Organogenesis (ORGO) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 05, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		132,576,502
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	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 94,340	$ 103,840
Restricted cash	586	498
Accounts receivable, net	101,272	81,999
Inventories, net	27,036	28,253
Prepaid expenses and other current assets	15,275	10,454
Total current assets	238,509	225,044
Property and equipment, net	89,868	116,228
Intangible assets, net	13,302	15,871
Goodwill	28,772	28,772
Operating lease right-of-use assets, net	34,943	40,118
Deferred tax asset, net	35,889	28,002
Other assets	5,013	5,990
Total assets	446,296	460,025
Current liabilities:
Current portion of term loan	5,964	5,486
Current portion of finance lease obligations	1,147	1,081
Current portion of operating lease obligations - related party	6,172	8,413
Current portion of operating lease obligations	3,926	4,731
Accounts payable	23,971	30,724
Accrued expenses and other current liabilities	36,101	30,074
Total current liabilities	77,281	80,509
Term loan, net of current portion	56,153	60,745
Finance lease obligations, net of current portion	1,019	1,888
Operating lease obligations, net of current portion - related party	9,217	11,954
Operating lease obligations, net of current portion	22,785	25,053
Other liabilities	1,294	1,213
Total liabilities	167,749	181,362
Commitments and contingencies (Note 15)
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; 133,305,050 and 132,044,944 shares issued; 132,576,502 and 131,316,396 shares outstanding at September 30, 2024 and December 31, 2023, respectively	13	13
Additional paid-in capital	326,317	319,621
Accumulated deficit	(47,783)	(40,971)
Total stockholders' equity	278,547	278,663
Total liabilities and stockholders' equity	$ 446,296	$ 460,025

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 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	133,305,050	132,044,944
Common stock, shares outstanding	132,576,502	131,316,396

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net revenue	$ 115,177	$ 108,531	$ 355,387	$ 333,489
Cost of goods sold	26,796	25,789	84,690	78,712
Gross profit	88,381	82,742	270,697	254,777
Operating expenses:
Selling, general and administrative	71,795	64,222	220,657	208,373
Research and development	10,344	10,470	38,741	32,610
Impairment of property and construction			18,842	0
Write down of capitalized internal-use software costs			3,959	0
Total operating expenses	82,139	74,692	282,199	240,983
Income (loss) from operations	6,242	8,050	(11,502)	13,794
Other expense, net:
Interest expense, net	(471)	(444)	(1,605)	(1,688)
Other income, net	52	31	47	82
Total other expense, net	(419)	(413)	(1,558)	(1,606)
Net income (loss) before income taxes	5,823	7,637	(13,060)	12,188
Income tax benefit (expense)	6,508	(4,470)	6,248	(6,675)
Net income (loss) and comprehensive income (loss)	$ 12,331	$ 3,167	$ (6,812)	$ 5,513
Net income (loss) per share:
Basic	$ 0.09	$ 0.02	$ (0.05)	$ 0.04
Diluted	$ 0.09	$ 0.02	$ (0.05)	$ 0.04
Weighted-average common shares outstanding
Basic	132,575,301	131,312,483	132,342,203	131,230,882
Diluted	133,926,755	133,417,721	132,342,203	132,790,296

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 income (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, 2022	265,669	$ (615)	$ 13	310,957	(45,301)	$ (615)
Balance (in shares) at Dec. 31, 2022			130,919,129
Net income (loss)	5,513
Balance at Sep. 30, 2023	276,865		$ 13	317,254	(40,402)
Balance (in shares) at Sep. 30, 2023			131,312,616
Balance at Mar. 31, 2023	263,701		$ 13	312,573	(48,885)
Balance (in shares) at Mar. 31, 2023			131,226,387
Vesting of RSUs, net of shares surrendered to pay taxes	(34)			(34)
Vesting of RSUs, net of shares surrendered to pay taxes (in shares)			85,465
Stock-based compensation expense	2,299			2,299
Net income (loss)	5,316				5,316
Balance at Jun. 30, 2023	271,282		$ 13	314,838	(43,569)
Balance (in shares) at Jun. 30, 2023			131,311,852
Vesting of RSUs, net of shares surrendered to pay taxes	(1)			(1)
Vesting of RSUs, net of shares surrendered to pay taxes (in shares)			764
Stock-based compensation expense	2,417			2,417
Net income (loss)	3,167				3,167
Balance at Sep. 30, 2023	276,865		$ 13	317,254	(40,402)
Balance (in shares) at Sep. 30, 2023			131,312,616
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 income (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
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
Net income (loss)	$ (6,812)
Balance at Sep. 30, 2024	$ 278,547		$ 13	326,317	(47,783)
Balance (in shares) at Sep. 30, 2024	132,576,502		132,576,502
Balance at Mar. 31, 2024	$ 278,030		$ 13	321,088	(43,071)
Balance (in shares) at Mar. 31, 2024			132,539,340
Vesting of RSUs, net of shares surrendered to pay taxes	(54)			(54)
Vesting of RSUs, net of shares surrendered to pay taxes (in shares)			34,898
Stock-based compensation expense	2,568			2,568
Net income (loss)	(17,043)				(17,043)
Balance at Jun. 30, 2024	263,501		$ 13	323,602	(60,114)
Balance (in shares) at Jun. 30, 2024			132,574,238
Exercise of stock options	4			4
Exercise of stock options (in shares)			1,500
Vesting of RSUs, net of shares surrendered to pay taxes	(1)			(1)
Vesting of RSUs, net of shares surrendered to pay taxes (in shares)			764
Stock-based compensation expense	2,712			2,712
Net income (loss)	12,331				12,331
Balance at Sep. 30, 2024	$ 278,547		$ 13	$ 326,317	$ (47,783)
Balance (in shares) at Sep. 30, 2024	132,576,502		132,576,502

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ (6,812)	$ 5,513
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	10,008	7,466
Amortization of intangible assets	2,569	3,688
Reduction in the carrying value of right-of-use assets	6,377	5,964
Non-cash interest expense	313	321
Deferred interest expense	274	367
Provision recorded for credit losses	3,723	1,320
Deferred tax benefit	(7,887)	0
Loss on disposal of property and equipment	444	104
Adjustment for excess and obsolete inventories	5,884	4,351
Stock-based compensation	7,687	6,630
Impairment of property and construction	18,842	0
Write down of capitalized internal-use software costs (Note 6)	3,959	0
Changes in operating assets and liabilities:
Accounts receivable	(22,996)	(1,761)
Inventories	(5,749)	(7,473)
Prepaid expenses and other current assets and other assets	(4,052)	(4,491)
Operating leases	(9,253)	(6,282)
Accounts payable	(6,022)	(3,661)
Accrued expenses and other current liabilities	5,882	8,179
Other liabilities	80	68
Net cash provided by operating activities	3,271	20,303
Cash flows from investing activities:
Purchases of property and equipment	(6,671)	(21,040)
Net cash used in investing activities	(6,671)	(21,040)
Cash flows from financing activities:
Payments of term loan under the 2021 Credit Agreement	(4,219)	(3,281)
Principal repayments of finance lease obligations	(804)	(114)
Payments of withholding taxes in connection with RSUs vesting	(1,173)	(333)
Proceeds from the exercise of stock options	184	0
Net cash used in financing activities	(6,012)	(3,728)
Change in cash, cash equivalents and restricted cash	(9,412)	(4,465)
Cash, cash equivalents, and restricted cash, beginning of period	104,338	103,290
Cash, cash equivalents, and restricted cash, end of period	94,926	98,825
Supplemental disclosure of cash flow information:
Cash paid for interest	4,105	3,896
Cash paid for income taxes	5,493	3,021
Supplemental disclosure of non-cash investing and financing activities:
Cumulative effect adjustment for adoption of ASU No. 2016-13	0	615
Change in purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities	(222)	4,146
Right-of-use assets obtained through operating lease obligations	$ 1,201	$ 5,138

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 12,331	$ 3,167	$ (6,812)	$ 5,513

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Item 5. Other Information During the three months ended September 30, 2024 , no director or officer of the Company 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.
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

Nature of Business and Basis of

Nature of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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, with the exception of those detailed below. 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. Nonrecurring Fair Value Measurements of Nonfinancial Assets The Company estimates fair value to perform impairment tests on long-lived asset groups when required. The methodologies used to determine fair value in these circumstances are primarily based upon discounted cash flow models and the inputs to such models are classified within Level 3 of the fair value hierarchy. If impaired, these assets or asset groups are measured and recorded at fair value within the accompanying unaudited condensed consolidated financial statements. 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, including impairment and write-downs; 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 and does not expect it to have a material impact on its presentation and disclosure. 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2024 and 2023, the Company recorded GPO fees of $ 1,476 , $ 4,499 , $ 1,393 and $ 4,282 , respectively, as a direct reduction of revenue. The following tables set forth revenue by product category: Three Months Ended September 30, 2024 2023 Advanced Wound Care $ 107,953 $ 101,357 Surgical & Sports Medicine 7,224 7,174 Total net revenue $ 115,177 $ 108,531 Nine Months Ended September 30, 2024 2023 Advanced Wound Care $ 335,054 $ 312,349 Surgical & Sports Medicine 20,333 21,140 Total net revenue $ 355,387 $ 333,489 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	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Accounts Receivable, Net	4. Accounts Receivable, Net Accounts receiva ble consisted of the following: September 30, December 31, 2024 2023 Accounts receivable $ 111,002 $ 88,859 Less — allowance for credit losses ( 9,730 ) ( 6,860 ) $ 101,272 $ 81,999 The Company ’s allowance for credit losses is comprised of the following: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Balance at beginning of period $ 8,512 $ 6,651 $ 6,860 $ 6,362 Cumulative effect of adopting ASU 2016-13 — — — 615 Provision for expected credit losses 1,693 1,130 3,728 1,320 Write-offs ( 475 ) ( 228 ) ( 858 ) ( 744 ) Balance at end of period $ 9,730 $ 7,553 $ 9,730 $ 7,553

Inventories

Inventories	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	5. Inventories Inventories, net of related reserves for excess and obsolescence, consisted of the following: September 30, December 31, 2024 2023 Raw materials $ 13,015 $ 12,988 Work in process 1,024 810 Finished goods 12,997 14,455 $ 27,036 $ 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 and nine months ended September 30, 2024 and 2023, the Company charged $ 1,415 , $ 5,884 , $ 887 and $ 4,351 , respectively, for inventory excess and obsolescence to cost of goods sold within the condensed consolidated statements of operations and comprehensive income (loss).

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	6. Property and Equipment, Net Property and equipme nt consisted of the following: September 30, December 31, 2024 2023 Building and leasehold improvements $ 75,630 $ 65,762 Internal use software 11,202 4,625 Furniture, computers and equipment 57,596 59,960 144,428 130,347 Accumulated depreciation and amortization ( 75,166 ) ( 73,186 ) Construction in progress 20,606 59,067 Total $ 89,868 $ 116,228 Depreciation and amortization expense was $ 3,570 , $ 10,008 , $ 2,544 , and $ 7,466 for the three and nine months ended September 30, 2024 and 2023, respectively. During the second quarter of 2024, the Company placed certain modules of its enterprise resource planning (ERP) system into service, the costs of which had previously been capitalized as construction in progress and will be expensed over their anticipated useful life, currently estimated to be five years . At such time, the Company determined that certain other modules within the ERP system and other internal-use software had no future use, and accordingly the Company recorded a write down of $ 3,959 of costs related to this internal-use software. During the second quarter of 2024, the Company decided to pursue the potential sale of a purchased building, located on the Company’s Canton, Massachusetts campus, on which it had previously paused construction work. The Company identified this change in expectation regarding the use of the building as an impairment indicator. The Company determined the asset group to be comprised of the building and associated construction, and performed the impairment assessment at the asset group level. The Company determined the impairment charge by comparing the fair value of the asset group to its book value and recorded an impairment charge of $ 18,842 related to the building and associated unfinished construction work, allocated to each asset class within the asset group based on its relative carrying value. See Note 14, Fair Value Measurements . During the second quarter of 2024, the Company determined that the factors above constituted an impairment trigger relating to its remaining company-wide asset group. The Company performed a recoverability test in accordance with ASC 360, Property, Plant and Equipment . The estimated undiscounted cash flows directly attributable to the asset group exceeded its carrying value, and accordingly the Company did not record any impairment related to this asset group. The Company did no t record any impairment relating to its long-lived asset groups during the three months ended September 30, 2024.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	7. Goodwill and Intangible Assets Goodwill was $ 28,772 as of September 30, 2024 and December 31, 2023 . There was no impairment of goodwill recorded during the three and nine months ended September 30, 2024 and 2023. Intangible assets consisted of the following as of September 30, 2024: Original Accumulated Net Book Cost Amortization Value Developed technology $ 32,620 $ ( 26,214 ) $ 6,406 Customer relationships 10,690 ( 4,321 ) 6,369 Patent 7,623 ( 7,623 ) — Independent sales agency network 4,500 ( 4,500 ) — Trade names and trademarks 2,080 ( 1,697 ) 383 Non-compete agreements 1,010 ( 866 ) 144 Total $ 58,523 $ ( 45,221 ) $ 13,302 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 $ 834 , $ 2,569 , $ 1,229 , and $ 3,688 for the three and nine months ended September 30, 2024 and 2023, respectively. The weighted average remaining useful lives for developed technology, trade names and trademarks, customer relationship, and non-compete agreements are 3.8 years, 3.7 years, 6.0 years, and 1.0 year, respectively, as of September 30, 2024 .

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 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: September 30, December 31, 2024 2023 Personnel costs $ 22,840 $ 18,287 Royalties 7,724 3,075 Interest on accrued but unpaid lease obligations (Note 13) 1,285 2,326 Accrued milestone payment (Note 15) 2,500 2,500 Accrued taxes 166 2,799 Other 1,586 1,087 Total $ 36,101 $ 30,074

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 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 $ 1,609 in the nine months ended September 30, 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 recorded a pre-tax adjustment of $ 95 and a pre-tax charge of $ 1,878 during the three and nine months ended September 30, 2023, respectively. These charges are included in selling, general and administrative e xpenses in the condensed consolidated statements of operations and comprehensive loss. The liability related to the restructuring activities was $ 0 and $ 904 a s of September 30, 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 ( 904 ) Liability balance as of September 30, 2024 $ — Employee Other Total Liability balance as of December 31, 2022 $ 1,010 $ 182 $ 1,192 Expenses 1,609 269 1,878 Cash disbursements and other adjustments ( 2,605 ) ( 451 ) ( 3,056 ) Liability balance as of September 30, 2023 $ 14 $ — $ 14

Debt Obligations

Debt Obligations	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Debt Obligations	10. Debt Obligations Debt obligations consisted of the following: September 30, December 31, 2024 2023 Revolving Facility $ — $ — Term loan 62,344 66,563 Less debt discount and debt issuance cost ( 227 ) ( 332 ) Term loan, net of debt discount and debt issuance cost $ 62,117 $ 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 September 30, 2024 , the applicable interest rate for outstanding borrowings is 7.56 % . 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 September 30, 2024 and December 31, 2023, the Company had outstanding borrowings of $ 62,344 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 September 30, 2024, are as follows for the calendar years ending December 31: 2024 (remaining three months) 1,406 2025 6,563 2026 54,375 Total $ 62,344

Stockholders' Equity and Stock-

Stockholders' Equity and Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stockholders' Equity and Stock-Based Compensation	11. Stockholders’ Equity and Stock-Based Compensation Common Stock As of September 30, 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. In June 2024, the 2018 Plan was amended to increase the number of shares of Class A common stock reserved for issuance by 15,900,000 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 $ 2,712 , $ 7,687 , $ 2,417 , and $ 6,630 for the three and nine months ended September 30, 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 income (loss). Restricted Stock Units (RSUs) The Company granted 1,914,335 and 3,192,372 time-based restricted stock units to its employees, executives and members of the Board of Directors in the nine months ended September 30, 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 1,914,335 3.39 Vested ( 1,431,029 ) 3.65 Canceled/forfeited ( 83,876 ) 4.12 Unvested at September 30, 2024 4,297,761 $ 3.42 As of September 30, 2024, the total unrecognized compensation cost related to unvested restricted stock units expected to vest was $ 8,935 and the weighted average remaining recognition period for unvested awards was 2.47 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 ( 153,750 ) 1.19 — 254 Canceled/forfeited ( 166,831 ) 3.65 — 166 Outstanding as of September 30, 2024 11,660,066 $ 4.39 6.83 $ 3,306 Options exercisable as of September 30, 2024 5,516,061 $ 4.93 4.80 $ 2,389 Options vested or expected to vest as of September 30, 2024 10,637,244 $ 4.48 6.64 $ 3,156 The stock options granted during the nine months ended September 30, 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 nine months ended September 30, 2024 and 2023 was $ 1.89 and $ 1.32 , respectively. The total fair value of options vested during the nine months ended September 30, 2024 and 2023 was $ 4,136 and $ 3,117 , respectively. As of September 30, 2024, the total unrecognized stock compensation expense related to unvested stock options expected to vest was $ 7,464 and was expected to be recognized over a weighted-average period of 2.48 years.

Earnings Per Share (EPS)

Earnings Per Share (EPS)	9 Months Ended
	Sep. 30, 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 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. Basic and diluted net income (loss) attributable to the Class A common stockholders was calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net income (loss) $ 12,331 $ 3,167 $ ( 6,812 ) $ 5,513 Denominator: Weighted average common shares outstanding —basic 132,575,301 131,312,483 132,342,203 131,230,882 Dilutive effect of restricted stock units 636,493 1,179,376 — 700,693 Dilutive effect of options 714,961 925,862 — 858,721 Weighted-average common shares outstanding — diluted 133,926,755 133,417,721 132,342,203 132,790,296 Net income (loss) per share—basic $ 0.09 $ 0.02 $ ( 0.05 ) $ 0.04 Net income (loss) per share—diluted $ 0.09 $ 0.02 $ ( 0.05 ) $ 0.04 The Company’s potentially dilutive securities include restricted stock units and stock options to purchase shares of Class A common stock. The anti-dilutive potential common stock equivalents of 1,324,165 for the three months ended September 30, 2024 were excluded from the computation of diluted net income per share attributable to common stockholders because those stock options to purchase common stock and restricted stock units had an anti-dilutive impact due to the assumed proceeds per share using the treasury stock method being greater than the average fair value of the Company’s common shares for such period. The anti-dilutive potential common stock equivalents of 15,957,827 for the nine months ended September 30, 2024, were excluded from the computation of diluted net loss per share attributable to common stockholders because those options to purchase common stock and unvested restricted stock units had an anti-dilutive impact as the Company reported a net loss attributable to common stockholders for such period. The anti-dilutive potential common stock equivalents of 8,615,405 for the three and nine months ended September 30, 2023 , respectively, were excluded from the computation of diluted net income per share attributable to common stockholders because those stock options to purchase common stock and restricted stock units had an anti-dilutive impact due to the assumed proceeds per share using the treasury stock method being greater than the average fair value of the Company’s common shares for those periods.

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	13. Leases The Company’s leases consist primarily of real estate, equipment and vehicle leases. 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. 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. In the first quarter of 2024, the Company agreed to repay the remaining accrued but unpaid lease obligations and associated accrued interest in installments throughout 2024. The accrued but unpaid lease obligations as well as the related accrued interest with respect to the three Related-Party Leases are shown below: September 30, December 31, 2024 2023 Principal portion of rent in arrears $ 2,636 $ 5,273 Accrued interest on accrued but unpaid lease obligations $ 1,285 $ 2,326 The accrued but unpaid lease obligations owed for rent in arrears on the Related-Party Leases was included in current portion of operating lease obligations on the accompanying condensed consolidated balance sheets, as of September 30, 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 September 30, 2024 and December 31, 2023.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	14. Fair Value Measurements During the second quarter of 2024, the Company determined that a purchased building and unfinished construction work had been impaired and recorded an impairment charge of $ 18,842 to record the building and unfinished construction work at fair value for impairment purposes. The Company determined the fair value of the building by estimating rental income, net of expenses to maintain the building over an anticipated lease term, as well as costs estimated to complete construction prior to commencement of the lease; these cash flows were then discounted over an anticipated lease term. For more information, see Note 6, Property and Equipment, Net .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. 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. In March 2024, the Company exercised the option to license VIA, and accordingly in July 2024, entered into the first amendment to the trademark license and manufacturing agreement (together with the original agreement, the Vivex Agreement). 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. The Company remitted the option payment for VIA in April 2024. Additionally, the Company is required to pay a low double-digit royalty on the Net Sales of Dual and VIA, and a high single-digit royalty on the Net Sales of Matrix, respectively, during the royalty term, as defined in the Vivex Agreement. 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 and $ 2,500 in prepaid and other current assets and other assets for the payment of the upfront licensing fee and the VIA option payment, respectively, each of which is recognized as expense on a straight-line basis over the estimated life of the arrangement beginning at the time of payment and ending on December 31, 2026. 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. 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 $ 6,125 , $ 18,489 , $ 1,262 , and $ 4,294 during the three and nine months ended September 30, 2024 and 2023, respectively, within selling, general and administrative expenses on the condensed consolidated statements of operations and comprehensive income (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	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	16. 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	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Taxes	17. 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 nine months ended September 30, 2024 was ( 49 )% , a decrease from the U.S. statutory rate of 21 % primarily due to research and development tax credit incentives, partially offset by tax adjustments related to executive compensation, and other nondeductible expenses. The income tax benefit for the three and nine months ended September 30, 2024 was $ 6,508 and $ 6,248 , respectively. The income tax expense for the three and nine months ended September 30, 2023 was $ 4,470 , and $ 6,675 , respectively.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events Subscription Agreement and Certificate of Designation On November 12, 2024, the Company entered into a subscription agreement (Subscription Agreement) with Avista Healthcare Partners III, L.P. (Avista Onshore) and AHP III Orchestra Holdings, L.P. (together with Avista Onshore, the Investors, and each an Investor) pursuant to which the Investors purchased 130,000 shares of the Company’s newly-created Series A Convertible Preferred Stock, par value $ 0.0001 per share (Convertible Preferred Stock), for a purchase price of $ 1,000 per share, or aggregate gross proceeds of $ 130,000 to the Company, prior to deduction of commissions, fees and expenses (Offering). The net proceeds will be used to fund strategic growth initiatives including, but not limited to, operating and commercial activities, clinical development programs, working capital, capital expenditures, debt repayment and for general corporate purposes. In addition, approximately $ 23,500 of the net proceeds will be used to fund the repurchase of an aggregate of 7,421,731 shares of Class A common stock from certain existing stockholders of the Company, including certain of its directors and their affiliates, at a price per share equal to $ 3.1597 , which represents the 10-day trailing volume weighted average price of the Common Stock as of market close on November 11, 2024, pursuant to stock repurchase agreements entered into on November 12, 2024 between the Company and such stockholders (Stock Repurchase Agreements and each stock repurchase thereunder, a Repurchase). Pursuant to the Certificate of Designations of Series A Convertible Preferred Stock (Certificate of Designation), each share of Convertible Preferred Stock is initially convertible into 263.7358 shares of Common Stock, subject to adjustment as provided therein. The Convertible Preferred Stock ranks senior to shares of Class A common stock with respect to payment of dividends and the distribution of assets upon a liquidation, dissolution or winding up of the Company. The Convertible Preferred Stock will initially have a liquidation preference of $ 1,000 per share; provided that the liquidation preference upon a change of control on or before November 12, 2026 will be increased to be no less than $ 1,500 per share. Holders of the Convertible Preferred Stock will be entitled to a regular dividend at the rate of 8.0 % per annum, compounding and payable quarterly in kind or in cash, at the Company’s election, subject to the 19.99 % ownership limitations described below. Any accrued but unpaid dividends will become part of the liquidation preference of such share, as set forth in the Certificate of Designation. Until the Company receives stockholder approval, as contemplated by Nasdaq listing rules, with respect to the issuance of shares of Class A common stock upon conversion of the Convertible Preferred Stock in excess of the limitations imposed by such rules, holders of Convertible Preferred Stock (Preferred Stock Holders) the Investors cannot convert the Convertible Preferred Stock into a number of shares of Common Stock in excess of 26,502,042 shares, which represents 19.99 % of the outstanding shares of Common Stock at the time of signing the Subscription Agreement, or to the extent such conversion will result in a Preferred Stock Holder beneficially owning greater than 19.99 % of the Company’s then-outstanding shares. If, prior to receipt of the stockholder approval, a Preferred Stock Holder elects to convert any Convertible Preferred Stock that would result in the issuance, when aggregated with the number of shares previously issued upon conversion of the Convertible Preferred Stock, of more than 19.99 % of the outstanding shares of Common Stock at the time of signing the Subscription Agreement, then the Company will, in lieu of issuing shares of Common Stock, pay the Preferred Stock Holder a cash amount equal to the product of the number of shares of Common Stock that could not be issued due to such limitation and the 10-day trailing volume weighted average price of the Common Stock as of the trading day immediately prior to the conversion date (Cash-in-Lieu Payments), which Cash-in-Lieu Payments shall be paid no later than November 4, 2026, together with accrued interest of 10 % per annum, to the extent an earlier cash payment is prohibited pursuant to the terms of the Credit Agreement. The Convertible Preferred Stock is subject to certain transfer restrictions, and contain terms regarding anti-dilution, liquidation preference, and preemptive rights, and its holders will vote together with the Class A common stock on an as-converted basis. The Convertible Preferred Stock is redeemable at the option of the Preferred Stock Holders at any time after November 12, 2031, and is convertible at the option of the Company after the second anniversary of issuance if the closing price of the Company’s common stock equals or exceeds 200 % of the conversion price for twenty trading days out of a period of thirty consecutive trading days. The Preferred Stock Holders are entitled to elect one member and one observer to the Company’s Board of Directors, subject to the terms of the Convertible Preferred Stock. Repurchase Agreements On November 12, 2024, the Company entered into the Stock Repurchase Agreements with certain existing stockholders, including certain directors and affiliates of the Company, pursuant to which the Company will repurchase shares of Common Stock from the Selling Stockholders for a purchase price of $ 3.1597 per share. The Repurchase was funded by proceeds from the Offering and is expected to close on or around November 13, 2024 . Third Amendment to Credit Agreement On November 12, 2024, in connection with the Offering, the Company entered into a Third Amendment to the 2021 Credit Agreement (Third Amendment). The Third Amendment updated certain covenants in the Credit Agreement to permit the issuance of the Convertible Preferred Stock in connection with the Offering, the payment of dividends on such Convertible Preferred Stock, and the Repurchase. The Third Amendment also provides that, in connection with the Offering, the Company is required to pay in full the outstanding principal amount of the term loan outstanding under the Term Loan Facility within one business day following the issuance of the Convertible Preferred Stock. The Third Amendment allows for the payment of cash to settle conversion obligations of the Convertible Preferred Stock provided that, (1) immediately before and immediately after giving effect to such payment, no Default or Event of Default (each as defined in the Third Amendment) shall have occurred and be continuing, (2) immediately after giving effect to such payment, (A) the Company and its subsidiaries shall be in pro forma compliance specified payments and (B) the pro forma Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) shall not exceed the ratio that is 0.25 x less than the applicable covenant level, in each case, as of the last day of the most recent fiscal quarter for which financial statements have been delivered, (3) immediately after giving effect to such payment, Liquidity (as defined in the Credit Agreement) shall be at least $ 100,000 , and (4) no proceeds of any Loans (as defined in the Credit Agreement) may be used for such payment.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Nonrecurring Fair Value Measurements of Nonfinancial Assets	Nonrecurring Fair Value Measurements of Nonfinancial Assets The Company estimates fair value to perform impairment tests on long-lived asset groups when required. The methodologies used to determine fair value in these circumstances are primarily based upon discounted cash flow models and the inputs to such models are classified within Level 3 of the fair value hierarchy. If impaired, these assets or asset groups are measured and recorded at fair value within the accompanying unaudited condensed consolidated financial statements.
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, including impairment and write-downs; 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 and does not expect it to have a material impact on its presentation and disclosure. 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)	9 Months Ended
	Sep. 30, 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 September 30, 2024 2023 Advanced Wound Care $ 107,953 $ 101,357 Surgical & Sports Medicine 7,224 7,174 Total net revenue $ 115,177 $ 108,531 Nine Months Ended September 30, 2024 2023 Advanced Wound Care $ 335,054 $ 312,349 Surgical & Sports Medicine 20,333 21,140 Total net revenue $ 355,387 $ 333,489

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receiva ble consisted of the following: September 30, December 31, 2024 2023 Accounts receivable $ 111,002 $ 88,859 Less — allowance for credit losses ( 9,730 ) ( 6,860 ) $ 101,272 $ 81,999
Summary of Allowance for Credit Losses	The Company ’s allowance for credit losses is comprised of the following: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Balance at beginning of period $ 8,512 $ 6,651 $ 6,860 $ 6,362 Cumulative effect of adopting ASU 2016-13 — — — 615 Provision for expected credit losses 1,693 1,130 3,728 1,320 Write-offs ( 475 ) ( 228 ) ( 858 ) ( 744 ) Balance at end of period $ 9,730 $ 7,553 $ 9,730 $ 7,553

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	Inventories, net of related reserves for excess and obsolescence, consisted of the following: September 30, December 31, 2024 2023 Raw materials $ 13,015 $ 12,988 Work in process 1,024 810 Finished goods 12,997 14,455 $ 27,036 $ 28,253

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and equipme nt consisted of the following: September 30, December 31, 2024 2023 Building and leasehold improvements $ 75,630 $ 65,762 Internal use software 11,202 4,625 Furniture, computers and equipment 57,596 59,960 144,428 130,347 Accumulated depreciation and amortization ( 75,166 ) ( 73,186 ) Construction in progress 20,606 59,067 Total $ 89,868 $ 116,228

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets	Intangible assets consisted of the following as of September 30, 2024: Original Accumulated Net Book Cost Amortization Value Developed technology $ 32,620 $ ( 26,214 ) $ 6,406 Customer relationships 10,690 ( 4,321 ) 6,369 Patent 7,623 ( 7,623 ) — Independent sales agency network 4,500 ( 4,500 ) — Trade names and trademarks 2,080 ( 1,697 ) 383 Non-compete agreements 1,010 ( 866 ) 144 Total $ 58,523 $ ( 45,221 ) $ 13,302 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)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accrued expenses and other current liabilities consisted of the following: September 30, December 31, 2024 2023 Personnel costs $ 22,840 $ 18,287 Royalties 7,724 3,075 Interest on accrued but unpaid lease obligations (Note 13) 1,285 2,326 Accrued milestone payment (Note 15) 2,500 2,500 Accrued taxes 166 2,799 Other 1,586 1,087 Total $ 36,101 $ 30,074

Restructuring (Tables)

Restructuring (Tables)	9 Months Ended
	Sep. 30, 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 ( 904 ) Liability balance as of September 30, 2024 $ — Employee Other Total Liability balance as of December 31, 2022 $ 1,010 $ 182 $ 1,192 Expenses 1,609 269 1,878 Cash disbursements and other adjustments ( 2,605 ) ( 451 ) ( 3,056 ) Liability balance as of September 30, 2023 $ 14 $ — $ 14

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of debt obligations	Debt obligations consisted of the following: September 30, December 31, 2024 2023 Revolving Facility $ — $ — Term loan 62,344 66,563 Less debt discount and debt issuance cost ( 227 ) ( 332 ) Term loan, net of debt discount and debt issuance cost $ 62,117 $ 66,231
Schedule of future payments of term loan facility	The future payments due under the Term Loan Facility as of September 30, 2024, are as follows for the calendar years ending December 31: 2024 (remaining three months) 1,406 2025 6,563 2026 54,375 Total $ 62,344

Stockholders' Equity and Stoc_2

Stockholders' Equity and Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 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 1,914,335 3.39 Vested ( 1,431,029 ) 3.65 Canceled/forfeited ( 83,876 ) 4.12 Unvested at September 30, 2024 4,297,761 $ 3.42
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 ( 153,750 ) 1.19 — 254 Canceled/forfeited ( 166,831 ) 3.65 — 166 Outstanding as of September 30, 2024 11,660,066 $ 4.39 6.83 $ 3,306 Options exercisable as of September 30, 2024 5,516,061 $ 4.93 4.80 $ 2,389 Options vested or expected to vest as of September 30, 2024 10,637,244 $ 4.48 6.64 $ 3,156

Earnings Per Share (EPS) (Table

Earnings Per Share (EPS) (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Basic and diluted net income (loss) attributable to the Class A common stockholders was calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Numerator: Net income (loss) $ 12,331 $ 3,167 $ ( 6,812 ) $ 5,513 Denominator: Weighted average common shares outstanding —basic 132,575,301 131,312,483 132,342,203 131,230,882 Dilutive effect of restricted stock units 636,493 1,179,376 — 700,693 Dilutive effect of options 714,961 925,862 — 858,721 Weighted-average common shares outstanding — diluted 133,926,755 133,417,721 132,342,203 132,790,296 Net income (loss) per share—basic $ 0.09 $ 0.02 $ ( 0.05 ) $ 0.04 Net income (loss) per share—diluted $ 0.09 $ 0.02 $ ( 0.05 ) $ 0.04

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Accrued But Unpaid Lease Obligations	September 30, December 31, 2024 2023 Principal portion of rent in arrears $ 2,636 $ 5,273 Accrued interest on accrued but unpaid lease obligations $ 1,285 $ 2,326

Nature of Business and Basis _2

Nature of Business and Basis of Presentation - Additional Information (Detail)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total net revenue	$ 115,177	$ 108,531	$ 355,387	$ 333,489
Advanced Wound Care
Total net revenue	107,953	101,357	335,054	312,349
Surgical & Sports Medicine
Total net revenue	$ 7,224	$ 7,174	$ 20,333	$ 21,140

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Significant Accounting Policies [Line Items]
Group purchase organization rebate	$ 1,476	$ 1,393	$ 4,499	$ 4,282
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	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Accounts receivable	$ 111,002	$ 88,859
Less - allowance for credit losses	(9,730)	(6,860)
Accounts receivable	$ 101,272	$ 81,999

Accounts Receivable, Net - Su_2

Accounts Receivable, Net - Summary of Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Balance at beginning of period	$ 8,512	$ 6,651	$ 6,860	$ 6,362
Provision for expected credit losses	1,693	1,130	3,728	1,320
Write-offs	(475)	(228)	(858)	(744)
Balance at end of period	$ 9,730	7,553	$ 9,730	7,553
Cumulative Effect of Adoption
Balance at end of period		$ 615		$ 615

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Raw materials	$ 13,015	$ 12,988
Work in process	1,024	810
Finished goods	12,997	14,455
Inventory	$ 27,036	$ 28,253

Inventories - Additional Inform

Inventories - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Inventory reserve and obsolescence charged to cost of goods	$ 1,415	$ 887	$ 5,884	$ 4,351

Property and Equipment, Net (De

Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property and equipment, gross	$ 144,428	$ 130,347
Accumulated depreciation and amortization	(75,166)	(73,186)
Construction in progress	20,606	59,067
Property and Equipment, Net, Total	89,868	116,228
Building and leasehold improvements
Property and equipment, gross	75,630	65,762
Internal use software
Property and equipment, gross	11,202	4,625
Furniture, computers and equipment
Property and equipment, gross	$ 57,596	$ 59,960

Property and Equipment, Net - A

Property and Equipment, Net - Additional Information (Detail) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Depreciation and amortization expense	$ 3,570,000		$ 2,544,000	$ 10,008,000	$ 7,466,000
Write down of capitalized internal-use software costs		$ 3,959,000		3,959,000	0
Impairment charge				$ 18,842,000	$ 0
Asset impairment charges	$ 0
Construction in Progress
Estimated useful life		5 years
Building and Associated Unfinished Construction Work
Impairment charge		$ 18,842,000

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Intangible assets (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Original Cost	$ 58,523	$ 58,523
Accumulated Amortization	(45,221)	(42,652)
Net Book Value	13,302	15,871
Developed Technology
Original Cost	32,620	32,620
Accumulated Amortization	(26,214)	(24,666)
Net Book Value	6,406	7,954
Customer Relationships
Original Cost	10,690	10,690
Accumulated Amortization	(4,321)	(3,519)
Net Book Value	6,369	7,171
Patent
Original Cost	7,623	7,623
Accumulated Amortization	(7,623)	(7,623)
Net Book Value	0	0
Independent sales agency network
Original Cost	4,500	4,500
Accumulated Amortization	(4,500)	(4,500)
Net Book Value	0	0
Trade Names and Trademarks
Original Cost	2,080	2,080
Accumulated Amortization	(1,697)	(1,590)
Net Book Value	383	490
Non-compete agreements
Original Cost	1,010	1,010
Accumulated Amortization	(866)	(754)
Net Book Value	$ 144	$ 256

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Goodwill	$ 28,772,000		$ 28,772,000		$ 28,772,000
Amortization of Intangible Assets	834,000	$ 1,229,000	2,569,000	$ 3,688,000
Impairment of goodwill	$ 0	$ 0	$ 0	$ 0
Developed Technology
Weighted average remaining useful life			3 years 9 months 18 days
Trade Names and Trademarks
Weighted average remaining useful life			3 years 8 months 12 days
Customer Relationships
Weighted average remaining useful life			6 years
Non-compete agreements
Weighted average remaining useful life			1 year

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Personnel costs	$ 22,840	$ 18,287
Royalties	7,724	3,075
Interest on accrued but unpaid lease obligations (Note 13)	1,285	2,326
Accrued milestone payment (Note 15)	2,500	2,500
Accrued taxes	166	2,799
Other	1,586	1,087
Total	$ 36,101	$ 30,074

Restructuring - Additional Info

Restructuring - Additional Information (Detail) $ in Thousands		3 Months Ended	9 Months Ended
	Feb. 03, 2023 Employees	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 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			$ 1,609
Restructuring adjustment		$ 95
Restructuring Charges			$ 1,878
Restructuring Reserve Current				$ 0	$ 904

Restructuring - Summary of liab

Restructuring - Summary of liability related to the restructuring activities (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Liability balance as of beginning	$ 904	$ 1,192
Expenses		1,878
Cash disbursements and other adjustments	(904)	(3,056)
Liability balance as of ending	$ 0	14
Employee
Restructuring Cost and Reserve [Line Items]
Liability balance as of beginning		1,010
Expenses		1,609
Cash disbursements and other adjustments		(2,605)
Liability balance as of ending		14
Other
Restructuring Cost and Reserve [Line Items]
Liability balance as of beginning		182
Expenses		269
Cash disbursements and other adjustments		(451)
Liability balance as of ending		$ 0

Debt Obligations (Detail)

Debt Obligations (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Term loan	$ 62,344	$ 66,563
Less debt discount and debt issuance cost	(227)	(332)
Term loan, net of debt discount and debt issuance cost	$ 62,117	$ 66,231

Debt Obligations - Additional I

Debt Obligations - Additional Information (Detail) - USD ($) $ in Thousands	Aug. 06, 2021	Sep. 30, 2024	Dec. 31, 2023
Secured debt		$ 62,344	$ 66,563
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 September 30, 2024, the applicable interest rate for outstanding borrowings is 7.56%.
Applicable interest rate for outstanding borrowings		7.56%
2021 Credit Agreement | Maximum [Member] | SOFR Loans [Member]
'Debt instrument interest and applicable margin rate percentage	3.25%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Applicable Margin [Member]
2021 Credit Agreement | Maximum [Member] | ABR Loans [Member]
'Debt instrument interest and applicable margin rate percentage	2.25%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Applicable Margin [Member]
2021 Credit Agreement | Minimum [Member] | SOFR Loans [Member]
'Debt instrument interest and applicable margin rate percentage	2%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Applicable Margin [Member]
2021 Credit Agreement | Minimum [Member] | ABR Loans [Member]
'Debt instrument interest and applicable margin rate percentage	1%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Applicable Margin [Member]
Term Loan | 2021 Credit Agreement
Secured debt		$ 62,344	$ 66,563
Debt Issuance Costs, Net	$ 604
Debt instrument face amount	75,000
Term Loan | 2021 Credit Agreement | September 30, 2021 through and including June 30, 2022
Debt instrument quarterly installment payment to original principal amount	469
Term Loan | 2021 Credit Agreement | September 30, 2022 through and including June 30, 2023
Debt instrument quarterly installment payment to original principal amount	938
Term Loan | 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 | 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 | 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	Sep. 30, 2024 USD ($)
2024 (remaining three months)	$ 1,406
2025	6,563
2026	54,375
Total	$ 62,344

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		9 Months Ended
	Mar. 24, 2019	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Jun. 30, 2022	Dec. 31, 2018
Options granted				2,640,601	3,554,528
Restricted Stock Units [Member]
Unrecognized stock compensation expense		$ 8,935		$ 8,935
Share-based compensation expected to be recognized over a weighted-average period				2 years 5 months 19 days
RSU granted during the period				1,914,335	3,192,372
Option
Fair value of option vested				$ 4,136	$ 3,117
Unrecognized stock compensation expense		7,464		$ 7,464
Share-based compensation expected to be recognized over a weighted-average period				2 years 5 months 23 days
Weighted average grant-date fair value				$ 1.89	$ 1.32
Selling, General and Administrative Expenses
Stock-based compensation expense		$ 2,712	$ 2,417	$ 7,687	$ 6,630
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						15,900,000	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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested at December 31, 2023	3,898,331
Unvested Granted	1,914,335	3,192,372
Unvested Vested	(1,431,029)
Unvested Canceled/forfeited	(83,876)
Unvested at September 30, 2024	4,297,761
Unvested at December 31, 2023	$ 3.54
Unvested Granted	3.39
Unvested Vested	3.65
Unvested Canceled/forfeited	4.12
Unvested at September 30, 2024	$ 3.42

Stockholders' Equity and Stoc_5

Stockholders' Equity and Stock-Based Compensation - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 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	(153,750)
Number of Options Canceled / forfeited	(166,831)
Number of Options Outstanding	11,660,066		9,340,046
Number of Options Options Exercisable	5,516,061
Number of Options Options vested or expected to vest	10,637,244
Weighted Average Exercise Price Outstanding	$ 4.6
Weighted Average Exercise Price Granted	3.43
Weighted Average Exercise Price Exercised	1.19
Weighted Average Exercise Price Cancelled / forfeited	3.65
Weighted Average Exercise Price Outstanding	4.39		$ 4.6
Weighted Average Exercise Price Options Exercisable	4.93
Weighted Average Exercise Price Options Vested or Expected to Vest	$ 4.48
Weighted Average Remaining Contractual Term (in years) Outstanding	6 years 9 months 29 days		6 years 7 months 28 days
Weighted Average Remaining Contractual Term (in years) Options Exercisable	4 years 9 months 18 days
Weighted Average Remaining Contractual Term (in years) Options Vested or Expected to Vest	6 years 7 months 20 days
Aggregate Intrinsic Value Outstanding	$ 10,267
Aggregate Intrinsic Value Exercised	254
Aggregate Intrinsic Value Options Canceled / forfeited	166
Aggregate Intrinsic Value Outstanding	3,306		$ 10,267
Aggregate Intrinsic Value Options Exercisable	2,389
Aggregate Intrinsic Value Options Vested or Expected to Vest	$ 3,156

Earnings Per Share (EPS) -Basic

Earnings Per Share (EPS) -Basic and diluted net income (loss) per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings per Share [Line Items}
Net income (loss)	$ 12,331	$ (17,043)	$ (2,100)	$ 3,167	$ 5,316	$ (2,969)	$ (6,812)	$ 5,513
Weighted average common shares outstanding —basic	132,575,301			131,312,483			132,342,203	131,230,882
Weighted-average common shares outstanding—diluted	133,926,755			133,417,721			132,342,203	132,790,296
Earnings per share-basic	$ 0.09			$ 0.02			$ (0.05)	$ 0.04
Earnings per share-diluted	$ 0.09			$ 0.02			$ (0.05)	$ 0.04
Restricted Stock Units (RSUs) [Member]
Earnings per Share [Line Items}
Weighted-average common shares outstanding—diluted	636,493			1,179,376				700,693
Employee Stock Option
Earnings per Share [Line Items}
Weighted-average common shares outstanding—diluted	714,961			925,862				858,721

Earnings Per Share (EPS) - Addi

Earnings Per Share (EPS) - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Common Class A
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the diluted EPS	1,324,165	8,615,405	15,957,827	8,615,405

Leases - Schedule of Accrued bu

Leases - Schedule of Accrued but Unpaid Lease Obligations (Detail) - USD ($) $ in Thousands	Sep. 30, 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	$ 1,285	2,326
Principal [Member]
Schedule Of Accrued But Unpaid Lease Obligations [Line Items]
Total accrued but unpaid lease obligations	$ 2,636	$ 5,273

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charge		$ 18,842	$ 0
Building and Associated Unfinished Construction Work
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charge	$ 18,842

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Dec. 31, 2023	Nov. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Apr. 30, 2024
License Agreement Resorba | Selling, General and Administrative Expenses
Royalty Expense			$ 6,125	$ 1,262	$ 18,489	$ 4,294
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
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent, Total			(49.00%)
Federal corporate income tax rate			21%
Income tax (benefit) expense	$ (6,508)	$ 4,470	$ (6,248)	$ 6,675

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	Nov. 12, 2024	Sep. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Preferred Stock, par value		$ 0.0001	$ 0.0001
Investors purchased shares		1,000,000	1,000,000
Subsequent Event | Subscription Agreement
Subsequent Event [Line Items]
Annual percentage of cash in leiu payments with accured interest	10%
Subsequent Event | Common Stock | Subscription Agreement
Subsequent Event [Line Items]
Number of stock initially converted	263.7358
Number of common shares issuable upon conversion	26,502,042
Percentage of common stock conversion price	200%
Subsequent Event | Convertible Preferred Stock | Subscription Agreement
Subsequent Event [Line Items]
Liquidation preference per share	$ 1,000
Preferred stock dividend percentage	8%
Shares of common stock in excess percentage	19.99%
Common stock receivable to investor maximum percentage of outstanding shares	19.99%
Common stock receivable to investor maximum percentage of outstanding shares in amount	19.99%
Subsequent Event | Convertible Preferred Stock | Subscription Agreement | Maximum
Subsequent Event [Line Items]
Liquidation preference per share	$ 1,500
Subsequent Event | Convertible Preferred Stock | Series A | Subscription Agreement
Subsequent Event [Line Items]
Shares issued	130,000
Preferred Stock, par value	$ 0.0001
Purchase price per share	$ 1,000
Aggregate gross proceeds	$ 130,000,000
Subsequent Event | Common Class A | Subscription Agreement
Subsequent Event [Line Items]
Purchase price per share	$ 3.1597
Repurchase of common stock value	$ 23,500,000
Number of shares repurchase	7,421,731
Stock Repurchase Agreemements | Subsequent Event | Common Stock
Subsequent Event [Line Items]
Purchase price per share	$ 3.1597
Expected closing date	Nov. 13, 2024
Term Loan | Subsequent Event | 2021 Credit Agreement
Subsequent Event [Line Items]
Financial covenants	The Third Amendment allows for the payment of cash to settle conversion obligations of the Convertible Preferred Stock provided that, (1) immediately before and immediately after giving effect to such payment, no Default or Event of Default (each as defined in the Third Amendment) shall have occurred and be continuing, (2) immediately after giving effect to such payment, (A) the Company and its subsidiaries shall be in pro forma compliance specified payments and (B) the pro forma Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) shall not exceed the ratio that is 0.25x less than the applicable covenant level, in each case, as of the last day of the most recent fiscal quarter for which financial statements have been delivered, (3) immediately after giving effect to such payment, Liquidity (as defined in the Credit Agreement) shall be at least $100,000, and (4) no proceeds of any Loans (as defined in the Credit Agreement) may be used for such payment.
Consolidated total net leverage ratio.	0.25%
Minimum liquidity amount	$ 100,000,000
Proceeds from Issuance of Secured Debt	$ 0