000 Total 13,485,910 11,221,882 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Stock Option Activity | 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 1,375,700 17.09 Forfeited/cancelled ( 763,040 ) 6.97 Exercised/released ( 581,539 ) 0.74 Balances as of September 30, 2022 5,028,066 $ 9.54 8.0 $ 8,138 Vested and exercisable as of September 30, 2022 2,188,978 $ 6.20 6.9 $ 6,437 Vested and expected to vest as of September 30, 2022 5,028,066 $ 9.54 8.0 $ 8,138 |
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options | The fair value of stock options was estimated using the following weighted-average assumptions: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Expected term (in years) 5.91 – 6.06 5.90 – 6.07 5.38 – 6.94 5.00 – 6.08 Expected volatility 64.12 % – 64.61 % 60.33 % – 60.68 % 58.74 % – 64.61 % 56.75 % – 60.81 % Risk-free interest rate 3.25 % – 3.97 % 0.95 % – 1.16 % 1.34 % – 3.97 % 0.48 % – 1.16 % 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 767,323 15.39 Forfeited/cancelled ( 114,985 ) 17.62 Vested ( 4,715 ) 21.27 Outstanding, September 30, 2022 700,873 $ 15.54 |
Summary of Stock-Based Compensation Expense by Function | The following is a summary of stock-based compensation expense by function (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Cost of goods sold $ 39 $ 22 $ 117 $ 46 Research and development 259 169 1,012 307 Selling, general and administrative 2,925 1,708 8,600 2,754 Total stock-based compensation expense $ 3,223 $ 1,899 $ 9,729 $ 3,107 |
2021 Employee Stock Purchase Plan | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options | The fair value of shares to be issued under the Company's 2021 ESPP was estimated using the Black-Scholes valuation model with the following assumptions for the three and nine-months ended September 30, 2022: Three Months Ended Nine Months Ended 2022 Expected term (in years) 0.50 0.50 Expected volatility 76.50 % 76.50 % Risk-free interest rate 1.51 % 1.51 % Dividend yield – – |
Net Loss per Share Attributab_2
Net Loss per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended 2022 2021 2022 2021 Numerator: Net loss attributable to common stockholders $ ( 22,229 ) $ ( 17,169 ) $ ( 69,335 ) $ ( 47,024 ) Denominator: Weighted-average shares of common stock 47,910,541 39,849,769 47,728,845 19,772,145 Net loss per share attributable to common $ ( 0.46 ) $ ( 0.43 ) $ ( 1.45 ) $ ( 2.38 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented because including them would have been antidilutive: September 30, 2022 2021 Options to purchase common stock 5,028,066 5,229,169 Restricted stock units 700,873 23,800 Total 5,728,939 5,252,969 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 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 Nine Months Ended 2022 2021 2022 2021 Revenue Surgical Glaucoma $ 17,072 $ 12,446 $ 46,842 $ 32,573 Dry Eye 1,605 655 3,946 1,698 Total 18,677 13,101 50,788 34,271 Cost of goods sold Surgical Glaucoma 1,932 1,621 5,372 5,252 Dry Eye 996 441 3,324 1,416 Total 2,928 2,062 8,696 6,668 Gross profit Surgical Glaucoma 15,140 10,825 41,470 27,321 Dry Eye 609 214 622 282 Total 15,749 11,039 42,092 27,603 Operating expense 37,594 25,069 108,993 64,365 Loss from operations ( 21,845 ) ( 14,030 ) ( 66,901 ) ( 36,762 ) Interest expense ( 1,131 ) ( 1,122 ) ( 3,243 ) ( 3,288 ) Other income (expense), net 766 ( 2,001 ) 846 ( 6,884 ) Loss before income tax $ ( 22,210 ) $ ( 17,153 ) $ ( 69,298 ) $ ( 46,934 ) |
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 | 9 Months Ended | |||
Jul. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Proceeds from Issuance Initial Public Offering | $ 252,200 | $ 0 | $ 256,680 | |||
Conversion of redeemable convertible preferred stock | 25,534,404 | |||||
Accumulated deficit | $ 222,336 | 222,336 | $ 153,001 | |||
Net loss | $ 22,229 | $ 17,169 | $ 69,335 | $ 47,024 | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | |||
Preferred stock par value | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common Stock | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Conversion of redeemable convertible preferred stock | 25,534,404 | 25,534,404 | ||||
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) - Fair Value, Recurring - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Treasury bills | $ 174.4 | |
Fair Value, Inputs, Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt Instrument, Fair Value Amount | $ 33.2 | $ 32.7 |
Fair Value Measurements - Held-
Fair Value Measurements - Held-to-maturity debt securities at amortized cost (Details) - US Treasury Securities [Member] $ in Thousands | Sep. 30, 2022 USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Amortized Cost | $ 174,435 |
Unrealized Gains | 16 |
Unrealized Losses | 18 |
Aggregate Fair Value | $ 174,433 |
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 - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Beginning Balance | $ 6,984 | $ 1,557 | $ 2,112 |
Change in fair value | 1,989 | 5,427 | (555) |
Conversion of preferred stock warrants to common stock warrants upon the closing of the IPO | (8,973) | ||
Ending Balance | $ 0 | $ 6,984 | $ 1,557 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 2,931 | $ 2,658 |
Less: Accumulated depreciation | (1,363) | (1,204) |
Property and equipment, net | 1,568 | 1,454 |
Tools and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,154 | 1,685 |
Computer Equipment and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 91 | 100 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 246 | 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 | $ 406 | $ 590 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Depreciation | $ 200 | $ 200 | $ 557 | $ 457 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued expenses | $ 4,350 | $ 2,726 |
Current portion of lease liabilities | 578 | 510 |
Short term interest payable | 295 | 275 |
Other accrued liabilities | 931 | 655 |
Total accrued and other current liabilities | $ 6,154 | $ 4,166 |
Balance Sheet Components - Su_3
Balance Sheet Components - Summary of Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Long term interest payable | $ 1,111 | $ 841 |
Noncurrent portion of lease liabilities | 601 | 1,040 |
Other noncurrent liabilities | 39 | 38 |
Total other noncurrent liabilities | $ 1,751 | $ 1,919 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | Sep. 30, 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 | Sep. 30, 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 | (1,842) | (2,344) |
Total amounts outstanding | 33,158 | 32,656 |
Less: Current portion | 0 | 0 |
Total accrued and other current liabilities | 33,158 | 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 | Sep. 30, 2022 USD ($) |
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 | 3 Months Ended | 9 Months Ended | ||||
Feb. 05, 2021 USD ($) ft² | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||||||
Operating lease office space | ft² | 11,000 | |||||
Lease commencement date | Aug. 01, 2021 | |||||
Operating lease right-of-use assets | $ 1,500 | $ 1,121 | $ 1,121 | $ 1,495 | ||
Lease, borrowing rate | 13.59% | |||||
Operating leases, rent expense | $ 168 | $ 175 | $ 514 | $ 528 | ||
Total base rent under lease agreement | $ 1,600 | |||||
Operating lease term | 37 months | |||||
Remaining lease term | 1 year 10 months 24 days | 1 year 10 months 24 days |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Operating Lease Expense Recognized and Supplemental Cash Flow (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating lease expense | $ 168 | $ 175 | $ 514 | $ 528 |
Cash paid for operating leases | 168 | 131 | 509 | 484 |
New operating lease assets obtained in exchange for operating lease liabilities | $ 0 | $ 1,514 | $ 0 | $ 1,537 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Aggregate Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
2022 | $ 177 | |
2023 | 705 | |
2024 | 462 | |
Total future minimum lease payments | 1,344 | |
Less: imputed interest | (165) | |
Present value of future minimum lease payments | 1,179 | |
Less: current portion of operating lease liability | (578) | $ (510) |
Operating lease liabilities - noncurrent | $ 601 | $ 1,040 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Jul. 31, 2021 $ / shares shares | Sep. 30, 2022 USD ($) Vote $ / shares shares | Dec. 31, 2021 $ / shares shares | Aug. 31, 2021 shares | |
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 | 48,083,292 | 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 | Sep. 30, 2022 | Dec. 31, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 13,485,910 | 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 | 5,028,066 | 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 | 6,431,924 | 5,321,687 |
Restricted stock units outstanding | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 700,873 | 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 | 1,325,047 | 850,000 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 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 | $ 9.58 | $ 10.56 | ||||
Aggregate intrinsic value of options exercised | $ 1,700 | $ 4,600 | ||||
Unrecognized stock-based compensation of unvested options | $ 25,300 | $ 25,300 | ||||
Weighted-average period expected to recognize | 2 years 9 months 18 days | |||||
Dividend yield | 0% | |||||
Common stock reserved for future issuance | 13,485,910 | 13,485,910 | 11,221,882 | |||
Description of Transaction of Future issuance | These annual increases shall be equal to the lesser of (i) 5% of the aggregate number of shares of Common Stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of Common Stock as determined by the Board, subject to certain limitations. | |||||
Number of Shares, Granted | 1,375,700 | |||||
Stock based compensation | $ 2,400 | $ 1,900 | $ 7,500 | $ 3,000 | ||
Share of common stock purchased | 3,223 | 1,899 | 9,729 | 3,107 | ||
Restricted Stock Units RSU | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unrecognized stock-based compensation of unvested options | 9,000 | $ 9,000 | ||||
Weighted-average period expected to recognize | 3 years 1 month 6 days | |||||
Stock based compensation | $ 700 | 100 | $ 2,000 | 100 | ||
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 | 6,431,924 | 6,431,924 | ||||
Common stock reserved for future issuance | 5,200,000 | 5,200,000 | ||||
2021 Employee Stock Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Collected withholdings under plan | $ 600 | |||||
Common stock reserved for future issuance | 1,325,047 | 1,325,047 | 850,000 | |||
Stock based compensation | $ 100 | $ 0 | $ 200 | $ 0 | ||
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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 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 | 1,375,700 | |
Forfeited/cancelled | (763,040) | |
Number of Shares, Exercised/released | (581,539) | |
Number of Shares | 5,028,066 | 4,996,945 |
Number of Shares Vested and exercisable as of March 31, 2022 | 2,188,978 | |
Number of Shares, Vested and expected to vest as of March 31, 2022 | 5,028,066 | |
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 | 17.09 | |
Weighted-Average Exercise Price, Forfeited/cancelled | 6.97 | |
Weighted-Average Exercise Price, Exercised/released | 0.74 | |
Weighted-Average Exercise Price | 9.54 | $ 6.05 |
Vested and exercisable as of September 30, 2022 | 6.20 | |
Vested and expected to vest as of September 30, 2022 | $ 9.54 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ||
Weighted Average Remaining Contractual Term | 8 years | 7 years 7 months 6 days |
Weighted average contractual term, vested and exercisable | 6 years 10 months 24 days | |
Weighted average contractual term, vested and expected | 8 years | |
Average Intrinsic Value | $ 8,138 | $ 58,420 |
Average Intrinsic Value, Vested and exercisable as of March 31, 2022 | 6,437 | |
Average Intrinsic Value, Vested and expected as of March 31, 2022 | $ 8,138 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Stock Based Compensation Fair Value Assumptions (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Dividend yield | 0% | |||
2021 Employee Stock Purchase Plan | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 months | 6 months | ||
Expected volatility | 76.50% | 76.50% | ||
Risk-free interest rate | 1.51% | 1.51% | ||
Maximum | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 21 days | 6 years 25 days | 6 years 11 months 8 days | 6 years 29 days |
Expected volatility | 64.61% | 60.68% | 64.61% | 60.81% |
Risk-free interest rate | 3.97% | 1.16% | 3.97% | 1.16% |
Minimum | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Expected term (in years) | 5 years 10 months 28 days | 5 years 10 months 24 days | 5 years 4 months 17 days | 5 years |
Expected volatility | 64.12% | 60.33% | 58.74% | 56.75% |
Risk-free interest rate | 3.25% | 0.95% | 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 3,223 | $ 1,899 | $ 9,729 | $ 3,107 |
Cost of Goods Sold | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 39 | 22 | 117 | 46 |
Research and Development Expenses | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 259 | 169 | 1,012 | 307 |
Selling, General and Administrative Expenses | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 2,925 | $ 1,708 | $ 8,600 | $ 2,754 |
Equity Incentive Plans - summ_4
Equity Incentive Plans - summarizes restricted share award activity under the 2021 Plan (Details) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Forfeited/cancelled | (763,040) |
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 | 767,323 |
Forfeited/cancelled | (114,985) |
Vested | 4,715 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 700,873 |
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 | 15.39 |
Weighted-Average Exercise Price, Forfeited/cancelled | $ / shares | 17.62 |
Weighted average, Vested | $ / shares | 21.27 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 15.54 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator: | ||||
Net loss attributable to common stockholders | $ (22,229) | $ (17,169) | $ (69,335) | $ (47,024) |
Denominator: | ||||
Weighted-average shares of common stock outstanding-basic | 47,910,541 | 39,849,769 | 47,728,845 | 19,772,145 |
Weighted-average shares of common stock outstanding-diluted | 47,910,541 | 39,849,769 | 47,728,845 | 19,772,145 |
Net loss per share attributable to common stockholders-basic | $ (0.46) | $ (0.43) | $ (1.45) | $ (2.38) |
Net loss per share attributable to common stockholders-diluted | $ (0.46) | $ (0.43) | $ (1.45) | $ (2.38) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Redeemable convertible preferred stock | 5,728,939 | 5,252,969 |
Options to Purchase Common Stock | ||
Redeemable convertible preferred stock | 5,028,066 | 5,229,169 |
Restricted Stock Units | ||
Redeemable convertible preferred stock | 700,873 | 23,800 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Postemployment Benefits [Abstract] | ||||
Defined contribution plan, maximum annual contributions per employee | 100% | |||
Defined contribution plan, maximum annual contributions per employee amount | $ 100 | $ 0 | $ 400 | $ 0 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 2 |
Segment Information - Summary o
Segment Information - Summary of Operating Result Information for Each Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue | ||||
Revenue | $ 18,677 | $ 13,101 | $ 50,788 | $ 34,271 |
Cost of goods sold | ||||
Cost of goods sold | 2,928 | 2,062 | 8,696 | 6,668 |
Gross profit | ||||
Gross profit | 15,749 | 11,039 | 42,092 | 27,603 |
Operating expense | 37,594 | 25,069 | 108,993 | 64,365 |
Loss from operations | (21,845) | (14,030) | (66,901) | (36,762) |
Interest expense | (1,131) | (1,122) | (3,243) | (3,288) |
Other (expense) income, net | 766 | (2,001) | 846 | (6,884) |
Loss before income tax | (22,210) | (17,153) | (69,298) | (46,934) |
Surgical Glaucoma | ||||
Revenue | ||||
Revenue | 17,072 | 12,446 | 46,842 | 32,573 |
Cost of goods sold | ||||
Cost of goods sold | 1,932 | 1,621 | 5,372 | 5,252 |
Gross profit | ||||
Gross profit | 15,140 | 10,825 | 41,470 | 27,321 |
Dry Eye | ||||
Revenue | ||||
Revenue | 1,605 | 655 | 3,946 | 1,698 |
Cost of goods sold | ||||
Cost of goods sold | 996 | 441 | 3,324 | 1,416 |
Gross profit | ||||
Gross profit | $ 609 | $ 214 | $ 622 | $ 282 |