Treace Medical Concepts (TMCI) 10-Q 6 May 22 2022 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2022	May 02, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Treace Medical Concepts, Inc.
Entity File Number	001-40355
Entity Tax Identification Number	47-1052611
Entity Address, Address Line One	203 Fort Wade Rd
Entity Address, Address Line Two	Suite 150
Entity Address, City or Town	Ponte Vedra
Entity Address, Postal Zip Code	32081
City Area Code	904
Local Phone Number	373-5940
Entity Central Index Key	0001630627
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity Address, State or Province	FL
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	TMCI
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		55,278,942

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 98,483	$ 105,833
Accounts receivable	15,995	18,568
Inventories	11,112	10,561
Prepaid expenses and other current assets	1,723	3,010
Total current assets	127,313	137,972
Property and equipment, net	3,996	2,849
Operating lease right-of-use assets	15,069	0
Other Assets, Noncurrent	134	0
Total assets	146,512	140,821
Current liabilities
Accounts payable	3,448	4,056
Accrued liabilities	3,552	4,518
Accrued commissions	3,882	5,181
Accrued compensation	4,060	4,455
Operating lease liabilities	435	0
Total current liabilities	15,377	18,210
Derivative liability on term loan	83	173
Long-term debt	29,410	29,365
Noncurrent portion of lease liability	14,824	0
Total liabilities	59,694	47,748
Commitments and contingencies (Note 7)
Stockholders’ equity
Preferred stock, value	0	0
Common stock, value	46	45
Additional paid-in capital	137,713	134,933
Accumulated deficit	(50,941)	(41,905)
Total stockholders’ equity	86,818	93,073
Total liabilities and stockholders’ equity	$ 146,512	$ 140,821

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Allowance for doubtful accounts receivable current	$ 509	$ 414
Long term debt unamortized debt discount and issuance costs	$ 590	$ 635
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par or stated value per share	$ 0.001	$ 0.001
Common stock shares authorized	300,000,000	300,000,000
Common stock share issued	55,278,942	54,181,082
Common stock share outstanding	55,278,942	54,181,082

Condensed Statement of Operatio

Condensed Statement of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 29,047	$ 18,707
Cost of goods sold	5,506	3,327
Gross profit	23,541	15,380
Operating expenses
Sales and marketing	21,923	12,148
Research and development	3,052	1,868
General and administrative	6,662	2,766
Total operating expenses	31,637	16,782
Loss from operations	(8,096)	(1,402)
Interest and other income, net	11	(1)
Interest expense	(951)	(1,031)
Other expense, net	(940)	(1,030)
Net loss and comprehensive loss	(9,036)	(2,432)
Convertible preferred stock cumulative and undeclared dividends		(158)
Net loss attributable to common stockholders	$ (9,036)	$ (2,590)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.16)	$ (0.07)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	54,827,665	37,854,687

Condensed Statement of Stockhol

Condensed Statement of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Series A Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Balance at Beginning at Dec. 31, 2020	$ 776	$ 7,935	$ 28	$ 14,166	$ (21,353)
Balance at Beginning (in Shares) at Dec. 31, 2020		6,687,475	37,366,865
Issuance of common stock upon exercise of stock options	570		$ 2	568
Issuance of common stock upon exercise of stock options, shares			690,551
Share-based compensation expense	402			402
Net loss	(2,432)				(2,432)
Balance at Ending at Mar. 31, 2021	(684)	$ 7,935	$ 30	15,136	(23,785)
Balance at Ending (in Shares) at Mar. 31, 2021		6,687,475	38,057,416
Balance at Beginning at Dec. 31, 2021	93,073		$ 45	134,933	(41,905)
Balance at Beginning (in Shares) at Dec. 31, 2021			54,181,082
Issuance of common stock upon exercise of stock options	1,372		$ 1	1,371
Issuance of common stock upon exercise of stock options, shares			1,097,860
Share-based compensation expense	1,409			1,409
Net loss	(9,036)				(9,036)
Balance at Ending at Mar. 31, 2022	$ 86,818		$ 46	$ 137,713	$ (50,941)
Balance at Ending (in Shares) at Mar. 31, 2022			55,278,942

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (9,036)	$ (2,432)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization expense	334	117
Provision (Recovery) for allowance for doubtful accounts	30	(77)
Share-based compensation expense	1,409	402
Non-Cash Lease Expense	336	0
Amortization of debt issuance costs	45	43
Recovery of inventory obsolescence	(3)	(27)
Gain on fair value adjustment to derivative liability	(90)	0
Net changes in operating assets and liabilities:
Accounts Receivable	2,542	3,769
Inventory	(548)	478
Prepaid expenses and other assets	1,233	(379)
Other non-current assets	(134)	0
Operating lease liabilities	(133)	0
Accounts payable	(607)	(1,173)
Accrued liabilities	(2,619)	(1,167)
Net cash used in operating activities	(7,241)	(446)
Cash flows from investing activities
Purchases of property and equipment	(1,481)	(196)
Net cash used in investing activities	(1,481)	(196)
Cash flows from financing activities
Repayment of PPP Loan	0	(1,788)
Proceeds from exercise of employee stock options	1,372	569
Net cash provided by (used in) financing activities	1,372	(1,219)
Net decrease in cash and cash equivalents	(7,350)	(1,861)
Cash and cash equivalents at beginning of period	105,833	18,079
Cash and cash equivalents at end of period	98,483	16,218
Supplemental disclosure of cash flow information:
Cash paid for interest	951	1,945
Operating lease right-of-use assets obtained in exchange for new lease liabilities	15,300	0
Supplemental disclosure of noncash financing activities:
Unpaid offering costs included in accounts payable and accrued liabilities	$ 0	$ 1,118

Formation and Business of the C

Formation and Business of the Company	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Formation and Business of the Company	1. Formation and Business of the Company The Company Treace Medical Concepts, LLC was formed on July 29, 2013 as a Florida limited liability company. Effective July 1, 2014, the entity converted to a Delaware corporation and changed its name to Treace Medical Concepts, Inc. (the “Company”). The Company is a medical technology company driving a fundamental shift in the surgical treatment of Hallux Valgus (commonly known as "bunions"). The Company received 510(k) clearance for the Lapiplasty® System in March 2015 and began selling its surgical medical devices in September 2015. The Company has pioneered the proprietary Lapiplasty 3D Bunion Correction System – a combination of innovative instruments, implants and surgical methods designed to improve the inconsistent clinical outcomes of traditional approaches to bunion surgery. In addition, the Company offers other advanced instrumentation and implants for use in the Lapiplasty Procedure or other ancillary procedures performed in high frequency with bunion surgery. The Company recently expanded its offerings with the Adductoplasty™ Midfoot Correction System, designed for reproducible correction of the midfoot to provide further support to hallux valgus patients. The Company operates from its corporate headquarters located in Ponte Vedra, Florida. Initial Public Offering On April 27, 2021, the Company completed its initial public offering (“IPO”) of 12,937,500 shares of its common stock, which included the exercise in full of the underwriters’ option to purchase additional shares. As part of the IPO, 6,953,125 shares of common stock were issued and sold by the Company (inclusive of 703,125 shares pursuant to the exercise of the underwriters’ option) and 5,984,375 shares of common stock that were sold by the selling stockholders named in the prospectus (inclusive of 984,375 shares pursuant to the exercise of the underwriters’ option), at a price to the public of $ 17.00 per share. The Company received net proceeds of approximately $ 107.6 million, after deducting underwriting discounts and commissions of $ 8.3 million and offering expenses payable by the Company of $ 2.3 million. The Company did no t receive any proceeds from the sale of the shares by the selling stockholders. Upon the completion of the IPO, all 6,687,475 shares of Series A convertible preferred stock then outstanding were converted into shares of common stock on a one-to-one basis plus 158,447 shares of common stock were issued to pay accrued cumulative dividends on Series A convertible preferred stock of $ 2.5 million . Liquidity and Capital Resources The Company has incurred operating losses to date and has an accumulated deficit of $ 50.9 million as of March 31, 2022. During the three months ended March 31, 2022 and 2021, the Company used $ 7.2 million and $ 0.4 million of cash in its operating activities, respectively. As of March 31, 2022, the Company had cash and cash equivalents of $ 98.5 million. Management believes that the Company’s existing cash and cash equivalents will allow the Company to continue its planned operations for at least the next 12 months from the date of the issuance of these interim condensed financial statements.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared using accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed financial statements have been prepared on the same basis as the Company’s annual financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC on March 4, 2022, except for the adoption of new lease accounting guidance as discussed below in Note 8, “ Operating Leases ”. The unaudited condensed financial statements included herein reflect all adjustments, including normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for future quarters or for the fiscal year ending December 31, 2022. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). Use of Estimates The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting periods. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Significant estimates and assumptions include reserves and write-downs related to accounts receivable, inventories, the recoverability of long-term assets, valuation of equity instruments, valuation of common stock, stock-based compensation, deferred tax assets and related valuation allowances and impact of contingencies. The Company had no accrued contingent liabilities as of March 31, 2022 and December 31, 2021. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents balances with established financial institutions and, at times, such balances with any one financial institution may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limits. The Company earns revenue from the sale of its products to customers such as hospitals and ambulatory surgery centers. The Company’s accounts receivable is derived from revenue earned from customers. The Company performs ongoing credit evaluations of its customers’ financial condition. At March 31, 2022 and December 31, 2021, no customer accounted for more than 10 % of accounts receivable. For the three months ended March 31, 2022 and 2021 and there were no customers that represented 10 % or more of revenue . Leases The Company determines whether an arrangement is or contains a lease at the inception of the arrangement and whether such a lease is classified as a financing lease or operating lease at the commencement date of the lease. Lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The Company determines the commencement date of a lease to be the date on which a lessor makes an underlying asset available for use by the Company . Leases with a term greater than one year are recognized on the balance sheet as operating lease right-of-use assets, operating lease liabilities and operating lease liabilities, net of current portion. The Company elected not to recognize right-of-use assets and lease liabilities for leases with terms of 12 months or less (short-term leases). As the interest rates implicit in our lease contracts are not readily determinable, the Company utilizes its incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid, incentives received, or impairment charges if the Company determines the right-of-use asset is impaired. The Company considers the lease term to be the noncancelable period that the Company has the right to use the underlying asset, together with any periods where it is reasonably certain the Company will exercise an option to extend (or not terminate) the lease. Rent expense for operating leases is recognized on a straight-line basis over the lease term and is presented in operating expenses on the statements of operations and comprehensive loss. The Company has elected to not separate lease and non-lease components for its real estate leases and instead accounts for each separate lease component and the non-lease components associated with that lease component as a single lease component. Variable lease payments are recognized as lease expense as incurred and are recorded in operating expenses on the statements of operations and comprehensive loss. The Company has no finance leases. Refer to Note 8, "Operating Leases", for n ew lease disclosures.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
New Accounting Pronouncements And Changes In Accounting Principles [Abstract]
Recent Accounting Pronouncements	3. Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses . This guidance will require financial instruments measured at amortized cost, and trade accounts receivable to be presented at the net amount expected to be collected. The model requires an entity to estimate credit losses based on historical information, current conditions and reasonable and supportable forecasts of future economic conditions. In November 2019, the FASB issued ASU 2019-10, which provides that this standard is effective for the Company for fiscal years beginning after December 15, 2022, and interim periods within that fiscal year. The Company is currently evaluating the impact of this standard on its financial statements. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASC 842”) . The update establishes principles for recognition, measurement, presentation, and disclosure intended to increase transparency and comparability for the accounting of lease transactions. The standard requires lessees to recognize leases with terms greater than 12 months on the balance sheet and disclose key information about leasing arrangements. ASC 842 is effective for the Company for fiscal years beginning after December 15, 2021 and early application is permitted. The Company adopted the new standard as of January 1, 2022, using the required modified retrospective approach. Comparative periods were not adjusted and continue to be presented under the previous accounting guidance. The Company elected the package of practical expedients permitted under the ASC 842 transition guidance, which among other things, allowed it to carry forward the historical lease classification. The impact of adoption was the recognition of right-of-use assets and lease liabilities of $ 1.9 million for real estate operating leases at January 1, 2022. In addition, ASC 842 requires new disclosures for lease transactions. Refer to Note 8, "Operating Leases", for new lease disclosures.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements Assets and liabilities recorded at fair value in the condensed financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows: Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access as of 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—Unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis – The following assets and liabilities are measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021: March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds(1) $ 97,800 $ — $ — $ 97,800 Total $ 97,800 $ — $ — $ 97,800 Liabilities: Derivative liability $ — $ — $ 83 $ 83 Total $ — $ — $ 83 $ 83 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds(1) $ 105,220 $ — $ — $ 105,220 Total $ 105,220 $ — $ — $ 105,220 Liabilities: Derivative liability $ — $ — $ 173 $ 173 Total $ — $ — $ 173 $ 173 (1) Money market funds are included in cash and cash equivalents in the condensed balance sheets as of March 31, 2022 and December 31, 2021. The derivative liability was accounted for at fair value using the income approach and inputs consisting of (a) the probability of events occurring that trigger an event of default of the Company’s term loans under the CRG Group LP ("CRG") Term Loan Facility (the “CRG Term Loan Facility”), ranging from 1 % to 2 %, (b) the prepayment premium payable upon early redemption, and (c) additional interest payable upon an event of default. The change in fair value of the derivative liability was $ 0.1 million in the three months ended March 31, 2022, and was recorded as a component of other expense, net in the condensed statement of operations and comprehensive loss. Th ere was no adjustment to the fair value of the derivative liability recognized in net loss for the three months ended March 31, 2021. The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands): Derivative liability Fair value as of January 1, 2022 $ 173 Change in fair value included in other expense, net ( 90 ) Fair value as of March 31, 2022 83 There were no assets or liabilities measured at fair value on a nonrecurring basis as of March 31, 2022 and December 31, 2021.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	5. Balance Sheet Components Cash and Cash Equivalents The Company’s cash and cash equivalents consisted of the following (in thousands): March 31, December 31, 2022 2021 Cash $ 683 $ 613 Cash equivalents: Money market funds 97,800 105,220 Total cash and cash equivalents $ 98,483 $ 105,833 Property and equipment, net The Company’s property and equipment, net considered of the following (in thousands): March 31, December 31, 2022 2021 Furniture and fixtures, and equipment $ 180 $ 180 Construction in progress 621 126 Machinery and equipment 391 274 Capitalized surgical equipment 5,089 4,442 Computer equipment 256 160 Leasehold improvements 268 268 Software 138 138 Total property and equipment 6,943 5,588 Less: accumulated depreciation and amortization ( 2,947 ) ( 2,739 ) Property and equipment, net $ 3,996 $ 2,849 Depreciation and amortization expense on property and equipment was $ 0.3 million and $ 0.1 million for the three months ended March 31, 2022 and 2021, respectively. Accrued liabilities Accrued liabilities consist of the following (in thousands): March 31, December 31, 2022 2021 Accrued royalty expense $ 1,469 $ 1,522 Accrued interest — 975 Accrued professional services 590 941 Other accrued expense 1,493 1,080 Total accrued liabilities $ 3,552 $ 4,518

Long Term Debt

Long Term Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long Term Debt	6. Long Term Debt The Company’s debt consisted of the following (in thousands): March 31, December 31, 2022 2021 Revolving line of credit SVB credit facility $ — $ — Term loans CRG Term Loan Facility 30,000 30,000 Total term loans 30,000 30,000 Less: debt discount and issuance costs ( 590 ) ( 635 ) Total long-term debt $ 29,410 $ 29,365 As of March 31, 2022, future payments under term loan were as follows (in thousands): Fiscal Year 2022 (remaining nine months) $ — 2023 — 2024 — 2025 30,000 Total principal payments 30,000 Less: Unamortized debt discount and debt issuance costs ( 590 ) Total short-term and long-term debt $ 29,410 Silicon Valley Bank The Company did no t have any balances outstanding under its revolving line of credit with Silicon Valley Bank (“SVB”) as of March 31, 2022 and December 31, 2021. As of March 31, 2022, the Company had $ 10.0 million in available borrowings on the line of credit and was in compliance with all covenants under the SVB credit facility. CRG Term Loan Facility As of March 31, 2022, the outstanding principal amount of the CRG Term Loan Facility is $ 30.0 million. Interest is applied to outstanding principal and accrued interest at a rate of 13.00 % per annum. Under the terms of the non-revolving CRG Term Loan Facility, if the Company repaid the CRG Term Loan Facility within one year of the borrowing date, the Company was required to pay a premium of 20.00 % of the aggregated outstanding principal amount of the loans that was repaid. If the Company repays the CRG Term Loan Facility between one and two years from the borrowing date, it is required to pay a premium of 11.00 % of the aggregated outstanding principal amount of the loans that is repaid. The CRG Term Loan Facility does not require a prepayment premium for loans being prepaid on the prepayment date that is longer than two years from the initial borrowing date. Refer to Note 11, "Su bsequent events", for more information about the refinancing of the CRG Term Loan Facility and the termination of the SVB revolving line of credit on April 29, 2022.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies License and Royalty Commitments As of March 31, 2022 and 2021, the Company has royalty agreements with certain members of the Surgeon Advisory Board. The Company recognized royalty expense of $ 1.4 million and $ 0.8 million for the three months ended March 31, 2022 and 2021, respectively, resulting in an aggregate royalty rate of 4.8 % and 4.3 %, respectively. Contingencies From time to time, the Company may be a party to various litigation claims in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with legal counsel, the need to record a liability for litigation and contingencies. Accrual estimates are recorded when and if it is determinable that such a liability for litigation and contingencies are both probable and reasonably estimable. There were no accrued contingent liabilities as of March 31, 2022 and December 31, 2021.

Operating Leases

Operating Leases	3 Months Ended
	Mar. 31, 2022
Operating Lease, Liability [Abstract]
Operating Leases	8. Operating Leases The Company’s leases consist of real estate leases in Ponte Vedra, Florida. On February 9, 2022, the Company entered into a 10-year operating lease for a new headquarters building in Ponte Vedra, FL, with a lease commencement date of March 1, 2022. The Company's obligation to make rental payments on the new headquarters building is expected to begin in the third quarter of 2022. The Company’s leases contain various options to renew, none of which the Company is reasonably certain to exercise. The lease agreements do not contain any residual value guarantees or restrictive covenants. For the new headquarters lease, the Company is provided a tenant improvement allowance for the construction of leasehold improvements. In exchange for construction management and supervision services related to these improvements, the Company pays the lessor a fee equal to one and a half percent ( 1.5 %) of total construction costs. In addition to base rent, the Company will pay variable costs related to its share of operating expenses under certain of its lease arrangements. These variable costs are recorded as lease expense as incurred and presented as operating expenses in the statements of operations and comprehensive loss. No variable costs have been incurred as of March 31, 2022. Rent expense for the three months ended March 31, 2021 was $ 0.1 million. Operating lease cost was $ 0.4 million for the three months ended March 31, 2022. During the three months ended March 31, 2022, cash paid for amounts included in operating lease liabilities of $ 0.2 million was included in cash flows from operating activities on the condensed statements of cash flows. Additional information related to operating leases is as follows: March 31, 2022 Weighted average remaining lease term (years) 9.6 Weighted average discount rate 9.1 % The following table summarizes future minimum lease payments on operating leases as of December 31, 2021 (in thousands): Fiscal Year 2022 $ 627 2023 444 2024 458 2025 472 2026 321 Total $ 2,322 The following table summarizes a maturity analysis of operating lease liabilities showing the aggregate lease payments as of March 31, 2022 (in thousands): Fiscal Year 2022 remaining * $ ( 3,024 ) 2023 2,223 2024 2,996 2025 3,426 2026 3,344 Thereafter 17,838 Total undiscounted lease payments 26,803 Less: imputed interest ( 11,544 ) Total discounted lease payments 15,259 Less: Current portion of lease liability ( 435 ) Noncurrent portion of lease liability $ 14,824 * Includes the tenant improvement allowance

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
Stockholders Equity Note [Abstract]
Stockholders' Equity	. Stockholders’ Equity Stock Option Plans During the three months ended March 31, 2022 and 2021, the Company granted stock options to employees to purchase an aggregate of 963,800 and 511,594 shares respectively, of the Company’s common stock. The weighted-average grant date fair value of the employee stock options granted during the three months ended March 31, 2022 and 2021 were $ 7.50 a nd $ 3.78 per share, respectively. Restricted Stock Units During the three months ended March 31, 2022, the Company granted 201,580 restricted stock units (“RSU”). The weighted average grant-date fair value of RSUs granted during the three months ended March 31, 2022 wa s $ 20.13 . T he Company did not grant RSUs during the three months ended March 31 2021. Share-Based Compensation Expense Share-based compensation expense is reflected in the condensed statements of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2022 2021 Sales and marketing expense $ 531 $ 147 Research and development expense 150 63 General and administrative expense 728 192 Total $ 1,409 $ 402

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	10. 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 which is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. As the Company reported a net loss for the three months ended March 31, 2022 and 2021, basic net loss per share attributable to common stockholders was the same as diluted net loss per share attributable to common stockholders as the inclusion of potentially dilutive shares would have been antidilutive if included in the calculation (in thousands, except share and per share amounts): Three Months Ended March 31, 2022 2021 Numerator Net loss $ ( 9,036 ) $ ( 2,432 ) Adjust: Convertible preferred stock cumulative — ( 158 ) Net loss attributable to common stockholders ( 9,036 ) ( 2,590 ) Denominator Weighted-average common stock outstanding, 54,827,665 37,854,687 Net loss per share attributable to common $ ( 0.16 ) $ ( 0.07 ) The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding because such securities have an antidilutive impact due to the Company’s net loss, in common stock equivalent shares: As of March 31, 2022 2021 Series A convertible preferred stock outstanding — 6,687,475 Warrants to purchase Class A common stock — 713,330 Common stock options issued and outstanding 7,205,037 7,897,688 Unvested restricted stock units 211,580 — Total 7,416,617 15,298,493

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	11. Subsequent Events On April 29, 2022, the Company entered a new five-year $ 150.0 million credit facility with entities affiliated with MidCap Financial Trust, providing up to $ 120.0 million in term loans and a $ 30.0 million revolving credit facility. The term loan provides for a 60-month term loan facility up to $ 120.0 million in borrowing capacity to the Company, over four tranches. At the loan closing, the Company drew $ 50.0 million under tranche one. The remaining tranches provide up to an additional $ 70.0 million in borrowing capacity, subject to the achievement of certain revenue targets. The revolving credit facility provides up to $ 30.0 million in borrowing capacity to the Company based on the borrowing base. The borrowing base is calculated based on certain accounts receivable and inventory assets. The Company may request a $ 20.0 million increase in the revolving loan facility for a total commitment of up to $ 50.0 million. The Company must maintain a minimum drawn balance under the revolving loan agreement. The loans bear interest at an annual rate based on a 30-day forward looking secured overnight financing rate (“SOFR”) plus 0.10 % (subject to a floor of 1 % and a cap of 3 % for both agreements) plus (1) 6 % under the term loan agreement and (2) 4 % under the revolving credit facility. Interest is payable monthly in arrears on the first day of each month and on the maturity of the loan agreements. The Company is obligated to pay interest only for the first 48 months and straight-line amortization for the remaining 12 months, subject to the Company’s election to extend the initial interest-only period by 12 months to 60 months total if the Company’s trailing twelve-month revenue is at or above certain levels. If the term loan is repaid before the maturity date or the revolving credit facility is terminated before the end of its term, the prepayment fees are 3.0 % of the amount repaid in the first year, 2.0 % in the second year and 1.0 % in the third year and thereafter, and a final payment fee of 3.00 % of the amount borrowed is due under the term loan. The loans are secured by substantially all of the Company’ assets, including intellectual property. The loan agreements and other ancillary documents contain customary representations and warranties and affirmative and negative covenants. Under the loan agreements, the Company is not required to meet any minimum level of revenue if liquidity (defined as unrestricted cash plus undrawn availability under the revolving loan agreement) is greater than the outstanding balance under the term loan. If liquidity falls below such outstanding balance, then the Company is subject to a minimum trailing twelve-month revenue covenant. On the closing date, the Company borrowed $ 50.0 million under the term loan and $ 4.0 million under the revolving credit facility, which was used in part to repay the CRG Term Loan Facility with the remainder to be used for operating and capital expenditures and other working capital purposes. The Company’s SVB revolving line of credit was terminated and replaced with the new revolving credit facility.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared using accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed financial statements have been prepared on the same basis as the Company’s annual financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the SEC on March 4, 2022, except for the adoption of new lease accounting guidance as discussed below in Note 8, “ Operating Leases ”. The unaudited condensed financial statements included herein reflect all adjustments, including normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for future quarters or for the fiscal year ending December 31, 2022. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Use of Estimates	Use of Estimates The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting periods. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Significant estimates and assumptions include reserves and write-downs related to accounts receivable, inventories, the recoverability of long-term assets, valuation of equity instruments, valuation of common stock, stock-based compensation, deferred tax assets and related valuation allowances and impact of contingencies. The Company had no accrued contingent liabilities as of March 31, 2022 and December 31, 2021.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash, cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents balances with established financial institutions and, at times, such balances with any one financial institution may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limits. The Company earns revenue from the sale of its products to customers such as hospitals and ambulatory surgery centers. The Company’s accounts receivable is derived from revenue earned from customers. The Company performs ongoing credit evaluations of its customers’ financial condition. At March 31, 2022 and December 31, 2021, no customer accounted for more than 10 % of accounts receivable. For the three months ended March 31, 2022 and 2021 and there were no customers that represented 10 % or more of revenue
Leases	Leases The Company determines whether an arrangement is or contains a lease at the inception of the arrangement and whether such a lease is classified as a financing lease or operating lease at the commencement date of the lease. Lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The Company determines the commencement date of a lease to be the date on which a lessor makes an underlying asset available for use by the Company . Leases with a term greater than one year are recognized on the balance sheet as operating lease right-of-use assets, operating lease liabilities and operating lease liabilities, net of current portion. The Company elected not to recognize right-of-use assets and lease liabilities for leases with terms of 12 months or less (short-term leases). As the interest rates implicit in our lease contracts are not readily determinable, the Company utilizes its incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid, incentives received, or impairment charges if the Company determines the right-of-use asset is impaired. The Company considers the lease term to be the noncancelable period that the Company has the right to use the underlying asset, together with any periods where it is reasonably certain the Company will exercise an option to extend (or not terminate) the lease. Rent expense for operating leases is recognized on a straight-line basis over the lease term and is presented in operating expenses on the statements of operations and comprehensive loss. The Company has elected to not separate lease and non-lease components for its real estate leases and instead accounts for each separate lease component and the non-lease components associated with that lease component as a single lease component. Variable lease payments are recognized as lease expense as incurred and are recorded in operating expenses on the statements of operations and comprehensive loss. The Company has no finance leases. Refer to Note 8, "Operating Leases", for n ew lease disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis – The following assets and liabilities are measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021: March 31, 2022 Level 1 Level 2 Level 3 Total Assets: Money market funds(1) $ 97,800 $ — $ — $ 97,800 Total $ 97,800 $ — $ — $ 97,800 Liabilities: Derivative liability $ — $ — $ 83 $ 83 Total $ — $ — $ 83 $ 83 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Money market funds(1) $ 105,220 $ — $ — $ 105,220 Total $ 105,220 $ — $ — $ 105,220 Liabilities: Derivative liability $ — $ — $ 173 $ 173 Total $ — $ — $ 173 $ 173 (1) Money market funds are included in cash and cash equivalents in the condensed balance sheets as of March 31, 2022 and December 31, 2021.
summary of the changes in the fair value of the Companies Level 3 financial instruments	The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands): Derivative liability Fair value as of January 1, 2022 $ 173 Change in fair value included in other expense, net ( 90 ) Fair value as of March 31, 2022 83

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Summary of Cash and Cash Equivalents	The Company’s cash and cash equivalents consisted of the following (in thousands): March 31, December 31, 2022 2021 Cash $ 683 $ 613 Cash equivalents: Money market funds 97,800 105,220 Total cash and cash equivalents $ 98,483 $ 105,833
Summary of Property and Equipment, Net	The Company’s property and equipment, net considered of the following (in thousands): March 31, December 31, 2022 2021 Furniture and fixtures, and equipment $ 180 $ 180 Construction in progress 621 126 Machinery and equipment 391 274 Capitalized surgical equipment 5,089 4,442 Computer equipment 256 160 Leasehold improvements 268 268 Software 138 138 Total property and equipment 6,943 5,588 Less: accumulated depreciation and amortization ( 2,947 ) ( 2,739 ) Property and equipment, net $ 3,996 $ 2,849
Summary of Accrued Liabilities	Accrued liabilities consist of the following (in thousands): March 31, December 31, 2022 2021 Accrued royalty expense $ 1,469 $ 1,522 Accrued interest — 975 Accrued professional services 590 941 Other accrued expense 1,493 1,080 Total accrued liabilities $ 3,552 $ 4,518

Long Term Debt (Tables)

Long Term Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Summary of Long-term Debt Instruments	The Company’s debt consisted of the following (in thousands): March 31, December 31, 2022 2021 Revolving line of credit SVB credit facility $ — $ — Term loans CRG Term Loan Facility 30,000 30,000 Total term loans 30,000 30,000 Less: debt discount and issuance costs ( 590 ) ( 635 ) Total long-term debt $ 29,410 $ 29,365
Summary of Maturities of Long-term Debt	As of March 31, 2022, future payments under term loan were as follows (in thousands): Fiscal Year 2022 (remaining nine months) $ — 2023 — 2024 — 2025 30,000 Total principal payments 30,000 Less: Unamortized debt discount and debt issuance costs ( 590 ) Total short-term and long-term debt $ 29,410

Operating Leases (Tables)

Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Operating Lease, Liability [Abstract]
summary of operating leases	Additional information related to operating leases is as follows: March 31, 2022 Weighted average remaining lease term (years) 9.6 Weighted average discount rate 9.1 %
Summary of future minimum lease payments and maturity analysis of operating lease liabilities	The following table summarizes future minimum lease payments on operating leases as of December 31, 2021 (in thousands): Fiscal Year 2022 $ 627 2023 444 2024 458 2025 472 2026 321 Total $ 2,322 The following table summarizes a maturity analysis of operating lease liabilities showing the aggregate lease payments as of March 31, 2022 (in thousands): Fiscal Year 2022 remaining * $ ( 3,024 ) 2023 2,223 2024 2,996 2025 3,426 2026 3,344 Thereafter 17,838 Total undiscounted lease payments 26,803 Less: imputed interest ( 11,544 ) Total discounted lease payments 15,259 Less: Current portion of lease liability ( 435 ) Noncurrent portion of lease liability $ 14,824

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders Equity Note [Abstract]
Summary of Share-Based Compensation Expense is Reflected in the Condensed Statements of Operations and Comprehensive Loss	Share-based compensation expense is reflected in the condensed statements of operations and comprehensive loss as follows (in thousands): Three Months Ended March 31, 2022 2021 Sales and marketing expense $ 531 $ 147 Research and development expense 150 63 General and administrative expense 728 192 Total $ 1,409 $ 402

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share Attributable to Common Stockholders, Basic and Diluted	As the Company reported a net loss for the three months ended March 31, 2022 and 2021, basic net loss per share attributable to common stockholders was the same as diluted net loss per share attributable to common stockholders as the inclusion of potentially dilutive shares would have been antidilutive if included in the calculation (in thousands, except share and per share amounts): Three Months Ended March 31, 2022 2021 Numerator Net loss $ ( 9,036 ) $ ( 2,432 ) Adjust: Convertible preferred stock cumulative — ( 158 ) Net loss attributable to common stockholders ( 9,036 ) ( 2,590 ) Denominator Weighted-average common stock outstanding, 54,827,665 37,854,687 Net loss per share attributable to common $ ( 0.16 ) $ ( 0.07 )
Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Weighted Average Shares Outstanding	The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding because such securities have an antidilutive impact due to the Company’s net loss, in common stock equivalent shares: As of March 31, 2022 2021 Series A convertible preferred stock outstanding — 6,687,475 Warrants to purchase Class A common stock — 713,330 Common stock options issued and outstanding 7,205,037 7,897,688 Unvested restricted stock units 211,580 — Total 7,416,617 15,298,493

Formation and Business of the_2

Formation and Business of the Company - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Apr. 27, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Formation And Business Of The Company [Line Items]
Company incorporation date of incorporation		Jul. 29, 2013
Stock issued during the period shares including sale by the existing shareholders	12,937,500
Sale of stock issue price per share	$ 17
Underwriting discounts and commissions	$ 8,300
Adjustment to additional paid in capital stock issuance costs	$ 2,300
Preferred stock shares outstanding converted into equity shares	6,687,475
Common stock shares authorized		300,000,000		300,000,000
Preferred stock shares authorized		5,000,000		5,000,000
Accumulated deficit		$ (50,941)		$ (41,905)
Net cash used in operating activities		(7,241)	$ (446)
Cash and cash equivalents		$ 98,483		$ 105,833
Common stock, par or stated value per share		$ 0.001		$ 0.001
Preferred stock par or stated value per share		$ 0.001		$ 0.001
IPO [Member]
Formation And Business Of The Company [Line Items]
Stock issued during the period shares new issues	6,953,125
Sale of stock by the existing shareholders	5,984,375
Sale of stock net consideration received on the transaction	$ 107,600
Selling Stockholders [Member]
Formation And Business Of The Company [Line Items]
Proceeds from sale of shares		$ 0
Over-Allotment Option [Member]
Formation And Business Of The Company [Line Items]
Stock issued during the period shares new issues	703,125
Sale of stock by the existing shareholders	984,375
Series A Convertible Preferred Stock [Member]
Formation And Business Of The Company [Line Items]
Stock shares issued during the period shares dividends	158,447
Stock shares issued during the period value dividends	$ 2,500

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Accrued contingent liabilities	$ 0		$ 0
Recovery (provision) for bad debts	(30,000)	$ 77,000
Recovery of inventory obsolescence	$ (3,000)	$ (27,000)
Minimum [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%	10.00%
Maximum [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%		10.00%

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 15,069	$ 1,900	$ 0
Operating lease liabilities	$ 435	$ 1,900	$ 0
ASC 842 Topic [Member] | Minimum [Member]
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Lessee, operating lease, term of contract	12 months

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Assets:
Money market funds	[1]	$ 97,800	$ 105,220
Total		97,800	105,220
Liabilities:
Derivative liability		83	173
Total		83	173
Level 1 [Member]
Assets:
Money market funds	[1]	97,800	105,220
Total		97,800	105,220
Level 3 [Member]
Liabilities:
Derivative liability		83	173
Total		$ 83	$ 173
[1]	Money market funds are included in cash and cash equivalents in the condensed balance sheets as of March 31, 2022 and December 31, 2021.

Fair Value Measurements - Sum_2

Fair Value Measurements - Summary of the changes in the fair value of the Companies Level 3 financial instruments (Detail) - Fair Value Inputs Level3 [Member] - DerivativeMember $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value as of January 1, 2022	$ 173
Change in fair value included in other expense, net	(90)
Fair value as of March 31, 2022	$ 83

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Probability of default	1.00%
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Probability of default	2.00%
Other Expense [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Change in fair value	$ 100	$ 0

Balance Sheet Components - Summ

Balance Sheet Components - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Cash	$ 683	$ 613
Money market funds	97,800	105,220
Total cash and cash equivalents	$ 98,483	$ 105,833

Balance Sheet Components - Su_2

Balance Sheet Components - Summary of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 6,943	$ 5,588
Less: accumulated depreciation and amortization	(2,947)	(2,739)
Property and equipment, net	3,996	2,849
Furniture and Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	180	180
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	621	126
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	391	274
Capitalized Surgical Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	5,089	4,442
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	256	160
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	268	268
Software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 138	$ 138

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization expense	$ 334	$ 117

Balance Sheet Components - Su_3

Balance Sheet Components - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Accrued royalties expense	$ 1,469	$ 1,522
Interest Payable, Current	0	975
Accrued professional services	590	941
Other accrued expense	1,493	1,080
Total accrued liabilities	$ 3,552	$ 4,518

Long Term Debt - Additional Inf

Long Term Debt - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Term Loans [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 50,000,000
Term Loans [Member] | SVB Credit Facility[Member]
Debt Instrument [Line Items]
Line of credit current borrowing capacity	10,000,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit outstanding	0	$ 0
CRG Term Loan Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 30,000,000
Percentage of payment of principle amount borrowed	13.00%
Long term debt prepayment premium percentage	20.00%
CRG Term Loan Facility [Member] | Early Repayment => 1Year But Within 2 Years [Member]
Debt Instrument [Line Items]
Long term debt prepayment premium percentage	11.00%

Long Term Debt - Summary of Lon

Long Term Debt - Summary of Long-term Debt Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total term loans	$ 30,000	$ 30,000
Less: debt discount and issuance costs	(590)	(635)
Total long-term debt	29,410	29,365
Term Loans [Member] | CRG Term Loan Facility [Member]
Debt Instrument [Line Items]
Total term loans	$ 30,000	$ 30,000

Long Term Debt - Summary of Mat

Long Term Debt - Summary of Maturities of Long-term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2025	$ 30,000
Total principal payments	30,000	$ 30,000
Less: Unamortized debt discount and debt issuance costs	(590)	$ (635)
Total short-term and long-term debt	$ 29,410

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Other Commitments [Line Items]
Accrued contingent liabilities	$ 0		$ 0
Royalty Agreement with Certain Members of the Surgeon Advisory Board [Member] | 10 Years from the First Sale of the Commercial Product [Member]
Other Commitments [Line Items]
Royalty expenses	$ 1,400,000	$ 800,000
Royalty as a percentage of net sales for the period	4.80%	4.30%

Operating Leases - Additional I

Operating Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Lease, Liability [Abstract]
Operating lease term	10 years
Percentage of construction cost paid as fee to lessor	(1.50%)
Rent expense		$ 0.1
Operating lease cost	$ 0.4
Cash paid for operating lease liabilities	$ 0.2

Operating Leases - Summary of O

Operating Leases - Summary of Operating Leases (Detail)	Mar. 31, 2022
Operating Lease, Liability [Abstract]
Weighted-average remaining lease term (years)	9 years 7 months 6 days
Weighted average discount rate	9.10%

Operating Leases - Summary of F

Operating Leases - Summary of Future Minimum Lease Payments and Maturity Analysis of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022		Jan. 01, 2022	Dec. 31, 2021
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2022	$ 3,024	[1]		$ 627
2022 remaining	3,024	[1]		627
2023	2,223			444
2024	2,996			458
2025	3,426			472
2026	3,344			321
Thereafter	17,838
Total undiscounted lease payments	26,803			2,322
Less: imputed interest	11,544
Total discounted lease payments	15,259
Less: Current portion of lease liability	435		$ 1,900	0
Noncurrent portion of lease liability	$ 14,824			$ 0
[1]	Includes the tenant improvement allowance

Stockholders' Equity (Additiona

Stockholders' Equity (Additional Information) (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employees stock options, shares granted	963,800	511,594
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted	201,580
Weighted average grant-date fair value	$ 20.13
Employee Stock Option Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, weighted-average grant date fair value	$ 7.50	$ 3.78

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Share-Based Compensation Expense is Reflected in the Condensed Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,409	$ 402
Sales and marketing expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	531	147
Research and development expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	150	63
General and administrative expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 728	$ 192

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Schedule of Net Loss Per Share Attributable to Common Stockholders, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator
Net loss	$ (9,036)	$ (2,432)
Convertible preferred stock cumulative and undeclared dividends		(158)
Net loss attributable to common stockholders	$ (9,036)	$ (2,590)
Denominator
Weighted-average common stock outstanding, basic and diluted	54,827,665	37,854,687
Net loss per share attributable to common stockholders, basic and diluted	$ (0.16)	$ (0.07)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Weighted Average Shares Outstanding (Detail) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding	7,416,617	15,298,493
Series A Convertible Preferred Stock Outstanding [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding		6,687,475
Warrants to Purchase Class A Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding		713,330
Common Stock Options Issued and Outstanding [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding	7,205,037	7,897,688
Unvested Restricted Stock Units [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding	211,580

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions	Apr. 29, 2022	Mar. 31, 2022
Subsequent Event [Line Items]
Line of credit, interest description	The loans bear interest at an annual rate based on a 30-day forward looking secured overnight financing rate (“SOFR”) plus 0.10% (subject to a floor of 1% and a cap of 3% for both agreements) plus (1) 6% under the term loan agreement and (2) 4% under the revolving credit facility.
Floor | SOFR
Subsequent Event [Line Items]
Debt Instrument Basis Spread On Variable Rate1	1.00%
Cap | SOFR
Subsequent Event [Line Items]
Debt Instrument Basis Spread On Variable Rate1	3.00%
Term Loans [Member]
Subsequent Event [Line Items]
Principal amount of loan		$ 50
Debt Instrument Interest Rate	6.00%
Revolving Credit Facility
Subsequent Event [Line Items]
Principal amount of loan		$ 4
Debt Instrument Interest Rate, Percentage	0.10%
Debt Instrument Interest Rate	4.00%
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from the new term loan	$ 50
Term loan maximum borrowing capacity	120
Line of credit current borrowing capacity	$ 50
Term loan repayment term	Interest is payable monthly in arrears on the first day of each month and on the maturity of the loan agreements. The Company is obligated to pay interest only for the first 48 months and straight-line amortization for the remaining 12 months, subject to the Company’s election to extend the initial interest-only period by 12 months to 60 months total if the Company’s trailing twelve-month revenue is at or above certain levels.
Debt instrument repayment fee percentage for first year	3.00%
Debt instrument repayment fee percentage for second year	2.00%
Debt instrument repayment fee percentage for third year	1.00%
Debt instrument repayment fee percentage final	3.00%
Subsequent Event [Member] | MidCap Financial Trust
Subsequent Event [Line Items]
Term loan tenure	5 years
Line of credit	$ 150
Principal amount of loan	120
Subsequent Event [Member] | SVB Credit Facility
Subsequent Event [Line Items]
Proceeds from the new term loan	30
Term loan maximum borrowing capacity	50
Line of credit current borrowing capacity	30
Increase in credit facility	20
Subsequent Event [Member] | Revolving Credit Facility | MidCap Financial Trust
Subsequent Event [Line Items]
Principal amount of loan	30
Subsequent Event [Member] | CRG Term Loan Facility [Member]
Subsequent Event [Line Items]
Remaining borrowing capacity	$ 70