Sight Sciences (SGHT) 10-Q 8 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 04, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Registrant Name	SIGHT SCIENCES, INC.
Entity Central Index Key	0001531177
Entity File Number	001-40587
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0625749
Entity Address, Address Line One	4040 Campbell Ave
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Menlo Park
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94025
City Area Code	877
Local Phone Number	266-1144
Title of 12(b) Security	Common Stock, par value $0.001
Trading Symbol	SGHT
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,460,154

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 167,335	$ 185,000
Accounts receivable, net	16,357	15,148
Inventory, net	7,138	6,114
Prepaid expenses and other current assets	2,822	3,415
Total current assets	193,652	209,677
Property and equipment, net	1,393	1,571
Operating lease right-of-use assets	1,372	1,614
Other noncurrent assets	224	211
Total assets	196,641	213,073
Current liabilities:
Accounts payable	3,501	2,688
Accrued compensation	4,958	7,352
Accrued and other current liabilities	6,686	7,777
Total current liabilities	15,145	17,817
Long-term debt	33,457	33,313
Other noncurrent liabilities	1,663	1,867
Total liabilities	50,265	52,997
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, 2023 and December 31, 2022, respectively	0	0
Common stock par value of $0.001 per share; 200,000,000 shares authorized as of March 31, 2023 and December 31, 2022, respectively; 48,450,378 and 48,298,138 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	48	48
Additional paid-in-capital	402,638	399,271
Accumulated deficit	(256,310)	(239,243)
Total stockholders' equity	146,376	160,076
Total liabilities and stockholders' equity	$ 196,641	$ 213,073

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts receivable, net of allowances	$ 774	$ 1,024
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	48,450,378	48,298,138
Common stock, shares outstanding	48,450,378	48,298,138

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 18,824	$ 14,881
Cost of goods sold	3,048	3,033
Gross profit	15,776	11,848
Operating expenses:
Research and development	4,669	5,646
Selling, general and administrative	28,675	28,395
Total operating expenses	33,344	34,041
Loss from operations	(17,568)	(22,193)
Interest expense	(1,276)	(1,046)
Other (expense) income, net	1,791	(15)
Loss before income taxes	(17,053)	(23,254)
Provision for income taxes	14	9
Net loss and comprehensive loss	$ (17,067)	$ (23,263)
Net loss per share attributable to common stockholders-basic	$ (0.35)	$ (0.49)
Net loss per share attributable to common stockholders-diluted	$ (0.35)	$ (0.49)
Weighted-average shares of common stock outstanding-basic	48,405,271	47,569,499
Weighted-average shares of common stock outstanding-diluted	48,405,271	47,569,499

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2021	$ 232,107	$ 48	$ 385,060	$ (153,001)
Beginning Balance, shares at Dec. 31, 2021		47,504,704
Issuance of common stock upon exercise of stock options, Shares		85,644
Issuance of common stock upon exercise of stock options	93		93
Stock-based compensation expense	2,974		2,974
Net loss	(23,263)			(23,263)
Ending Balance at Mar. 31, 2022	211,911	$ 48	388,127	(176,264)
Ending Balance, shares at Mar. 31, 2022		47,590,348
Beginning Balance at Dec. 31, 2022	$ 160,076	$ 48	399,271	(239,243)
Beginning Balance, shares at Dec. 31, 2022		48,298,138
Exercise of stock options, Shares	47,736
Issuance of common stock upon exercise of stock options, Shares		46,208
Issuance of common stock upon exercise of stock options	$ 49		49
Issuance of common stock upon vesting of restricted stock units, shares		106,032
Withholding taxes on net share settlement of restricted stock units	(205)		(205)
Stock-based compensation expense	3,523		3,523
Net loss	(17,067)			(17,067)
Ending Balance at Mar. 31, 2023	$ 146,376	$ 48	$ 402,638	$ (256,310)
Ending Balance, shares at Mar. 31, 2023		48,450,378

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (17,067)	$ (23,263)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	146	179
Accretion of debt discount and amortization of debt issuance costs	144	161
Stock-based compensation expense	3,523	2,974
Provision for doubtful accounts receivable	(250)	(60)
Provision for excess and obsolete inventories	12	8
Noncash operating lease expense	242	121
Loss on disposal of property and equipment	66	46
Changes in operating assets and liabilities:
Accounts receivable	(959)	(1,180)
Inventory	(1,036)	(615)
Prepaid expenses and other current assets	593	1,472
Other noncurrent assets	(13)	10
Accounts payable	878	(248)
Accrued compensation	(2,394)	(2,129)
Accrued and other current liabilities	(1,345)	472
Other noncurrent liabilities	77	86
Net cash used in operating activities	(17,383)	(21,966)
Cash flows from investing activities
Purchases of property and equipment	(126)	(227)
Net cash used in investing activities	(126)	(227)
Cash flows from financing activities
Proceeds from exercise of common stock options	49	92
Taxes paid on the net share settlement of restricted stock units	(205)	0
Net cash provided by (used in) financing activities	(156)	92
Net change in cash and cash equivalents	(17,665)	(22,101)
Cash and cash equivalents at beginning of period	185,000	260,687
Cash and cash equivalents at end of period	167,335	238,586
Supplemental disclosure of cash flow information
Cash paid for interest	1,002	766
Supplemental noncash disclosure
Acquisition of property and equipment included in accounts payable and accrued liabilities	$ 10	$ 418

Company and Nature of Business

Company and Nature of Business	3 Months Ended
	Mar. 31, 2023
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. Significant Risks and Uncertainties Since inception, the Company has incurred losses and negative cash flows from operations. As of March 31, 2023, the Company had an accumulated deficit of $ 256.3 million and recorded a net loss of $ 17.1 million for the three months then ended and expects to incur additional losses in the future. 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, scale back its business and operations, or change its business strategy. 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 increased revenues, achieve improved 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies There have been no significant changes in the Company's significant accounting policies during the three months ended March 31, 2023, as compared with those disclosed in the 2022 Form 10-K for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission (SEC) on March 16, 2023. 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 sheets as of December 31, 2022 has been derived from the audited financial statements at that date. These interim condensed 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, 2022, which are contained in the Company's 2022 Form 10-K filed with the SEC on March 16, 2023. The Company's results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 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 the provision for doubtful accounts, inventory excess and obsolescence, the selection of useful lives of property and equipment, determination of the fair value of stock option grants, 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 Accounting Standards Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. The guidance was effective for the Company beginning in the first quarter of 2023. The amendments in ASU 2016-13 were adopted with no material impact on the Company's consolidated financial statements. Accounting Standards Net Yet Adopted As of March 31, 2023, there are no significant ASU's issued and not yet adopted, that are expected to have a material impact on the Company's financial statements and related disclosures.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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 $ 157.3 million of treasury bills as of March 31, 2023. 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. March 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value U.S. treasury securities $ 157,297 $ 58 $ — $ 157,355 The Company measures the fair value of outstanding debt for disclosure purposes on a recurring basis. As of March 31, 2023 and December 31, 2022, total debt of $ 33.5 million and $ 33.3 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 financial statements as of March 31, 2023 and December 31, 2022, do not include any assets or liabilities that are measured at fair value on a nonrecurring basis.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	Note 4. Balance Sheet Components Property and Equipment, Net Property and equipment, net consist of the following (in thousands): As of March 31, As of December 31, 2023 2022 Tools and equipment $ 2,085 $ 2,173 Computer equipment and software 37 37 Furniture and fixtures 183 282 Leasehold improvements 38 38 Construction in process 429 475 2,772 3,005 Less: Accumulated depreciation ( 1,379 ) ( 1,434 ) Property and equipment, net $ 1,393 $ 1,571 Depreciation expense was $ 0.1 million and $ 0.2 million for the three months ended March 31, 2023 and 2022, respectively. Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following (in thousands): As of March 31, As of December 31, 2023 2022 Accrued expenses $ 4,361 $ 5,307 Current portion of lease liabilities 1,069 1,033 Short term interest payable 364 348 Other accrued liabilities 892 1,087 Total accrued and other current liabilities $ 6,686 $ 7,775 Other Noncurrent Liabilities Other noncurrent liabilities consist of the following (in thousands): As of March 31, As of December 31, 2023 2022 Long term interest payable $ 1,272 $ 1,194 Noncurrent portion of lease liabilities 353 635 Other noncurrent liabilities 38 38 Total other noncurrent liabilities $ 1,663 $ 1,867

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Note 5. Debt The Company currently has two credit and security agreements with MidCap Financial Services (the "Lender"), which provide for a maximum $ 40.0 million credit facility, consisting of a $ 35.0 million senior secured term loan (the "Term Loan") and a $ 5.0 million revolving loan (the "Revolver" and collectively with the Term Loan, the “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 March 31, 2023, the Company was in compliance with all financial and non-financial covenants. The MidCap Credit Facility agreements each contain events of default that include, among others, non-payment of principal, interest or fees, breach of covenants, inaccuracy of representations and warranties, cross-defaults and bankruptcy and insolvency events. As of March 31, 2023 and December 31, 2022, $ 5.0 million was available to be drawn under the Revolver, respectively. The Revolver had not been drawn upon as of March 31, 2023 and December 31, 2022. Long-term and short-term debt was as follows (in thousands): As of March 31, As of December 31, 2023 2022 Term Loan $ 35,000 $ 35,000 Total principal payments due 35,000 35,000 Less: debt discount related to warrant liability and issuance costs ( 1,543 ) ( 1,687 ) Total amounts outstanding 33,457 33,313 Less: Current portion — — Total accrued and other current liabilities $ 33,457 $ 33,313 The repayment schedule relating to the Company’s debt as of March 31, 2023, is as follows (in thousands): Amount 2023 (remainder) — 2024 2,917 2025 32,083 Thereafter — Total repayments $ 35,000

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6. Commitments and Contingencies Operating Lease Obligations The Company’s leases 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. In determining the lease term, the Company includes all renewal options that are reasonably probable to be executed. During the first quarter of 2021, the Company renewed its lease on its corporate headquarters in Menlo Park, California. The lease commenced in early August 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. During the fourth quarter of 2022, the Company entered into a supply agreement that is expected to last approximately 18 months. The supply agreement contained provisions that, when evaluated, indicated an embedded lease was present within the agreement. The agreement commenced in early December 2022 and the Company recorded an aggregate ROU asset and lease liability of $ 0.7 million. The ROU asset and corresponding lease liability were estimated using a weighted-average incremental borrowing rate of 10.75 %. Total base rent under the agreement is approximately $ 0.7 million. The Company recognizes rent expense on a straight-line basis over the noncancelable lease term. The Company’s rent expense was $ 0.3 million and $ 0.2 million for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, the weighted average remaining lease term for the leases was 1.3 years. Operating lease expense and supplemental cash flow information related to operating leases for the three months ended March 31, 2023 and 2022 were as follows (in thousands): Three Months Ended 2023 2022 Operating lease expense $ 293 $ 173 Cash paid for operating leases 297 170 Aggregate future minimum lease payments at March 31, 2023, under these noncancelable operating leases were as follows (in thousands): As of March 31, 2023 2023 (remainder) 887 2024 662 Total future minimum lease payments $ 1,549 Less: imputed interest ( 127 ) Present value of future minimum lease payments $ 1,422 Less: current portion of operating lease liability ( 1,069 ) Operating lease liabilities – noncurrent $ 353 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. ("Ivantis") 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 (collectively, "Alcon") 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), each of which the U.S. Patent Office denied for raising prior art reference and invalidity arguments that were cumulative of those previously considered by the Office. The Company is presently unable to predict the outcome of this lawsuit or to reasonably estimate the potential financial impact of the lawsuit on the Company, if any. The Company is subject to claims and assessments from time to time in the ordinary course of business. Accruals for litigation and contingencies are reflected in the financial statements based on management’s assessment, including the advice of legal counsel, of the expected outcome of litigation or other dispute resolution proceedings, and/or the expected resolution of contingencies. Liabilities for estimated losses are accrued if the potential losses from any claims or legal proceedings are considered probable and the amounts can be reasonably estimated. Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount can be reasonably estimated. Accruals are based only on information available at the time of the assessment due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations in a given period. As of March 31, 2023 the Company does not believe it was a party to any legal proceedings or claims which, if determined adversely, would, individually or taken together, have a material adverse effect on its business, financial condition, operating results, liquidity or future prospects. However, regardless of the merits of the claims raised or the outcome, legal proceedings and claims may have an adverse impact on the Company as a result of defense and settlement costs, diversion of management time and resources, and other factors. 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 (each an "Indemnitee") 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 an indemnitee may be subject to any proceeding arising out of acts or omissions of such indemnitee 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 minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations as of March 31, 2023 or December 31, 2022.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	Note 7. Stockholders' Equity Common Stock In connection with the IPO, 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 are entitled to receive dividends whenever funds are legally available, when and if declared by the board of directors. As of March 31, 2023, no dividends have been declared to date. Each share of common stock is entitled to one vote. At March 31, 2023 and December 31, 2022, the Company had reserved common stock for future issuances as follows: March 31, December 31, 2023 2022 Common stock options issued and outstanding 5,095,956 4,819,906 Common stock available for future grant 7,258,472 6,099,584 Restricted stock units outstanding 1,840,324 1,014,123 Shares available for future purchase under ESPP 1,709,104 1,226,123 Total 15,903,856 13,159,736

Equity Incentive Plans

Equity Incentive Plans	3 Months Ended
	Mar. 31, 2023
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 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 typically be granted for periods of up to 10 years. For 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 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 a stock option granted to a 10% stockholder shall not be less than 110% of the grant date fair value of the shares. Options granted to new hires generally vest over a four-year period, with 25% of the shares vesting on the first anniversary of the grant date and the remaining shares vesting in 36 equal monthly installments thereafter; options granted as merit awards generally vest in 48 equal monthly installments following the grant date. The Company initially reserved 5,200,000 shares of common stock for future issuance under the 2021 Plan. Pursuant to the evergreen provision in the 2021 Plan, this initial reserve was increased by 2,414,907 and 2,375,235 shares on January 1, 2023 and 2022, respectively. These a nnual increases under the evergreen provision are 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 2011 Plan was superseded by the 2021 Plan at the time of the IPO and no further grants have been 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. At March 31, 2023 and December 31, 2022 there were 7,258,472 and 6,099,584 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 during the periods presented: Number of Weighted-Average Exercise Price Weighted-Average Average Intrinsic Value Balances as of December 31, 2022 4,819,906 $ 9.67 7.7 $ 19,463 Grants 633,700 9.78 Forfeited/cancelled ( 309,914 ) 12.71 Exercised/released ( 47,736 ) 1.07 Balances as of March 31, 2023 5,095,956 $ 9.60 7.5 $ 10,891 Vested and exercisable as of March 31, 2023 2,508,970 $ 7.32 6.2 $ 9,076 Vested and expected to vest as of March 31, 2023 5,095,956 $ 9.60 7.5 $ 10,891 During the three months ended March 31, 2023 and 2022, the Company recorded stock-based compensation expense of $ 2.2 million and $ 2.5 million related to stock option awards, respectively. The weighted-average grant-date fair values of options granted during the three months ended March 31, 2023 and 2022 was $ 6.91 and $ 9.76 per share, respectively. The aggregate intrinsic value of options exercised was $ 0.6 million during the three months ended March 31, 2023. The aggregate intrinsic value was calculated as the difference between the exercise prices of the underlying options and the estimated fair value of the common stock on the date of exercise. As of March 31, 2023, the unrecognized stock-based compensation expense relating to unvested opti ons was $ 22.0 million, which is expected to be recognized over a weighted-average period of 2.4 years. Determination of Fair Value The Company estimated the grant date 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 2023 2022 Expected term (in years) 5.60 – 6.02 5.38 – 6.94 Expected volatility 79.73 % 58.75 % – 60.12 % Risk-free interest rate 3.66 % – 3.67 % 1.34 % – 2.40 % 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 tradeable 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, 2022 1,014,123 $ 14.25 Grants 984,600 9.78 Forfeited/cancelled ( 52,367 ) 15.47 Vested ( 106,032 ) 17.07 Outstanding, March 31, 2023 1,840,324 $ 11.66 During three months ended March 31, 2023 and 2022, the Company recorded stock-based compensation expense of $ 1.1 million and $ 0.5 million related to the RSUs. As of March 31, 2023, there was $ 19.7 million of total unrecognized stock-based compensation expense relating to the RSUs that is expected to be recognized over a weighted-average period of 3.4 years. Employee Stock Purchase Plan I n July 2021, the board of directors and stockholders 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. Pursuant to the evergreen provision under the ESPP, t his initial reserve was increased by 482,981 and 475,047 shares on January 1, 2023 and 2022, respectively. These annual increases pursuant to the evergreen provision are equal to the lesser of (i) 1% 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 first six-month offering period under the ESPP began during the second quarter of 2022. The Company has two offering periods annually, running for six-months, with the first offering period beginning in the second quarter, and the second offering period beginning in the fourth quarter. The purchase of shares for participants in the ESPP occurs at the conclusion of each offering period. As of March 31, 2023, the Company has collected payroll withholdings of $ 0.5 million in the current offering period for the purchase of shares under the ESPP. The Company recorded $ 0.2 million of stock-based compensation expense associated with the ESPP for the quarter ended March 31, 2023. There was no stock-based compensation expense associated with the ESPP for the three months ended March 31, 2022. As of March 31, 2023, there were 1,709,104 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 months ended March 31, 2023: Three Months Ended 2023 Expected term (in years) 0.48 Expected volatility 97.38 % Risk-free interest rate 4.62 % Dividend yield – Stock Based Compensation The following is a summary of stock-based compensation expense by function (in thousands): Three Months Ended 2023 2022 Cost of goods sold $ 59 $ 36 Research and development 529 343 Selling, general and administrative 2,935 2,595 Total stock-based compensation expense $ 3,523 $ 2,974

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	Note 9. Net Loss per Share Attributable to Common Stockholders Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period. As the Company reported a net loss for the three months ended March 31, 2023 and 2022, respectively, basic net loss per share is the same as diluted net loss per share for each of the reported periods. 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 2023 2022 Numerator: Net loss attributable to common stockholders $ ( 17,067 ) $ ( 23,263 ) Denominator: Weighted-average shares of common stock 48,405,271 47,569,499 Net loss per share attributable to common $ ( 0.35 ) $ ( 0.49 ) The following 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 as a result of the net loss position: March 31, 2023 2022 Stock option awards 5,095,956 5,944,899 Restricted stock units 1,840,324 656,573 Total 6,936,280 6,601,472

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segment Information	Note 10. Segment Information The Company has two reportable operating segments which are determined on the basis of the 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 (in thousands): Three Months Ended 2023 2022 Revenue Surgical Glaucoma $ 17,334 $ 13,870 Dry Eye 1,490 1,011 Total 18,824 14,881 Cost of goods sold Surgical Glaucoma 2,362 1,491 Dry Eye 686 1,542 Total 3,048 3,033 Gross profit Surgical Glaucoma 14,972 12,379 Dry Eye 804 ( 531 ) Total 15,776 11,848 Operating expense 33,344 34,041 Loss from operations ( 17,568 ) ( 22,193 ) Interest expense ( 1,276 ) ( 1,046 ) Other income (expense), net 1,791 ( 15 ) Loss before income tax $ ( 17,053 ) $ ( 23,254 ) The Company does not allocate any components of 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 that information is not reviewed by the CODM on a segment basis. Substantially all of the Company’s revenue is generated from sales in the United States.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 11. Subsequent Events The Company evaluated subsequent events through May 8, 2023, the date on which the condensed consolidated financial statements were available for issuance.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
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 sheets as of December 31, 2022 has been derived from the audited financial statements at that date. These interim condensed 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, 2022, which are contained in the Company's 2022 Form 10-K filed with the SEC on March 16, 2023. The Company's results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 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 the provision for doubtful accounts, inventory excess and obsolescence, the selection of useful lives of property and equipment, determination of the fair value of stock option grants, 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 Accounting Standards Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. The guidance was effective for the Company beginning in the first quarter of 2023. The amendments in ASU 2016-13 were adopted with no material impact on the Company's consolidated financial statements. Accounting Standards Net Yet Adopted As of March 31, 2023, there are no significant ASU's issued and not yet adopted, that are expected to have a material impact on the Company's financial statements and related disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
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. March 31, 2023 Amortized Cost Unrealized Gains Unrealized Losses Aggregate Fair Value U.S. treasury securities $ 157,297 $ 58 $ — $ 157,355

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Property and Equipment, Net	Property and equipment, net consist of the following (in thousands): As of March 31, As of December 31, 2023 2022 Tools and equipment $ 2,085 $ 2,173 Computer equipment and software 37 37 Furniture and fixtures 183 282 Leasehold improvements 38 38 Construction in process 429 475 2,772 3,005 Less: Accumulated depreciation ( 1,379 ) ( 1,434 ) Property and equipment, net $ 1,393 $ 1,571
Summary of Accrued and Other Current Liabilities	Accrued and other current liabilities consist of the following (in thousands): As of March 31, As of December 31, 2023 2022 Accrued expenses $ 4,361 $ 5,307 Current portion of lease liabilities 1,069 1,033 Short term interest payable 364 348 Other accrued liabilities 892 1,087 Total accrued and other current liabilities $ 6,686 $ 7,775
Summary of Other Noncurrent Liabilities	Other noncurrent liabilities consist of the following (in thousands): As of March 31, As of December 31, 2023 2022 Long term interest payable $ 1,272 $ 1,194 Noncurrent portion of lease liabilities 353 635 Other noncurrent liabilities 38 38 Total other noncurrent liabilities $ 1,663 $ 1,867

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term and Short-term Debt	Long-term and short-term debt was as follows (in thousands): As of March 31, As of December 31, 2023 2022 Term Loan $ 35,000 $ 35,000 Total principal payments due 35,000 35,000 Less: debt discount related to warrant liability and issuance costs ( 1,543 ) ( 1,687 ) Total amounts outstanding 33,457 33,313 Less: Current portion — — Total accrued and other current liabilities $ 33,457 $ 33,313
Repayment Schedule Relating to the Company's Debt	The repayment schedule relating to the Company’s debt as of March 31, 2023, is as follows (in thousands): Amount 2023 (remainder) — 2024 2,917 2025 32,083 Thereafter — Total repayments $ 35,000

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Expense Recognized and Supplemental Cash Flow	Operating lease expense and supplemental cash flow information related to operating leases for the three months ended March 31, 2023 and 2022 were as follows (in thousands): Three Months Ended 2023 2022 Operating lease expense $ 293 $ 173 Cash paid for operating leases 297 170
Schedule of Aggregate Future Minimum Lease Payments	Aggregate future minimum lease payments at March 31, 2023, under these noncancelable operating leases were as follows (in thousands): As of March 31, 2023 2023 (remainder) 887 2024 662 Total future minimum lease payments $ 1,549 Less: imputed interest ( 127 ) Present value of future minimum lease payments $ 1,422 Less: current portion of operating lease liability ( 1,069 ) Operating lease liabilities – noncurrent $ 353

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Reserved Common Stock for Future Issuances	At March 31, 2023 and December 31, 2022, the Company had reserved common stock for future issuances as follows: March 31, December 31, 2023 2022 Common stock options issued and outstanding 5,095,956 4,819,906 Common stock available for future grant 7,258,472 6,099,584 Restricted stock units outstanding 1,840,324 1,014,123 Shares available for future purchase under ESPP 1,709,104 1,226,123 Total 15,903,856 13,159,736

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	3 Months Ended
	Mar. 31, 2023
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 during the periods presented: Number of Weighted-Average Exercise Price Weighted-Average Average Intrinsic Value Balances as of December 31, 2022 4,819,906 $ 9.67 7.7 $ 19,463 Grants 633,700 9.78 Forfeited/cancelled ( 309,914 ) 12.71 Exercised/released ( 47,736 ) 1.07 Balances as of March 31, 2023 5,095,956 $ 9.60 7.5 $ 10,891 Vested and exercisable as of March 31, 2023 2,508,970 $ 7.32 6.2 $ 9,076 Vested and expected to vest as of March 31, 2023 5,095,956 $ 9.60 7.5 $ 10,891
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 2023 2022 Expected term (in years) 5.60 – 6.02 5.38 – 6.94 Expected volatility 79.73 % 58.75 % – 60.12 % Risk-free interest rate 3.66 % – 3.67 % 1.34 % – 2.40 % 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, 2022 1,014,123 $ 14.25 Grants 984,600 9.78 Forfeited/cancelled ( 52,367 ) 15.47 Vested ( 106,032 ) 17.07 Outstanding, March 31, 2023 1,840,324 $ 11.66
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 2023 2022 Cost of goods sold $ 59 $ 36 Research and development 529 343 Selling, general and administrative 2,935 2,595 Total stock-based compensation expense $ 3,523 $ 2,974
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 months ended March 31, 2023: Three Months Ended 2023 Expected term (in years) 0.48 Expected volatility 97.38 % Risk-free interest rate 4.62 % Dividend yield –

Net Loss per Share Attributab_2

Net Loss per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2023
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 2023 2022 Numerator: Net loss attributable to common stockholders $ ( 17,067 ) $ ( 23,263 ) Denominator: Weighted-average shares of common stock 48,405,271 47,569,499 Net loss per share attributable to common $ ( 0.35 ) $ ( 0.49 )
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following 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 as a result of the net loss position: March 31, 2023 2022 Stock option awards 5,095,956 5,944,899 Restricted stock units 1,840,324 656,573 Total 6,936,280 6,601,472

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following table summarizes select operating results information for each reportable segment (in thousands): Three Months Ended 2023 2022 Revenue Surgical Glaucoma $ 17,334 $ 13,870 Dry Eye 1,490 1,011 Total 18,824 14,881 Cost of goods sold Surgical Glaucoma 2,362 1,491 Dry Eye 686 1,542 Total 3,048 3,033 Gross profit Surgical Glaucoma 14,972 12,379 Dry Eye 804 ( 531 ) Total 15,776 11,848 Operating expense 33,344 34,041 Loss from operations ( 17,568 ) ( 22,193 ) Interest expense ( 1,276 ) ( 1,046 ) Other income (expense), net 1,791 ( 15 ) Loss before income tax $ ( 17,053 ) $ ( 23,254 )

Company and Nature of Business

Company and Nature of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Accumulated deficit	$ (256,310)		$ (239,243)
Net loss	$ (17,067)	$ (23,263)
Common stock, shares authorized	200,000,000		200,000,000
Common stock, par value	$ 0.001		$ 0.001
Preferred stock, shares authorized	10,000,000		10,000,000
Preferred stock par value	$ 0.001		$ 0.001
IPO
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
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

Fair value Measurement - Additi

Fair value Measurement - Additional Information (Details) - Fair Value, Recurring - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Treasury bills	$ 157.3
Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Amount	$ 33.5	$ 33.3

Fair Value Measurements - Held-

Fair Value Measurements - Held-to-maturity debt securities at amortized cost (Details) - US Treasury Securities [Member] $ in Thousands	Mar. 31, 2023 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Amortized Cost	$ 157,297
Unrealized Gains	58
Unrealized Losses	0
Aggregate Fair Value	$ 157,355

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 2,772	$ 3,005
Less: Accumulated depreciation	(1,379)	(1,434)
Property and equipment, net	1,393	1,571
Tools and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,085	2,173
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	37	37
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	183	282
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	38	38
Construction In Process
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 429	$ 475

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 146	$ 179

Balance Sheet Components - Su_2

Balance Sheet Components - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 4,361	$ 5,307
Current portion of lease liabilities	1,069	1,033
Short term interest payable	364	348
Other accrued liabilities	892	1,087
Total accrued and other current liabilities	6,686	7,777
Total accrued and other current liabilities	$ 6,686	$ 7,775

Balance Sheet Components - Su_3

Balance Sheet Components - Summary of Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long term interest payable	$ 1,272	$ 1,194
Noncurrent portion of lease liabilities	353	635
Other noncurrent liabilities	38	38
Total other noncurrent liabilities	$ 1,663	$ 1,867

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term Debt	$ 35,000
Revolving 2020
Debt Instrument [Line Items]
Line of credit facility, current borrowing capacity	5,000	$ 5,000
Mid Cap Financial Services
Debt Instrument [Line Items]
Maximum borrowing capacity	40,000
Mid Cap Financial Services | Senior Secured 2019 Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	35,000
Mid Cap Financial Services | Revolver 2019
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 5,000

Debt - Schedule of Long-term an

Debt - Schedule of Long-term and Short-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal payments due	$ 35,000	$ 35,000
Less: debt discount related to warrant liability and issuance costs	(1,543)	(1,687)
Total amounts outstanding	33,457	33,313
Less: Current portion	0	0
Total accrued and other current liabilities	33,457	33,313
Term Loan
Debt Instrument [Line Items]
Principal payments due	$ 35,000	$ 35,000

Debt - Schedule Relating to the

Debt - Schedule Relating to the Company's Debt (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2023 (remainder)	$ 0
2024	2,917
2025	32,083
Thereafter	0
Long-term Debt, Total	$ 35,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Feb. 05, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Supply Commitment [Line Items]
Operating lease right-of-use assets		$ 1,372		$ 1,614
Remaining lease term		1 year 3 months 18 days
Operating leases, rent expense		$ 293	$ 173
Supply agreement [Member]
Supply Commitment [Line Items]
Operating lease right-of-use assets				$ 700
Lease, borrowing rate				10.75%
Operating lease term				18 months
Total base rent under lease agreement				$ 700
California [Member]
Supply Commitment [Line Items]
Lease commencement date	Aug. 01, 2021
Operating lease right-of-use assets	$ 1,500
Lease, borrowing rate	13.59%
Operating lease term	37 months
Total base rent under lease agreement	$ 1,600

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Operating Lease Expense Recognized and Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 293	$ 173
Cash paid for operating leases	$ 297	$ 170

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Aggregate Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
2023	$ 887
2024	662
Total future minimum lease payments	1,549
Less: imputed interest	(127)
Present value of future minimum lease payments	1,422
Less: current portion of operating lease liability	(1,069)	$ (1,033)
Operating lease liabilities - noncurrent	$ 353	$ 635

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) Vote $ / shares shares	Dec. 31, 2022 $ / shares 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
Common stock, shares issued	48,450,378	48,298,138
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

Stockholder's Equity - Schedule

Stockholder's Equity - Schedule of Reserved Common Stock for Future Issuances (Details) - shares	Mar. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	15,903,856	13,159,736
Common stock options issued and outstanding
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	5,095,956	4,819,906
Common stock available for future grant
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	7,258,472	6,099,584
Restricted stock units outstanding
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	1,840,324	1,014,123
Shares available for future purchase under ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock reserved for future issuance	1,709,104	1,226,123

Equity Incentive Plans - Additi

Equity Incentive Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jan. 01, 2023	Dec. 31, 2022	Jan. 01, 2022	Jul. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant-date fair values of options granted	$ 6.91	$ 9.76
Aggregate intrinsic value of options exercised	$ 600
Unrecognized stock-based compensation of unvested options	$ 22,000
Weighted-average period expected to recognize	2 years 4 months 24 days
Dividend yield	0%
Common stock reserved for future issuance	15,903,856			13,159,736
Description of Transaction of Future issuance	nnual increases under the evergreen provision are 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	633,700
Weighted-Average Exercise Price, Granted	$ 9.78
Stock based compensation	$ 2,200	$ 2,500
Share of common stock purchased	$ 3,523	2,974
Restricted Stock Units RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period	4 years
Unrecognized stock-based compensation of unvested options	$ 19,700
Weighted-average period expected to recognize	3 years 4 months 24 days
Stock based compensation	$ 1,100	$ 500
2021 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock available for issuance	7,258,472			6,099,584
Common stock reserved for future issuance	5,200,000		2,414,907		2,375,235
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Collected withholdings under plan	$ 500
Common stock reserved for future issuance	1,709,104		482,981		475,047	850,000
Stock based compensation	$ 200

Equity Incentive Plans - Summar

Equity Incentive Plans - Summary of Company Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of Shares	4,819,906
Number of Shares, Granted	633,700
Forfeited/cancelled	(309,914)
Number of Shares, Exercised/released	(47,736)
Number of Shares	5,095,956		4,819,906
Number of Shares Vested and exercisable as of March 31, 2023	2,508,970
Number of Shares, Vested and expected to vest as of March 31, 2022		5,095,956
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Weighted-Average Exercise Price	$ 9.67
Weighted-Average Exercise Price, Granted	9.78
Weighted-Average Exercise Price, Forfeited/cancelled	12.71
Weighted-Average Exercise Price, Exercised/released	1.07
Weighted-Average Exercise Price	9.60		$ 9.67
Vested and exercisable as of March 31, 2023	$ 7.32
Vested and expected to vest as of March 31, 2022		$ 9.60
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term
Weighted Average Remaining Contractual Term	7 years 6 months		7 years 8 months 12 days
Weighted average contractual term, vested and exercisable	6 years 2 months 12 days
Weighted average contractual term, vested and expected		7 years 6 months
Average Intrinsic Value	$ 10,891		$ 19,463
Average Intrinsic Value, Vested and exercisable as of March 31, 2023	$ 9,076
Average Intrinsic Value, Vested and expected as of March 31, 2022		$ 10,891

Equity Incentive Plans - Summ_2

Equity Incentive Plans - Summary of Stock Based Compensation Fair Value Assumptions (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
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)	5 months 23 days
Expected volatility	97.38%
Risk-free interest rate	4.62%
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	6 years 7 days	6 years 11 months 8 days
Expected volatility		60.12%
Risk-free interest rate	3.67%	2.40%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (in years)	5 years 7 months 6 days	5 years 4 months 17 days
Expected volatility	79.73%	58.75%
Risk-free interest rate	3.66%	1.34%

Equity Incentive Plans - Summ_3

Equity Incentive Plans - Summary of Share-Based Compensation Expense By Function (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 3,523	$ 2,974
Cost of Goods Sold
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	59	36
Research and Development Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	529	343
Selling, General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,935	$ 2,595

Equity Incentive Plans - summ_4

Equity Incentive Plans - summarizes restricted share award activity under the 2021 Plan (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Forfeited/cancelled | shares	(309,914)
Weighted-Average Exercise Price, Forfeited/cancelled | $ / shares	$ 12.71
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 | shares	1,014,123
Grant | shares	984,600
Forfeited/cancelled | shares	(52,367)
Vested | shares	106,032
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | shares	1,840,324
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 14.25
Weighted average, Grant | $ / shares	9.78
Weighted-Average Exercise Price, Forfeited/cancelled | $ / shares	15.47
Weighted average, Vested | $ / shares	17.07
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 11.66

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss attributable to common stockholders	$ (17,067)	$ (23,263)
Denominator:
Weighted-average shares of common stock outstanding-basic	48,405,271	47,569,499
Weighted-average shares of common stock outstanding-diluted	48,405,271	47,569,499
Net loss per share attributable to common stockholders-basic	$ (0.35)	$ (0.49)
Net loss per share attributable to common stockholders-diluted	$ (0.35)	$ (0.49)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Redeemable convertible preferred stock	6,936,280	6,601,472
Stock option awards
Redeemable convertible preferred stock	5,095,956	5,944,899
Restricted Stock Units
Redeemable convertible preferred stock	1,840,324	656,573

Segment Information - Summary o

Segment Information - Summary of Operating Result Information for Each Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue
Revenue	$ 18,824	$ 14,881
Cost of goods sold
Cost of goods sold	3,048	3,033
Gross profit
Gross profit	15,776	11,848
Operating expense	33,344	34,041
Loss from operations	(17,568)	(22,193)
Interest expense	(1,276)	(1,046)
Other (expense) income, net	1,791	(15)
Loss before income tax	(17,053)	(23,254)
Surgical Glaucoma
Revenue
Revenue	17,334	13,870
Cost of goods sold
Cost of goods sold	2,362	1,491
Gross profit
Gross profit	14,972	12,379
Dry Eye
Revenue
Revenue	1,490	1,011
Cost of goods sold
Cost of goods sold	686	1,542
Gross profit
Gross profit	$ 804	$ (531)