Organogenesis (ORGO) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 30, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Document Transition Report	false
Entity Registrant Name	ORGANOGENESIS HOLDINGS INC.
Entity Central Index Key	0001661181
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Trading Symbol	ORGO
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Address, State or Province	MA
Title of 12(b) Security	Class A Common Stock, $0.0001 par value
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Entity Common Stock, Shares Outstanding		132,572,465
Securities Act File Number	001-37906
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	85 Dan Road
Entity Address, City or Town	Canton
Entity Address, Postal Zip Code	02021
Entity Tax Identification Number	98-1329150
City Area Code	781
Local Phone Number	575-0775

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 88,626	$ 103,840
Restricted cash	720	498
Accounts receivable, net	96,148	81,999
Inventories, net	27,694	28,253
Prepaid expenses and other current assets	13,979	10,454
Total current assets	227,167	225,044
Property and equipment, net	114,245	116,228
Intangible assets, net	14,970	15,871
Goodwill	28,772	28,772
Operating lease right-of-use assets, net	38,616	40,118
Deferred tax asset, net	28,002	28,002
Other assets	6,709	5,990
Total assets	458,481	460,025
Current liabilities:
Current portion of term loan	5,489	5,486
Current portion of finance lease obligations	1,103	1,081
Current portion of operating lease obligations - related party	8,543	8,413
Current portion of operating lease obligations	4,675	4,731
Accounts payable	23,230	30,724
Accrued expenses and other current liabilities	39,759	30,074
Total current liabilities	82,799	80,509
Term loan, net of current portion	59,371	60,745
Finance lease obligations, net of current portion	1,604	1,888
Operating lease obligations, net of current portion - related party	11,052	11,954
Operating lease obligations, net of current portion	24,383	25,053
Other liabilities	1,242	1,213
Total liabilities	180,451	181,362
Commitments and contingencies (Note 14)
Stockholders' equity:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued
Common stock, $0.0001 par value; 400,000,000 shares authorized; 133,267,888 and 132,044,944 shares issued; 132,539,340 and 131,316,396 shares outstanding at March 31, 2024 and December 31, 2023, respectively.	13	13
Additional paid-in capital	321,088	319,621
Accumulated deficit	(43,071)	(40,971)
Total stockholders' equity	278,030	278,663
Total liabilities and stockholders' equity	$ 458,481	$ 460,025

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	133,267,888	132,044,944
Common stock, shares outstanding	132,539,340	131,316,396

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net revenue	$ 109,976	$ 107,642
Cost of goods sold	28,696	26,607
Gross profit	81,280	81,035
Operating expenses:
Selling, general and administrative	72,322	73,834
Research and development	12,810	11,202
Total operating expenses	85,132	85,036
Loss from operations	(3,852)	(4,001)
Other expense, net:
Interest expense, net	(514)	(649)
Other income, net	23	23
Total other expense, net	(491)	(626)
Net loss before income taxes	(4,343)	(4,627)
Income tax benefit	2,243	1,658
Net loss and comprehensive loss	$ (2,100)	$ (2,969)
Net loss, per share:
Basic	$ (0.02)	$ (0.02)
Diluted	$ (0.02)	$ (0.02)
Weighted-average common shares outstanding
Basic	131,861,772	131,083,841
Diluted	131,861,772	131,083,841

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect of Adoption	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Deficit Cumulative Effect of Adoption
Balance at Dec. 31, 2022	$ 265,669	$ (615)	$ 13	$ 310,957	$ (45,301)	$ (615)
Balance (in shares) at Dec. 31, 2022			130,919,129
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate201613Member
Vesting of RSUs, net of shares surrendered to pay taxes	$ (298)			(298)
Vesting of RSUs, net of shares surrendered to pay taxes (in shares)			307,258
Stock-based compensation expense	1,914			1,914
Net loss	(2,969)				(2,969)
Balance at Mar. 31, 2023	263,701		$ 13	312,573	(48,885)
Balance (in shares) at Mar. 31, 2023			131,226,387
Balance at Dec. 31, 2023	$ 278,663		$ 13	319,621	(40,971)
Balance (in shares) at Dec. 31, 2023	131,316,396		131,316,396
Exercise of stock options	$ 180			180
Exercise of stock options (in shares)			152,250
Vesting of RSUs, net of shares surrendered to pay taxes	(1,120)			(1,120)
Vesting of RSUs, net of shares surrendered to pay taxes (in shares)			1,070,694
Stock-based compensation expense	2,407			2,407
Net loss	(2,100)				(2,100)
Balance at Mar. 31, 2024	$ 278,030		$ 13	$ 321,088	$ (43,071)
Balance (in shares) at Mar. 31, 2024	132,539,340		132,539,340

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (2,100)	$ (2,969)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	3,072	2,694
Amortization of intangible assets	901	1,230
Reduction in the carrying value of right-of-use assets	2,203	1,939
Non-cash interest expense	105	107
Deferred interest expense	122	122
Provision recorded for credit losses	968	243
Loss on disposal of property and equipment	347	63
Adjustment for excess and obsolete inventories	2,515	1,407
Stock-based compensation	2,407	1,914
Changes in operating assets and liabilities:
Accounts receivable	(15,117)	(3,429)
Inventories	(4,670)	(2,163)
Prepaid expenses and other current assets and other assets	(4,315)	(4,774)
Operating leases	(2,199)	(2,122)
Accounts payable	(4,391)	(1,390)
Accrued expenses and other current liabilities	9,962	2,029
Other liabilities	28	22
Net cash used in operating activities	(10,162)	(5,077)
Cash flows from investing activities:
Purchases of property and equipment	(2,222)	(7,562)
Net cash used in investing activities	(2,222)	(7,562)
Cash flows from financing activities:
Payments of term loan under the 2021 Credit Agreement	(1,406)	(938)
Payments of withholding taxes in connection with RSUs vesting	(1,120)	(298)
Proceeds from the exercise of stock options	180	0
Principal repayments of finance lease obligations	(262)	0
Net cash used in financing activities	(2,608)	(1,236)
Change in cash, cash equivalents and restricted cash	(14,992)	(13,875)
Cash, cash equivalents, and restricted cash, beginning of period	104,338	103,290
Cash, cash equivalents, and restricted cash, end of period	89,346	89,415
Supplemental disclosure of cash flow information:
Cash paid for interest	1,375	1,271
Cash paid for income taxes	35	128
Supplemental disclosure of non-cash investing and financing activities:
Cumulative effect adjustment for adoption of ASU No. 2016-13 (Note 2)		615
Purchases of property and equipment included in accounts payable and accrued expenses	786	1,986
Right-of-use assets obtained through operating lease obligations	$ 701	$ 1,586

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,100)	$ (2,969)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Item 5. Other Information During the three months ended March 31, 2024 , no director or officer of the Company other than Antonio S. Montecalvo, the Company’s Vice President, Health Policy, adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-rule 10b5-1 trading arrangement,” as each term is defined in item 408(a) of Regulation S-K. On March 16, 2024, Mr. Montecalvo adopted a trading plan intended to satisfy Rule 10b5-1(c) to sell up to 32,733 shares of the Company’s Class A common stock and up to 250,000 shares of the Company’s Class A common stock issuable upon exercise of vested options between June 14, 2024 and March 14, 2025, subject to certain conditions.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
AntonioSMontecalvo
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	true
Aggregate Available	32,733
Upon Exercise of Vested Options | AntonioSMontecalvo
Trading Arrangements, by Individual
Aggregate Available	250,000

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	1. Nature of Business and Basis of Presentation Organogenesis Holdings Inc. (“ORGO” or the “Company”) is a leading regenerative medicine company focused on the development, manufacture, and commercialization of solutions for the Advanced Wound Care and Surgical & Sports Medicine markets. Several of the existing and pipeline products in the Company’s portfolio have Premarket Application (“PMA”) approval, or Premarket Notification 510(k) clearance from the United States Food and Drug Administration (“FDA”). The Company’s customers include hospitals, wound care centers, government facilities, ambulatory surgery centers (“ASCs”) and physician offices. The Company has one operating and reportable segment. Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with generally accepted accounting principles in the United States (“GAAP”), pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto, for the year ended December 31, 2023, included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 29, 2024 (the “Annual Report”). The results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 , any other interim periods, or any future years or periods.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies The Company’s significant accounting policies are described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2023, and the notes thereto, which are included in the Annual Report. There have been no material changes to the significant accounting policies previously disclosed in the Annual Report. These unaudited condensed consolidated financial statements include the accounts and results of operations of Organogenesis Holdings Inc. and its wholly-owned subsidiaries, Organogenesis Inc., Organogenesis GmbH (a Switzerland corporation) and Prime Merger Sub, LLC. All intercompany balances and transactions have been eliminated in consolidation. From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed below, the Company does not believe that the adoption of recently issued standards have had or may have a material impact on its condensed consolidated financial statements or disclosures. 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 at the date of the financial statements and the reported results of operations during the reporting periods. In preparing the condensed consolidated financial statements, the estimates and assumptions that management considers to be significant and that present the greatest amount of uncertainty include: revenue recognition; sales returns and credit losses; inventory reserve; recognition and measurement of current and deferred income tax assets and liabilities; the assessment of recoverability of long-lived assets; and the valuation and recognition of stock-based compensation. Actual results and outcomes may differ significantly from those estimates and assumptions. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents. The Company invests its cash equivalents in highly rated money market funds. Deposits may exceed federally insured limits, and the Company is exposed to credit risk on deposits in the event of default by the financial institutions to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). However, the Company sweeps cash daily overnight and diversifies among financial institutions to reduce such exposure. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities to disclose specific categories in the effective tax rate reconciliation, as well as additional information for reconciling items that exceed a quantitative threshold. ASU 2023-09 also requires all entities to disclose income taxes paid disaggregated by federal, state and foreign taxes, and further disaggregated for specific jurisdictions that exceed 5% of total income taxes paid, among other expanded disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09. Correction of Immaterial Classification Error Subsequent to the issuance of the consolidated financial statements as of and for the year ended December 31, 2023, the Company determined that as of December 31, 2023, it had incorrectly classified $ 5,273 of accrued but unpaid lease obligations as current portion of operating lease obligations instead of as current portion of operating lease obligations - related party. As a result, the Company also incorrectly classified $ 5,273 of operating lease obligations, net of current portion as operating lease obligations, net of current portion - related party. These misclassifications have been corrected in the accompanying condensed consolidated balance sheets and conform to the current period presentation of operating lease obligations. These reclassifications had no impact on reported results of operations, stockholders’ equity, cash flows, total current liabilities, or total liabilities.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	3. Revenue from Contracts with Customers The Company generates revenue through the sale of Advanced Wound Care and Surgical & Sports Medicine products. There is a single performance obligation in all of the Company’s contracts, which is the Company’s promise to transfer the Company’s products to customers based on specific payment and shipping terms in the arrangement. Product revenue is recognized when a customer obtains control of the Company’s products which occurs at a point in time and may be upon shipment, procedure date, or delivery, based on the terms of the contract. Revenue is recorded net of a reserve for returns, discounts and Group Purchasing Organization (“GPO”) rebates, which represent a direct reduction to the revenue recognized. These reductions are accrued at the time revenue is recognized, based upon historical experience and specific circumstances. For the three months ended March 31, 2024 and 2023, the Company recorded GPO fees of $ 1,394 and $ 1,424 , respectively, as a direct reduction of revenue. The following tables set forth revenue by product category: Three Months Ended March 31, 2024 2023 Advanced Wound Care $ 103,864 $ 100,917 Surgical & Sports Medicine 6,112 6,725 Total net revenue $ 109,976 $ 107,642 For all periods presented, net revenue generated outside the United States represented less than 1 % of total net revenue.

Accounts Receivable, Net

Accounts Receivable, Net	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Accounts Receivable, Net	4. Accounts Receivable, Net Accounts receiva ble consisted of the following: March 31, December 31, 2024 2023 Accounts receivable $ 103,623 $ 88,859 Less — allowance for credit losses ( 7,475 ) ( 6,860 ) $ 96,148 $ 81,999 The Company ’s allowance for credit losses is comprised of the following: Three Months Ended 2024 2023 Balance at beginning of period $ 6,860 $ 6,362 Cumulative effect of adopting ASU 2016-13 — 615 Additions (adjustments) 968 243 Write-offs ( 356 ) ( 299 ) Recoveries 3 — Balance at end of period $ 7,475 $ 6,921

Inventories

Inventories	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Inventories	5. Inventories Inventories, net of related reserves for excess and obsolescence, consisted of the following: March 31, December 31, 2024 2023 Raw materials $ 13,341 $ 12,988 Work in process 858 810 Finished goods 13,495 14,455 $ 27,694 $ 28,253 Raw materials include various components used in the Company’s manufacturing process. The Company’s excess and obsolete inventory review process includes analysis of sales forecasts and historical sales as compared to inventory level, and working with operations to maximize recovery of excess inventory. During the three months ended March 31, 2024 and 2023, the Company charged $ 2,515 and $ 1,407 , respectively, for inventory excess and obsolescence to cost of goods sold within the condensed consolidated statements of operations and comprehensive loss.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	6. Property and Equipment, Net Property and equipme nt consisted of the following: March 31, December 31, 2024 2023 Leasehold improvements $ 62,129 $ 60,819 Buildings 4,943 4,943 Furniture, computers and equipment 63,528 64,585 130,600 130,347 Accumulated depreciation ( 74,745 ) ( 73,186 ) Construction in progress 58,390 59,067 $ 114,245 $ 116,228 Depreciation expense was $ 3,072 and $ 2,694 for the three months ended March 31, 2024 and 2023, respectively. Construction in progress primarily represents the ongoing ERP system implementation and the unfinished construction work on a purchased building located on the Company’s Canton, Massachusetts campus and improvements at the Company’s leased facilities in Canton and Norwood, Massachusetts.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	7. Goodwill and Intangible Assets Goodwill was $ 28,772 as of March 31, 2024 and December 31, 2023 . There was no impairment of goodwill recorded during the three months ended March 31, 2024 and 2023. Intangible assets consisted of the following as of March 31, 2024: Original Accumulated Net Book Cost Amortization Value Developed technology $ 32,620 $ ( 25,226 ) $ 7,394 Customer relationships 10,690 ( 3,786 ) 6,904 Patent 7,623 ( 7,623 ) — Independent sales agency network 4,500 ( 4,500 ) — Trade names and trademarks 2,080 ( 1,627 ) 453 Non-compete agreements 1,010 ( 791 ) 219 Total $ 58,523 $ ( 43,553 ) $ 14,970 Intangible assets consisted of the following as of December 31, 2023: Original Accumulated Net Book Cost Amortization Value Developed technology $ 32,620 $ ( 24,666 ) $ 7,954 Customer relationship 10,690 ( 3,519 ) 7,171 Patent 7,623 ( 7,623 ) — Independent sales agency network 4,500 ( 4,500 ) — Trade names and trademarks 2,080 ( 1,590 ) 490 Non-compete agreements 1,010 ( 754 ) 256 Total $ 58,523 $ ( 42,652 ) $ 15,871 Amortization of intangible assets, calculated on a straight-line basis or using an accelerated method, was $ 901 and $ 1,230 for the three months ended March 31, 2024 and 2023, respectively. The weighted average remaining useful lives for developed technology, trade names and trademarks, customer relationship, and non-compete agreements are 4.2 years, 4.2 years, 6.5 years, and 1.5 years, respectively, as of March 31, 2024 .

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	8. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: March 31, December 31, 2024 2023 Personnel costs $ 24,078 $ 18,287 Royalties 6,582 3,075 Accrued but unpaid lease obligations and interest 2,448 2,326 Accrued milestone payment (Note 14) 2,500 2,500 Accrued option payment (Note 14) 2,500 — Accrued taxes 483 2,799 Other 1,168 1,087 $ 39,759 $ 30,074 The accrued but unpaid lease obligations and the interest accrual on these obligations are related to the buildings in Canton, Massachusetts. See Note 13, Leases

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring	9. Restructuring In order to reduce the Company’s cost structure and improve operating efficiency, the Company has consolidated its manufacturing operations in various locations into Massachusetts facilities. On February 3, 2023, the Company committed to a plan to restructure its workforce to increase productivity and enhance profitability. The reduction in force reduced the Company’s headcount by 71 employees, or approximately 7 % of all employees. The Company incurred a t otal charge of $ 1,817 in the three months ended March 31, 2023 in connection with the restructuring, primarily consisting of severance payments. It was substantially completed as of March 31, 2023. As a result of the restructuring activiti es, the Company incurred a total pre-tax charge of $ 1,908 during the three months ended March 31, 2023. These charges were included in selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss. The liability related to the restructuring activities was $ 280 and $ 904 a s of March 31, 2024 and December 31, 2023, respectively, and w as included in accrued expenses and other current liabilities in the condensed consolidated balance sheets. The following tables provide a roll-forward of the restructuring liabilities. Total Liability balance as of December 31, 2023 $ 904 Cash disbursements and other adjustments ( 624 ) Liability balance as of March 31, 2024 $ 280 Employee Other Total Liability balance as of December 31, 2022 $ 1,010 $ 182 $ 1,192 Expenses 1,817 91 1,908 Cash disbursements and other adjustments ( 1,740 ) ( 273 ) ( 2,013 ) Liability balance as of March 31, 2023 $ 1,087 $ — $ 1,087

Debt Obligations

Debt Obligations	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt Obligations	10. Debt Obligations Debt obligations consisted of the following: March 31, December 31, 2024 2023 Revolving Facility $ — $ — Term loan 65,156 66,563 Less debt discount and debt issuance cost ( 296 ) ( 332 ) Term loan, net of debt discount and debt issuance cost $ 64,860 $ 66,231 2021 Credit Agreement In August 2021, the Company, as borrower, its subsidiaries, as guarantors, and Silicon Valley Bank ( “SVB”), and the several other lenders thereto (collectively, the “Lenders”) entered into a credit agreement, as amended (the “2021 Credit Agreement”), providing for a term loan facility not to exceed $ 75,000 (the “Term Loan Facility”) and a revolving credit facility not to exceed $ 125,000 (the “Revolving Facility” and, together with the Term Loan Facility, the “Facilities”). The Company’s obligations to the Lenders are secured by substantially all of the Company’s assets, including intellectual property. Capitalized terms used herein and not otherwise defined are defined as set forth in the 2021 Credit Agreement. Advances made under the 2021 Credit Agreement may be either SOFR Loans or ABR Loans, at the Company’s option. For SOFR Loans, the interest rate is a per annum interest rate equal to the Adjusted Term SOFR plus an Applicable Margin between 2.00 % to 3.25 % based on the Total Net Leverage Ratio. For ABR Loans, the interest rate is equal to (1) the highest of (a) the Wall Street Journal Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) the Adjusted Term SOFR rate plus 1.0%, plus (2) an Applicable Margin between 1.00 % to 2.25 % based on the Total Net Leverage Ratio. On March 31, 2024 , the applicable interest rate for outstanding borrowings is 7.64 % . The 2021 Credit Agreement requires the Company to make consecutive quarterly installment payments equal to the following: (a) from September 30, 2021 through and including June 30, 2022, $ 469 ; (b) from September 30, 2022 through and including June 30, 2023, $ 938 ; (c) from September 30, 2023 through and including June 30, 2025, $ 1,406 and (d) from September 30, 2025 and the last day of each quarter thereafter until August 6, 2026 (the “Term Loan Maturity Date”), $ 1,875 . The remaining principal balance of $ 50,625 is also due on the Term Loan Maturity Date. The Company may prepay the Term Loan Facility. Once repaid, amounts borrowed under the Term Loan Facility may not be re-borrowed. The Company must pay in arrears, on the first day of each quarter prior to August 6, 2026 (the “Revolving Termination Date”) and on the Revolving Termination Date, a fee for the Company’s non-use of available funds (the “Commitment Fee”). The Commitment Fee rate is between 0.25 % to 0.45 % based on the Total Net Leverage Ratio. The Company may elect to reduce or terminate the Revolving Facility in its entirety at any time by repaying all outstanding principal and unpaid accrued interest. Under the 2021 Credit Agreement, the Company is required to comply with certain financial covenants including the Consolidated Fixed Charge Coverage Ratio and Consolidated Total Net Leverage Ratio, tested quarterly. In addition, the Company is also required to make representations and warranties and comply with certain non-financial covenants that are customary in loan agreements of this type, including restrictions on the payment of dividends, repurchase of stock, incurrence of indebtedness, dispositions and acquisitions. The C ompany recorded debt issuance costs and related fees of $ 604 in connection with entering into the Term Loan Facility, which are recorded as a reduction of the carrying value of the term loan on the accompanying condensed consolidated balance sheets. In connection with entering into the Revolving Facility, the Company recorded debt issuance costs and related fees of $ 1,223 , which are recorded as other assets. Both of these costs are being amortized to interest expense through the maturity date of the facilities. As of March 31, 2024 and December 31, 2023, the Company had outstanding borrowings of $ 65,156 an d $ 66,563 under the Term Loan Facility, respectively, and $ 0 under the Revolving Facility with $ 125,000 available for future revolving borrowings. The future payments due under the Term Loan Facility as of March 31, 2024, are as follows for the calendar years ending December 31: 2024 (remaining nine months) 4,218 2025 6,563 2026 54,375 Total $ 65,156

Stockholders' Equity and Stock-

Stockholders' Equity and Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stockholders' Equity and Stock-Based Compensation	11. Stockholders’ Equity and Stock-Based Compensation Common Stock As of March 31, 2024 , the issued shares of Class A common stock include 728,548 treasury shares that were reacquired in connection with the redemption of redeemable shares in March 2019. Stock Incentive Plans On November 28, 2018, the Board of Directors of the Company adopted, and on December 10, 2018 the Company’s stockholders approved, the Organogenesis 2018 Equity Incentive Plan (the “2018 Plan”). At the adoption of the 2018 Plan, a total of 9,198,996 shares of Class A common stock was authorized to be issued (subject to adjustment in the case of any stock dividend, stock split, reverse stock split, or similar change in capitalization of the Company). In June 2022, the 2018 Plan was amended to increase the number of shares of Class A common stock reserved for issuance by 7,826,970 shares. The Organogenesis 2003 Stock Incentive Plan (the “2003 Plan”), provided for the Company to issue restricted stock awards, or to grant incentive stock options or non-statutory stock options. Effective December 10, 2018, no additional awards may be made under the 2003 Plan. Stock-Based Compensation Expense Stock options awarded under the stock incentive plans expire 10 years after the grant date and typically vest over four or five years . Restricted stock units awarded typically vest over four years. Stock-based compensation expense was $ 2,407 and $ 1,914 for the three months ended March 31, 2024 and 2023, respectively. The total amount of stock-based compensation expense was included within selling, general and administrative expenses on the condensed consolidated statements of operations and comprehensive loss. Restricted Stock Units (RSUs) The Company granted 1,766,615 and 3,192,372 time-based restricted stock units to its employees, executives and members of the Board of Directors in the three months ended March 31, 2024 and 2023, respectively. Each restricted stock unit represents the contingent right to receive one share of the Company’s Class A common stock. A majority of the restricted stock units will vest in four equal annual installments. The fair value of the restricted stock units was based on the fair market value of the Company’s stock on the date of grant. The activity of restricted stock un its is set forth below: Number Weighted Average of RSUs Grant Date Fair Value Unvested at December 31, 2023 3,898,331 $ 3.54 Granted 1,766,615 3.43 Vested ( 1,376,737 ) 3.63 Canceled/forfeited ( 15,474 ) 5.52 Unvested at March 31, 2024 4,272,735 $ 3.46 As of March 31, 2024, the total unrecognized compensation cost related to unvested restricted stock units expected to vest was $ 10,968 and the weighted average remaining recognition period for unvested awards was 2.77 years. Stock Options The following table summarizes the Company’s stock option activity sin ce December 31, 2023: Weighted Average Weighted Remaining Average Contractual Aggregate Number of Exercise Term Intrinsic Options Price (in years) Value Outstanding as of December 31, 2023 9,340,046 $ 4.60 6.66 $ 10,267 Granted 2,640,601 3.43 — — Exercised ( 152,250 ) 1.18 — 254 Canceled/forfeited ( 21,738 ) 5.85 — 7 Outstanding as of March 31, 2024 11,806,659 $ 4.38 7.28 $ 3,359 Options exercisable as of March 31, 2024 5,258,648 $ 4.92 5.18 $ 2,487 Options vested or expected to vest as of March 31, 2024 10,457,197 $ 4.47 7.03 $ 3,169 The stock options granted during the three months ended March 31, 2024 and 2023 were 2,640,601 and 3,554,528 , respectively. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s Class A common stock for those stock options that have exercise prices lower than the fair value of the Company’s Class A common stock. The weighted-average grant-date fair value per share of stock options granted during the three months ended March 31, 2024 and 2023 was $ 1.89 and $ 1.32 , respectively. The total fair value of options vested during the three months ended March 31, 2024 and 2023 was $ 3,669 and $ 2,653 , respectively. As of March 31, 2024, the total unrecognized stock compensation expense related to unvested stock options expected to vest was $ 9,218 and was expected to be recognized over a weighted-average period of 2.84 years.

Earnings Per Share (EPS)

Earnings Per Share (EPS)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings per Share (EPS)	12 . Earnings per Share (EPS) Basic EPS is calculated by dividing net income (loss) by the weighted-average number of shares outstanding during the period. Diluted EPS is calculated by dividing net income (loss) by the weighted-average number of shares outstanding plus the dilutive effect, if any, of outstanding equity awards using the treasury stock method which includes consideration of unrecognized compensation expenses as additional proceeds. The Company’s potentially dilutive securities include restricted stock units and stock options to purchase shares of Class A common stock. As the Company had a net loss in the periods presented, the potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same for these periods. For the three months ended March 31, 2024 and 2023, the Company excluded 1,542,861 and 800,395 potential shares of Class A common stock, respectively, presented based on the diluted effects of options and restricted stock units outstanding at each period end, from the computation of diluted net loss per share attributable to the common stockholders for these periods. Basic and diluted net loss attributable to the Class A common stockholders was calculated as follows. Three Months Ended March 31, 2024 2023 Numerator: Net loss $ ( 2,100 ) $ ( 2,969 ) Denominator: Weighted-average common shares outstanding — basic and diluted 131,861,772 131,083,841 Net loss per share—basic and diluted $ ( 0.02 ) $ ( 0.02 )

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	13. Leases The Company’s leases consist primarily of real estate, equipment and vehicle leases. The Company leases real estate for office, lab, warehouse and production space under noncancelable leases that expire at various dates through 2035, subject to the Company’s options to terminate or renew certain leases for an additional five to ten years . The Company leases vehicles under operating leases for certain employees and has fleet services agreements for service on these vehicles. The minimum lease term for each newly leased vehicle is 367 days with renewal options. The Company may terminate the vehicle lease after the minimum lease term upon thirty days’ prior notice. The Company also leases other equipment under noncancelable leases that expire at various dates through 2026. On January 1, 2013, the Company entered into finance lease arrangements with 65 Dan Road SPE, LLC, 85 Dan Road Associates, LLC, Dan Road Equity I, LLC and 275 Dan Road SPE, LLC for office and laboratory space in Canton, Massachusetts (the “Related-Party Leases”). 65 Dan Road SPE, LLC, 85 Dan Road Associates, LLC, Dan Road Equity I, LLC and 275 Dan Road SPE, LLC are related parties as the owners of these entities are also directors, former directors and / or stockholders of the Company. In August 2021, the Company purchased the building (the “275 Dan Road Building”) under the lease with 275 Dan Road SPE, LLC for $ 6,013 and the lease was terminated. The Company recorded an asset of $ 4,943 to buildings within property and equipment, net, to account for the purchase of the leased asset. The remaining three Related-Party Leases were set to terminate on December 31, 2022 and each contained a renewal option for a five-year period with a rental rate at the greater of (i) rent for the last year of the prior term, or (ii) the then fair market value. In November 2021, the Company exercised the option to extend the leases for an additional five years, and at such time, remeasured the right of use assets and lease liabilities based on its best estimate of the market rental rate in the renewal period and reassessed the classification for these leases. As a result, these leases were reclassified from finance leases to operating leases on the consolidated balance sheets as of December 31, 2021. In December 2022, the Company and the landlord finalized the market rental rate in the renewal period for these properties, resulting in an additional $ 8,060 to be recorded as variable lease expenses over the renewal period. Effective April 1, 2019, the Company agreed to accrue interest on accrued but unpaid lease obligations owed for rent in arrears to the owners of the buildings subject to the Related-Party Leases, at an interest rate equal to the rate charged under the 2019 Credit Agreement. The remaining accrued but unpaid lease obligation with respect to the 275 Dan Road Building was paid in five quarterly installments through January 3, 2023, and accordingly at March 31, 2024 and December 31, 2023, there is no remaining balance or accrued interest associated with the 275 Dan Road Building. The accrued but unpaid lease obligations as well as the related accrued interest with respect to the remaining three Related-Party Leases are shown below: March 31, December 31, 2024 2023 Principal portion of rent in arrears $ 5,273 $ 5,273 Accrued interest on accrued but unpaid lease obligations $ 2,448 $ 2,326 The accrued but unpaid lease obligations owed for rent in arrears on the three remaining Related-Party Leases was included in current portion of operating lease obligations on the condensed consolidated balance sheets, as of March 31, 2024 and December 31, 2023. The accrued interest on the accrued but unpaid lease obligations was included in accrued expenses and other current liabilities on the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023. The components of lease co st were as follows: Classification Three Months Ended March 31, 2024 2023 Finance lease Amortization of right-of-use assets COGS and SG&A $ 288 $ — Interest on lease liabilities Interest Expense 57 — Total finance lease cost 345 — Operating lease cost COGS, R&D, SG&A 2,203 2,291 Short-term lease cost COGS, R&D, SG&A 661 758 Variable lease cost COGS, R&D, SG&A 1,126 1,794 Total lease cost $ 4,335 $ 4,843 Supplemental balance sheet information related to finance l eases was as follows: March 31, 2024 December 31, 2023 Property and equipment, gross $ 3,454 $ 3,454 Accumulated depreciation ( 767 ) ( 479 ) Property and equipment, net $ 2,687 $ 2,975 Supplemental cash flow information related t o leases was as follows: Three Months Ended March 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,715 $ 2,468 Operating cash flows for finance leases $ 57 $ — Financing cash flows for finance leases $ 262 $ — March 31, 2024 December 31, 2023 Weighted-average remaining lease term Finance leases 2.33 2.58 Operating leases 6.31 6.49 March 31, 2024 December 31, 2023 Weighted-average discount rate Finance leases 7.91 % 7.91 % Operating leases 4.75 % 4.71 % As of March 31, 2024, maturities of lease liabilities were as follows: Operating leases Finance leases 2024 (remaining nine months) $ 7,580 $ 959 2025 8,819 1,278 2026 7,657 737 2027 8,119 — 2028 3,580 — Thereafter 15,108 — Total lease payments 50,863 2,974 Less: interest ( 7,483 ) ( 267 ) Total lease liabilities $ 43,380 $ 2,707

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. Commitments and Contingencies License and Manufacturing Agreement In November 2023, the Company entered into a trademark license and manufacturing agreement with Vivex Biologics, Inc. (“Vivex”) to sell its CYGNUS Dual (“Dual”) and CYGNUS Matrix (“Matrix") products, with the option to license the VIA Matrix (“VIA”) products. The Company paid an upfront licensing fee to Vivex to sell Dual and Matrix, and also agreed to pay a fixed milestone payment for Dual in the event that its average sales price (“ASP”) is published by certain government agencies for a specified period of time. In addition, the Company is required to pay a low double digit royalty and a high single-digit royalty on the Net Sales of Dual and Matrix, respectively, during the royalty term, as defined in the agreement with Vivex. The royalty term is commensurate with the initial term of the contract and will continue for each subsequent renewal period. The initial term of the agreement expires on December 31, 2026 and can be renewed for up to five additional one-year terms. The Company recorded $ 5,000 in prepaid and other current assets and other assets for the payment of the upfront licensing fee, which is recognized as expense on a straight-line basis over the estimated life of the arrangement, which the Company determined to be three years , commensurate with the initial term of the contract. In December 2023, the Company recorded $ 2,500 in prepaid and other current assets, other assets, and accrued expenses and other current liabilities for the milestone payment, as the Company determined it is probable of owing such payment to Vivex. In March 2024, the Company exercised the option to license VIA, and as such, as of March 31, 2024, the option payment of $ 2,500 is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets. Royalties The Company entered into a license agreement with a university for certain patent rights related to the development, use, and production of one of its advanced wound care products. Under this agreement, the Company incurred a royalty based on a percentage of net product sales, for the use of these patents until the patents expired, which was in November 2006. In October 2017, the Company entered into a license agreement with a third party. Under the license agreement, the Company is required to pay royalties based on a percentage of net sales of the licensed product that occur, after December 31, 2017, through the expiration of the underlying patent in October 2026, subject to minimum royalty payment provisions. The Company recorded total royalty expense of $ 4,947 and $ 1,440 during the three months ended March 31, 2024 and 2023, respectively, within selling, general and administrative expenses on the condensed consolidated statements of operations and comprehensive loss. Legal Matters In conducting its activities, the Company, from time to time, is subject to various claims and also has claims against others. In management’s opinion, the ultimate resolution of such claims would not have a material effect on the financial position, operating results or cash flows of the Company. The Company accrues for these claims when amounts due are probable and estimable.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	15. Related Party Transactions Lease obligations to affiliates, including accrued but unpaid lease obligations, purchase of an asset under a finance lease with an affiliate, and renewal of leases with affiliates are further described in Note 13, Leases .

Taxes

Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Taxes	16. Taxes The Company is principally subject to taxation in the United States. The Company has a history of net operating losses both federally and in various states and began utilizing those losses to offset current taxable income in 2020. As net operating loss carryovers become limited or are fully utilized, the Company will accrue current federal and state income tax expense. The Company’s wholly owned Swiss subsidiary, Organogenesis GmbH, is subject to taxation in Switzerland and has a transfer pricing arrangement in place with Organogenesis Inc., its U.S. parent. The income tax rate for the three months ended March 31, 2024 was 51.1 %, an increase from the U.S. statutory rate of 21 % primarily due to the tax adjustments related to executive compensation, and other nondeductible expenses. The income tax benefit for the three months ended March 31, 2024 and 2023 was $ 2,243 and $ 1,658 , respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
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 at the date of the financial statements and the reported results of operations during the reporting periods. In preparing the condensed consolidated financial statements, the estimates and assumptions that management considers to be significant and that present the greatest amount of uncertainty include: revenue recognition; sales returns and credit losses; inventory reserve; recognition and measurement of current and deferred income tax assets and liabilities; the assessment of recoverability of long-lived assets; and the valuation and recognition of stock-based compensation. Actual results and outcomes may differ significantly from those estimates and assumptions.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents. The Company invests its cash equivalents in highly rated money market funds. Deposits may exceed federally insured limits, and the Company is exposed to credit risk on deposits in the event of default by the financial institutions to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation (“FDIC”). However, the Company sweeps cash daily overnight and diversifies among financial institutions to reduce such exposure.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires public entities to disclose specific categories in the effective tax rate reconciliation, as well as additional information for reconciling items that exceed a quantitative threshold. ASU 2023-09 also requires all entities to disclose income taxes paid disaggregated by federal, state and foreign taxes, and further disaggregated for specific jurisdictions that exceed 5% of total income taxes paid, among other expanded disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.
Correction of Classification Error	Correction of Immaterial Classification Error Subsequent to the issuance of the consolidated financial statements as of and for the year ended December 31, 2023, the Company determined that as of December 31, 2023, it had incorrectly classified $ 5,273 of accrued but unpaid lease obligations as current portion of operating lease obligations instead of as current portion of operating lease obligations - related party. As a result, the Company also incorrectly classified $ 5,273 of operating lease obligations, net of current portion as operating lease obligations, net of current portion - related party. These misclassifications have been corrected in the accompanying condensed consolidated balance sheets and conform to the current period presentation of operating lease obligations. These reclassifications had no impact on reported results of operations, stockholders’ equity, cash flows, total current liabilities, or total liabilities.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue by Product Category	The following tables set forth revenue by product category: Three Months Ended March 31, 2024 2023 Advanced Wound Care $ 103,864 $ 100,917 Surgical & Sports Medicine 6,112 6,725 Total net revenue $ 109,976 $ 107,642

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receiva ble consisted of the following: March 31, December 31, 2024 2023 Accounts receivable $ 103,623 $ 88,859 Less — allowance for credit losses ( 7,475 ) ( 6,860 ) $ 96,148 $ 81,999
Summary of Allowance for Credit Losses	The Company ’s allowance for credit losses is comprised of the following: Three Months Ended 2024 2023 Balance at beginning of period $ 6,860 $ 6,362 Cumulative effect of adopting ASU 2016-13 — 615 Additions (adjustments) 968 243 Write-offs ( 356 ) ( 299 ) Recoveries 3 — Balance at end of period $ 7,475 $ 6,921

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories, net of related reserves for excess and obsolescence, consisted of the following: March 31, December 31, 2024 2023 Raw materials $ 13,341 $ 12,988 Work in process 858 810 Finished goods 13,495 14,455 $ 27,694 $ 28,253

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and equipme nt consisted of the following: March 31, December 31, 2024 2023 Leasehold improvements $ 62,129 $ 60,819 Buildings 4,943 4,943 Furniture, computers and equipment 63,528 64,585 130,600 130,347 Accumulated depreciation ( 74,745 ) ( 73,186 ) Construction in progress 58,390 59,067 $ 114,245 $ 116,228

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets consisted of the following as of March 31, 2024: Original Accumulated Net Book Cost Amortization Value Developed technology $ 32,620 $ ( 25,226 ) $ 7,394 Customer relationships 10,690 ( 3,786 ) 6,904 Patent 7,623 ( 7,623 ) — Independent sales agency network 4,500 ( 4,500 ) — Trade names and trademarks 2,080 ( 1,627 ) 453 Non-compete agreements 1,010 ( 791 ) 219 Total $ 58,523 $ ( 43,553 ) $ 14,970 Intangible assets consisted of the following as of December 31, 2023: Original Accumulated Net Book Cost Amortization Value Developed technology $ 32,620 $ ( 24,666 ) $ 7,954 Customer relationship 10,690 ( 3,519 ) 7,171 Patent 7,623 ( 7,623 ) — Independent sales agency network 4,500 ( 4,500 ) — Trade names and trademarks 2,080 ( 1,590 ) 490 Non-compete agreements 1,010 ( 754 ) 256 Total $ 58,523 $ ( 42,652 ) $ 15,871

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accrued expenses and other current liabilities consisted of the following: March 31, December 31, 2024 2023 Personnel costs $ 24,078 $ 18,287 Royalties 6,582 3,075 Accrued but unpaid lease obligations and interest 2,448 2,326 Accrued milestone payment (Note 14) 2,500 2,500 Accrued option payment (Note 14) 2,500 — Accrued taxes 483 2,799 Other 1,168 1,087 $ 39,759 $ 30,074

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Summary of liability related to the restructuring activities	The following tables provide a roll-forward of the restructuring liabilities. Total Liability balance as of December 31, 2023 $ 904 Cash disbursements and other adjustments ( 624 ) Liability balance as of March 31, 2024 $ 280 Employee Other Total Liability balance as of December 31, 2022 $ 1,010 $ 182 $ 1,192 Expenses 1,817 91 1,908 Cash disbursements and other adjustments ( 1,740 ) ( 273 ) ( 2,013 ) Liability balance as of March 31, 2023 $ 1,087 $ — $ 1,087

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of debt obligations	Debt obligations consisted of the following: March 31, December 31, 2024 2023 Revolving Facility $ — $ — Term loan 65,156 66,563 Less debt discount and debt issuance cost ( 296 ) ( 332 ) Term loan, net of debt discount and debt issuance cost $ 64,860 $ 66,231
Schedule of future payments of term loan facility	payments due under the Term Loan Facility as of March 31, 2024, are as follows for the calendar years ending December 31: 2024 (remaining nine months) 4,218 2025 6,563 2026 54,375 Total $ 65,156

Stockholders' Equity and Stoc_2

Stockholders' Equity and Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Summary of Unvested Restricted Stock Units	The activity of restricted stock un its is set forth below: Number Weighted Average of RSUs Grant Date Fair Value Unvested at December 31, 2023 3,898,331 $ 3.54 Granted 1,766,615 3.43 Vested ( 1,376,737 ) 3.63 Canceled/forfeited ( 15,474 ) 5.52 Unvested at March 31, 2024 4,272,735 $ 3.46
Summary of Stock Option Activity	The following table summarizes the Company’s stock option activity sin ce December 31, 2023: Weighted Average Weighted Remaining Average Contractual Aggregate Number of Exercise Term Intrinsic Options Price (in years) Value Outstanding as of December 31, 2023 9,340,046 $ 4.60 6.66 $ 10,267 Granted 2,640,601 3.43 — — Exercised ( 152,250 ) 1.18 — 254 Canceled/forfeited ( 21,738 ) 5.85 — 7 Outstanding as of March 31, 2024 11,806,659 $ 4.38 7.28 $ 3,359 Options exercisable as of March 31, 2024 5,258,648 $ 4.92 5.18 $ 2,487 Options vested or expected to vest as of March 31, 2024 10,457,197 $ 4.47 7.03 $ 3,169

Earnings Per Share (EPS) (Table

Earnings Per Share (EPS) (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Basic and diluted net loss attributable to the Class A common stockholders was calculated as follows. Three Months Ended March 31, 2024 2023 Numerator: Net loss $ ( 2,100 ) $ ( 2,969 ) Denominator: Weighted-average common shares outstanding — basic and diluted 131,861,772 131,083,841 Net loss per share—basic and diluted $ ( 0.02 ) $ ( 0.02 )

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Accrued But Unpaid Lease Obligations	March 31, December 31, 2024 2023 Principal portion of rent in arrears $ 5,273 $ 5,273 Accrued interest on accrued but unpaid lease obligations $ 2,448 $ 2,326
Schedule of Lease Cost	The components of lease co st were as follows: Classification Three Months Ended March 31, 2024 2023 Finance lease Amortization of right-of-use assets COGS and SG&A $ 288 $ — Interest on lease liabilities Interest Expense 57 — Total finance lease cost 345 — Operating lease cost COGS, R&D, SG&A 2,203 2,291 Short-term lease cost COGS, R&D, SG&A 661 758 Variable lease cost COGS, R&D, SG&A 1,126 1,794 Total lease cost $ 4,335 $ 4,843
Summary of Balance Sheet Information Related To Finance Leases	Supplemental balance sheet information related to finance l eases was as follows: March 31, 2024 December 31, 2023 Property and equipment, gross $ 3,454 $ 3,454 Accumulated depreciation ( 767 ) ( 479 ) Property and equipment, net $ 2,687 $ 2,975
Summary of Cash Flow Information Related To Leases	Supplemental cash flow information related t o leases was as follows: Three Months Ended March 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 2,715 $ 2,468 Operating cash flows for finance leases $ 57 $ — Financing cash flows for finance leases $ 262 $ — March 31, 2024 December 31, 2023 Weighted-average remaining lease term Finance leases 2.33 2.58 Operating leases 6.31 6.49 March 31, 2024 December 31, 2023 Weighted-average discount rate Finance leases 7.91 % 7.91 % Operating leases 4.75 % 4.71 %
Summary of Maturities of Lease Liabilities	As of March 31, 2024, maturities of lease liabilities were as follows: Operating leases Finance leases 2024 (remaining nine months) $ 7,580 $ 959 2025 8,819 1,278 2026 7,657 737 2027 8,119 — 2028 3,580 — Thereafter 15,108 — Total lease payments 50,863 2,974 Less: interest ( 7,483 ) ( 267 ) Total lease liabilities $ 43,380 $ 2,707

Nature of Business and Basis _2

Nature of Business and Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 Segments
Nature of Business and Basis of Presentation [Line Items]
Number of Reportable Segments	1
Number of Operating Segments	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Significant Accounting Policies [Line Items]
Total accrued but unpaid lease obligations	$ 5,273

Revenue from Contracts with C_3

Revenue from Contracts with Customers- Schedule of Revenue by Product Category (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Total net revenue	$ 109,976	$ 107,642
Advanced Wound Care
Total net revenue	103,864	100,917
Surgical & Sports Medicine
Total net revenue	$ 6,112	$ 6,725

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Significant Accounting Policies [Line Items]
Group purchase organization rebate	$ 1,394	$ 1,424
Sales Revenue | Geographic Concentration Risk | International
Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	1%

Accounts Receivable, Net - Summ

Accounts Receivable, Net - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Accounts receivable	$ 103,623	$ 88,859
Less - allowance for credit losses	(7,475)	(6,860)
Accounts receivable	$ 96,148	$ 81,999

Accounts Receivable, Net - Su_2

Accounts Receivable, Net - Summary of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Balance at beginning of period	$ 6,860	$ 6,362
Additions (adjustments)	968	243
Write-offs	(356)	(299)
Recoveries	3
Balance at end of period	$ 7,475	6,921
Cumulative Effect of Adoption
Balance at end of period		$ 615

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Raw materials	$ 13,341	$ 12,988
Work in process	858	810
Finished goods	13,495	14,455
Inventory	$ 27,694	$ 28,253

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Inventory reserve and obsolescence charged to cost of goods	$ 2,515	$ 1,407

Property and Equipment, Net (De

Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property and equipment, gross	$ 130,600	$ 130,347
Accumulated depreciation	(74,745)	(73,186)
Property and Equipment, Net, Total	114,245	116,228
Leasehold improvements
Property and equipment, gross	62,129	60,819
Buildings
Property and equipment, gross	4,943	4,943
Furniture, computers and equipment
Property and equipment, gross	63,528	64,585
Construction in progress
Property and Equipment, Net, Total	$ 58,390	$ 59,067

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Depreciation expense	$ 3,072	$ 2,694

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Intangible assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Original Cost	$ 58,523	$ 58,523
Accumulated Amortization	(43,553)	(42,652)
Net Book Value	14,970	15,871
Developed Technology
Original Cost	32,620	32,620
Accumulated Amortization	(25,226)	(24,666)
Net Book Value	7,394	7,954
Customer Relationships
Original Cost	10,690	10,690
Accumulated Amortization	(3,786)	(3,519)
Net Book Value	6,904	7,171
Patent
Original Cost	7,623	7,623
Accumulated Amortization	(7,623)	(7,623)
Net Book Value	0
Independent sales agency network
Original Cost	4,500	4,500
Accumulated Amortization	(4,500)	(4,500)
Net Book Value	0
Trade Names and Trademarks
Original Cost	2,080	2,080
Accumulated Amortization	(1,627)	(1,590)
Net Book Value	453	490
Non-compete agreements
Original Cost	1,010	1,010
Accumulated Amortization	(791)	(754)
Net Book Value	$ 219	$ 256

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill	$ 28,772,000		$ 28,772,000
Amortization of Intangible Assets	901,000	$ 1,230,000
Impairment of goodwill	$ 0	$ 0
Developed Technology
Weighted average remaining useful life	4 years 2 months 12 days
Trade Names and Trademarks
Weighted average remaining useful life	4 years 2 months 12 days
Customer Relationships
Weighted average remaining useful life	6 years 6 months
Non-compete agreements
Weighted average remaining useful life	1 year 6 months

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Personnel costs	$ 24,078	$ 18,287
Royalties	6,582	3,075
Accrued but unpaid lease obligations and interest	2,448	2,326
Accrued milestone payment (Note 14)	2,500	2,500
Accrued option payment (Note 14)	2,500
Accrued taxes	483	2,799
Other	1,168	1,087
Total Accrued Expenses and Other Current Liabilities	$ 39,759	$ 30,074

Restructuring - Additional Info

Restructuring - Additional Information (Detail) $ in Thousands		3 Months Ended
	Feb. 03, 2023 Employees	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of reduction in employees | Employees	71
Percentage of reduction in employees	7%
Severance payments		$ 1,817
Restructuring Charges		1,908
Restructuring Reserve Current			$ 280	$ 904
Employee Cost
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		1,817
Facility and Other
Restructuring Cost and Reserve [Line Items]
Restructuring Charges		$ 91

Restructuring - Summary of liab

Restructuring - Summary of liability related to the restructuring activities (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Liability balance as of beginning	$ 904	$ 1,192
Expenses		1,908
Cash disbursements and other adjustments	(624)	(2,013)
Liability balance as of ending	$ 280	1,087
Employee
Restructuring Cost and Reserve [Line Items]
Liability balance as of beginning		1,010
Expenses		1,817
Cash disbursements and other adjustments		(1,740)
Liability balance as of ending		1,087
Other
Restructuring Cost and Reserve [Line Items]
Liability balance as of beginning		182
Expenses		91
Cash disbursements and other adjustments		(273)
Liability balance as of ending		$ 0

Debt Obligations (Detail)

Debt Obligations (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Term loan	$ 65,156	$ 66,563
Less debt discount and debt issuance cost	(296)	(332)
Term loan, net of debt discount and debt issuance cost	$ 64,860	$ 66,231

Debt Obligations - Additional I

Debt Obligations - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Aug. 06, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Secured debt		$ 65,156		$ 66,563
Term payment		$ 1,406	$ 938
2021 Credit Agreement
Financial covenants	Under the 2021 Credit Agreement, the Company is required to comply with certain financial covenants including the Consolidated Fixed Charge Coverage Ratio and Consolidated Total Net Leverage Ratio, tested quarterly. In addition, the Company is also required to make representations and warranties and comply with certain non-financial covenants that are customary in loan agreements of this type, including restrictions on the payment of dividends, repurchase of stock, incurrence of indebtedness, dispositions and acquisitions.
Debt Instrument, Description of Variable Rate Basis	For SOFR Loans, the interest rate is a per annum interest rate equal to the Adjusted Term SOFR plus an Applicable Margin between 2.00% to 3.25% based on the Total Net Leverage Ratio. For ABR Loans, the interest rate is equal to (1) the highest of (a) the Wall Street Journal Prime Rate, (b) the Federal Funds Rate plus 0.50% and (c) the Adjusted Term SOFR rate plus 1.0%, plus (2) an Applicable Margin between 1.00% to 2.25% based on the Total Net Leverage Ratio. On March 31, 2024, the applicable interest rate for outstanding borrowings is 7.64%.
Applicable interest rate for outstanding borrowings		7.64%
2021 Credit Agreement | Maximum [Member] | SOFR Loans [Member] | Applicable Margin [Member]
'Debt instrument interest and applicable margin rate percentage	3.25%
2021 Credit Agreement | Maximum [Member] | ABR Loans [Member] | Applicable Margin [Member]
'Debt instrument interest and applicable margin rate percentage	2.25%
2021 Credit Agreement | Minimum [Member] | SOFR Loans [Member] | Applicable Margin [Member]
'Debt instrument interest and applicable margin rate percentage	2%
2021 Credit Agreement | Minimum [Member] | ABR Loans [Member] | Applicable Margin [Member]
'Debt instrument interest and applicable margin rate percentage	1%
Term Loan [Member] | 2021 Credit Agreement
Secured debt		$ 65,156		$ 66,563
Debt Issuance Costs, Net	$ 604
Debt instrument face amount	75,000
Term Loan [Member] | 2021 Credit Agreement | September 30, 2021 through and including June 30, 2022
Debt instrument quarterly installment payment to original principal amount	469
Term Loan [Member] | 2021 Credit Agreement | September 30, 2022 through and including June 30, 2023
Debt instrument quarterly installment payment to original principal amount	938
Term Loan [Member] | 2021 Credit Agreement | September 30, 2023 through and including June 30, 2025
Debt instrument quarterly installment payment to original principal amount	1,406
Term Loan [Member] | 2021 Credit Agreement | September 30, 2025 and the last day of each quarter thereafter until August 6, 2026
Debt instrument quarterly installment payment to original principal amount	1,875
Term Loan [Member] | 2021 Credit Agreement | Due on Term Loan Maturity Date
Remaining principal balance		50,625
Revolving Credit Facility [Member] | 2021 Credit Agreement
Line of credit		0
Maximum borrowing capacity	125,000	$ 125,000
Debt Issuance Costs, Net	$ 1,223
Revolving Credit Facility [Member] | 2021 Credit Agreement | Maximum [Member]
Line of credit facility unused capacity commitment fee percentage	0.45%
Revolving Credit Facility [Member] | 2021 Credit Agreement | Minimum [Member]
Line of credit facility unused capacity commitment fee percentage	0.25%

Debt Obligations - Future payme

Debt Obligations - Future payments of term loan (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
2024 (remaining nine months)	$ 4,218
2025	6,563
2026	54,375
Total	$ 65,156

Stockholders' Equity and Stoc_3

Stockholders' Equity and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 24, 2019	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2022	Dec. 31, 2018
Options granted		2,640,601	3,554,528
Restricted Stock Units [Member]
Unrecognized stock compensation expense		$ 10,968
Share-based compensation expected to be recognized over a weighted-average period		2 years 9 months 7 days
RSU granted during the period		1,766,615	3,192,372
Option
Fair value of option vested		$ 3,669	$ 2,653
Unrecognized stock compensation expense		$ 9,218
Share-based compensation expected to be recognized over a weighted-average period		2 years 10 months 2 days
Weighted average grant-date fair value		$ 1.89	$ 1.32
Selling, General and Administrative Expenses
Stock-based compensation expense		$ 2,407	$ 1,914
2003 and 2018 Stock Incentive Plan | Maximum
Stock option granted vesting period		5 years
2003 and 2018 Stock Incentive Plan | Minimum
Stock option granted vesting period		4 years
2003 and 2018 Stock Incentive Plan | Option
Stock option expiration period		10 years
Common Class A
Company issued acquisition of shares	728,548
Common Class A | 2018 Stock Incentive Plan
Common stock awards authorized				7,826,970	9,198,996

Stockholders' Equity and Stoc_4

Stockholders' Equity and Stock-Based Compensation - Summary of Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at December 31, 2023	3,898,331
Unvested Granted	1,766,615	3,192,372
Unvested Vested	(1,376,737)
Unvested Canceled/forfeited	(15,474)
Unvested at March 31, 2024	4,272,735
Unvested at December 31, 2023	$ 3.54
Unvested Granted	3.43
Unvested Vested	3.63
Unvested Canceled/forfeited	5.52
Unvested at March 31, 2024	$ 3.46

Stockholders' Equity and Stoc_5

Stockholders' Equity and Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Number of Options Outstanding	9,340,046
Number of Options Granted	2,640,601	3,554,528
Number of Options Exercised	(152,250)
Number of Options Canceled / forfeited	(21,738)
Number of Options Outstanding	11,806,659		9,340,046
Number of Options Options Exercisable	5,258,648
Number of Options Options vested or expected to vest	10,457,197
Weighted Average Exercise Price Outstanding	$ 4.6
Weighted Average Exercise Price Granted	3.43
Weighted Average Exercise Price Exercised	1.18
Weighted Average Exercise Price Cancelled / forfeited	5.85
Weighted Average Exercise Price Outstanding	4.38		$ 4.6
Weighted Average Exercise Price Options Exercisable	4.92
Weighted Average Exercise Price Options Vested or Expected to Vest	$ 4.47
Weighted Average Remaining Contractual Term (in years) Outstanding	7 years 3 months 10 days		6 years 7 months 28 days
Weighted Average Remaining Contractual Term (in years) Options Exercisable	5 years 2 months 4 days
Weighted Average Remaining Contractual Term (in years) Options Vested or Expected to Vest	7 years 10 days
Aggregate Intrinsic Value Outstanding	$ 10,267
Aggregate Intrinsic Value Exercised	254
Aggregate Intrinsic Value Options Canceled / forfeited	7
Aggregate Intrinsic Value Outstanding	3,359		$ 10,267
Aggregate Intrinsic Value Options Exercisable	2,487
Aggregate Intrinsic Value Options Vested or Expected to Vest	$ 3,169

Earnings Per Share (EPS) -Basic

Earnings Per Share (EPS) -Basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings per Share [Line Items}
Net Income	$ (2,100)	$ (2,969)
Weighted average common shares outstanding —basic	131,861,772	131,083,841
Weighted-average common shares outstanding—diluted	131,861,772	131,083,841
Earnings per share-basic	$ (0.02)	$ (0.02)
Earnings per share-diluted	$ (0.02)	$ (0.02)

Earnings Per Share (EPS) - Addi

Earnings Per Share (EPS) - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the diluted EPS	1,542,861	800,395

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended		60 Months Ended
	Aug. 11, 2021	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2027	Dec. 31, 2023	Aug. 31, 2021
Right-of-use asset		$ 38,616			$ 40,118
Variable lease expenses		$ 1,126	$ 1,794
Property Plant And Equipment
Right-of-use asset						$ 4,943
275 Dan Road SPE LLC [Member]
Purchase of building under the lease amount	$ 6,013
Dan Road Leases [Member] | Scenario Forecast [Member]
Variable lease expenses				$ 8,060
Fleet Lease
Lessee, operating lease, term of contract		367 days
Maximum
Lessee, operating lease, renewal term		10 years
Minimum
Lessee, operating lease, renewal term		5 years

Leases - Schedule of Accrued bu

Leases - Schedule of Accrued but Unpaid Lease Obligations (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Accrued But Unpaid Lease Obligations [Line Items]
Total accrued but unpaid lease obligations		$ 5,273
Accrued interest on accrued but unpaid lease obligations	$ 2,448	2,326
Principal [Member]
Schedule Of Accrued But Unpaid Lease Obligations [Line Items]
Total accrued but unpaid lease obligations	$ 5,273	$ 5,273

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Finance lease Amortization of right-of-use assets	$ 288	$ 0
Finance lease Interest on lease liabilities	57	0
Total finance lease cost	345	0
Operating lease cost	2,203	2,291
Short-term lease cost	661	758
Variable lease cost	1,126	1,794
Total lease cost	$ 4,335	$ 4,843

Leases - Summary of Balance She

Leases - Summary of Balance Sheet Information Related To Finance Leases (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Lessee Disclosure [Abstract]
Property and equipment, gross	$ 3,454	$ 3,454
Accumulated depreciation	(767)	(479)
Property and equipment, net	2,687	$ 2,975
Finance lease obligations	$ (2,707)
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net

Leases - Summary of Cash Flow I

Leases - Summary of Cash Flow Information Related To Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 2,715	$ 2,468
Operating cash flows for finance leases	57	0
Financing cash flows for finance leases	$ 262	$ 0
Weighted-average remaining lease term
Finance leases	2 years 3 months 29 days		2 years 6 months 29 days
Operating leases	6 years 3 months 21 days		6 years 5 months 26 days
Weighted-average discount rate
Finance leases	7.91%		7.91%
Operating leases	4.75%		4.71%

Leases - Summary of Maturities

Leases - Summary of Maturities of Lease Liabilities (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Lessee Disclosure [Abstract]
2024 (remaining nine months), Operating leases	$ 7,580
2025, Operating leases	8,819
2026, Operating leases	7,657
2027, Operating leases	8,119
2028, Operating leases	3,580
Thereafter, Operating leases	15,108
Total lease payments	50,863
Less: interest	(7,483)
Total lease liabilities	43,380
2024 (remaining nine months), Finance leases	959
2025, Finance leases	1,278
2026, Finance leases	737
2027, Finance leases	0
Total lease payments	2,974
Less: interest	(267)
Total lease liabilities	$ 2,707

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Dec. 31, 2023	Nov. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
License Agreement Resorba | Selling, General and Administrative Expenses
Royalty Expense			$ 4,947	$ 1,440
Vivex Biologics Inc Member
Agreement Renewal Term		1 year
Initial term of agreement expiration date		Dec. 31, 2026
Payment of upfront license fee		$ 5,000
Straightline basis over the estimated life period		3 years
Option payment			$ 2,500
Milestone payment	$ 2,500
Vivex Biologics Inc Member | Maximum
Agreement Renewal Term		5 years

Taxes - Additional Information

Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent, Total	51.10%
Federal corporate income tax rate	21%
Income tax benefit	$ 2,243	$ 1,658