0000950170-23-008526 | 10-K | XBRL Viewer

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Document And Entity Information - USD ($) $ in Millions	12 Months Ended
Document And Entity Information - USD ($) $ in Millions	Dec. 31, 2022	Mar. 09, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Period End Date	Dec. 31, 2022
Amendment Flag	false
Trading Symbol	SGHT
Entity Registrant Name	SIGHT SCIENCES, INC.
Entity Central Index Key	0001531177
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Document Fiscal Period Focus	FY
Entity Public Float			$ 290
Entity Common Stock, Shares Outstanding		48,419,542
ICFR Auditor Attestation Flag	false
Entity File Number	001-40587
Entity Tax Identification Number	80-0625749
Entity Address, Address Line One	4040 Campbell Ave
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Menlo Park
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94025
City Area Code	877
Local Phone Number	266-1144
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.001
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Annual Report	true
Document Transition Report	false
Documents Incorporated by Reference	Portions of the registrant's definitive Proxy Statement relating to its 2023 Annual Meeting of Stockholders to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2022 are incorporated herein by reference in Part III of this Annual Report on Form 10-K.
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	San Jose, California
Auditor Firm ID	34

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 185,000	$ 260,687
Accounts receivable, net	15,148	8,709
Inventory, net	6,114	3,475
Prepaid expenses and other current assets	3,415	4,164
Total current assets	209,677	277,035
Property and equipment, net	1,571	1,454
Operating lease right-of-use assets	1,614	1,495
Other noncurrent assets	211	202
Total assets	213,073	280,186
Current liabilities:
Accounts payable	2,688	3,351
Accrued compensation	7,352	5,987
Accrued and other current liabilities	7,777	4,166
Total current liabilities	17,817	13,504
Long-term debt	33,313	32,656
Other noncurrent liabilities	1,867	1,919
Total liabilities	52,997	48,079
Commitments and contingencies (Note 6)
Stockholders’ equity (deficit):
Preferred stock par value of $0.001 per share; 10,000,000 authorized; no shares issued and outstanding as of December 31, 2022 and 2021, respectively	0	0
Common stock par value of $0.001 per share; 200,000,000 shares authorized as of December 31, 2022 and 2021, respectively; 48,298,138 and 47,504,704 shares issued and outstanding as of December 31, 2022 and 2021, respectively	48	48
Additional paid-in-capital	399,271	385,060
Accumulated deficit	(239,243)	(153,001)
Total stockholders’ equity (deficit)	160,076	232,107
Total liabilities and stockholders' equity	$ 213,073	280,186
Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock:
Redeemable convertible preferred stock par value of $0.001 per share; 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2022 and 2021, respectively		$ 0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Preferred stock par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common Stock Shares Issued	48,298,138	47,504,704
Common Stock Shares Outstanding	48,298,138	47,504,704
Redeemable Convertible Preferred Stock
Redeemable convertible preferred stock, shares outstanding		0

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 71,331	$ 48,956
Cost of goods sold	12,361	8,610
Gross profit	58,970	40,346
Operating expenses:
Research and development	22,859	15,634
Selling, general and administrative	120,065	76,190
Total operating expenses	142,924	91,824
Loss from operations	(83,954)	(51,478)
Interest expense	(4,466)	(4,366)
Other income (expense), net	2,225	(6,928)
Loss before income taxes	(86,195)	(62,772)
Provision for income taxes	47	188
Net loss and comprehensive loss	$ (86,242)	$ (62,960)
Net loss per share attributable to common stockholders-basic	$ (1.80)	$ (2.36)
Net loss per share attributable to common stockholders-diluted	$ (1.80)	$ (2.36)
Weighted-average shares of common stock outstanding-basic	47,849,058	26,734,097
Weighted-average shares of common stock outstanding-diluted	47,849,058	26,734,097

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders Equity (Deficit) - USD ($) $ in Thousands	Total	IPO	Redeemable Convertible Preferred Stock	Redeemable Convertible Preferred Stock IPO	Common Stock	Common Stock IPO	Additional Paid-in Capital	Additional Paid-in Capital IPO	Retained Earnings
Beginning Balance, Amount at Dec. 31, 2020	$ (88,849)				$ 9		$ 1,183		$ (90,041)
Beginning Balance, shares at Dec. 31, 2020			12,767,202
Balance at December 31, 2020 at Dec. 31, 2020			$ 117,331
Balance at December 31, 2020 at Dec. 31, 2020					9,509,182
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, Shares				(12,767,202)		25,534,404
Conversion of redeemable convertible preferred stock to common stock upon initial public offering		$ 117,331		$ 117,331		$ 26		$ 117,305
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and other offering costs of $23.8 million, Amount	252,174				$ 12		252,162
Issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions and other offering costs of $23.8 million, Shares					11,500,000
Conversion of redeemable convertible preferred stock warrants to common stock warrants upon initial public offering, Amount	8,973						8,973
Exercise of common stock warrants, Amount	0				$ 1		(1)
Exercise of common stock warrants, Shares					483,554
Exercise of stock options, Amount	355						355
Exercise of stock options, Shares					477,564
Stock-based compensation expense	5,083						5,083
Net loss attributable to common stockholders	(62,960)								(62,960)
Ending Balance, Amount at Dec. 31, 2021	232,107				$ 48		385,060		(153,001)
Ending Balance, shares at Dec. 31, 2021			0
Balance at September 30, 2021 at Dec. 31, 2021			$ 0
Balance at September 30, 2021 at Dec. 31, 2021					47,504,704
Exercise of stock options, Amount	$ 672						672
Exercise of stock options, Shares	683,482				98,924
Stock-based compensation expense	$ 12,963						12,963
Issuance of common stock upon exercise of stock options (In Shares)					683,482
Issuance of common stock upon exercise of stock options	576						576
Issuance of common stock upon vesting of restricted stock units (In Shares)					11,028
Net loss attributable to common stockholders	(86,242)								(86,242)
Ending Balance, Amount at Dec. 31, 2022	$ 160,076				$ 48		$ 399,271		$ (239,243)
Balance at September 30, 2021 at Dec. 31, 2022					48,298,138

Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($)
IPO
Issuance costs	$ 23.8

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (86,242)	$ (62,960)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	710	632
Accretion of debt discount and amortization of debt issuance costs	657	701
Stock-based compensation expense	12,963	5,083
Provision for doubtful accounts receivable	402	348
Provision for excess and obsolete inventories	614	436
Noncash operating lease cost	542	569
Change in fair value of redeemable convertible preferred stock warrant	0	6,861
Loss on disposal of property and equipment	85	115
Changes in operating assets and liabilities:
Accounts receivable	(6,841)	(3,694)
Inventory	(3,253)	(1,313)
Prepaid expenses and other current assets	751	(3,003)
Other noncurrent assets	(10)	185
Accounts payable	(694)	1,168
Accrued compensation	1,364	1,918
Accrued and other current liabilities	2,634	342
Other noncurrent liabilities	353	72
Net cash used in operating activities	(75,965)	(52,540)
Cash flows from investing activities:
Purchases of property and equipment	(970)	(813)
Net cash used in investing activities	(970)	(813)
Cash flows from financing activities:
Proceeds from issuance of common stock upon initial public offering, net of underwriting discounts and commissions	0	256,680
Payment of other offering costs related to the initial public offering	0	4,506
Proceeds from exercise of common stock options	576	355
Proceeds from employee stock purchase plan purchases	672	0
Net cash provided by financing activities	1,248	252,529
Net change in cash and cash equivalents	(75,687)	199,176
Cash and cash equivalents at beginning of period	260,687	61,511
Cash and cash equivalents at end of period	185,000	260,687
Supplemental disclosure of cash flow information
Cash paid for interest	3,252	3,105
Supplemental disclosure of non-cash investing and financing information
Acquisition of property and equipment included in accounts payable and accrued liabilities	103	162
Common Stock issued on conversion of convertible preferred stock	0	117,331
Common stock warrants issued on conversion of preferred stock warrants and the reclassification of the warrant liability	$ 0	$ 8,973

The Company and Nature of Business

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Company and Nature of Business

Note 1. The Company and Nature of Business

Description of Business

Sight Sciences, Inc. (the “Company”) was incorporated in the State of Delaware in 2010. The Company is located and headquartered in Menlo Park, California and has principal commercial offices in Southlake, Texas. The Company is an ophthalmic medical device company focused on the development and commercialization of surgical and nonsurgical technologies for the treatment of prevalent eye diseases.

The Company has two reportable operating segments: Surgical Glaucoma and Dry Eye. The product portfolio for the Surgical Glaucoma segment features the OMNI® Surgical System, a device that facilitates the performance of both canaloplasty and trabeculotomy with a single device and single corneal incision to reduce intraocular pressure in adult patients with primary open-angle glaucoma, as well as the SION™ Surgical Instrument, the first bladeless device used in goniotomy. The product portfolio for the Dry Eye segment consists of the TearCare® System ("TearCare") for ophthalmologists and optometrists. TearCare is a wearable eyelid technology that delivers highly targeted and adjustable heat to the meibomian glands of the eyelids in adult patients with evaporative dry eye disease due to meibomian gland disfunction.

Initial Public Offering

In July 2021, the Company completed an initial public offering (“IPO”) of its common stock in which the Company issued and sold 10,000,000 shares of its common stock, and sold an additional 1,500,000 shares of common stock upon the full exercise of the underwriters’ option to purchase additional shares of the Company's common stock. These sales occurred at the initial public offering price of $24.00 per share. The Company received net proceeds of approximately $252.2 million from the IPO.

Immediately prior to the closing of the IPO, all then-outstanding shares of redeemable convertible preferred stock were converted into 25,534,404 shares of common stock. Further, all outstanding redeemable convertible preferred stock warrants were converted into warrants to purchase 659,028 shares of common stock, which resulted in the reclassification of the convertible preferred stock warrant liability to additional paid-in capital.

Significant Risks and Uncertainties

Since inception, the Company has incurred losses and negative cash flows from operations. As of December 31, 2022, the Company had an accumulated deficit of $239.2 million and recorded a net loss of $86.2 million for the year then ended and expects to incur additional losses in the future. If the Company’s revenue levels from its products are not sufficient or if the Company is unable to secure additional funding when desired, the Company may need to delay the development of its products, scale back its business and operations, or change its business strategy.

The Company believes that its existing sources of liquidity will satisfy its working capital and capital requirements for at least 12 months from the issuance of its financial statements. Any failure to generate increased revenues, achieve improved gross margins, or control operating costs could require the Company to raise additional capital through equity or debt financing. Such additional financing may not be available on acceptable terms, or at all, and could require the Company to modify, delay, or abandon some of its planned future expansion or expenditures or reduce some of its ongoing operating costs, which could harm its business, operating results, financial condition, and ability to achieve its intended business objectives.

Outbreaks of infectious diseases, including the COVID-19 pandemic, have impacted, and may in the future impact, demand for the Company's products, which are used in procedures and therapies that are considered elective. These incidents may cause the Company to experience reduced customer demand and may have an unfavorable impact on other areas of the Company's business including, but not limited to, supply chain, third party manufacturing, research and development costs and clinical studies. The full effect of these incidents on the Company's financial condition and results of operations is uncertain and cannot be predicted with confidence.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP). The Company’s consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Sight Sciences UK, Ltd and Sight Sciences GmbH. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expense during the reporting period. The most significant estimates related to the provision for doubtful accounts receivable, inventory excess and obsolescence, the selection of useful lives of property and equipment, determination of the fair value of stock option grants, and provisions for income taxes and contingencies. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements. Actual results could differ from these estimates and such differences could be material to the Company’s financial position and results of operations.

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and short-term and long-term debt. The Company's cash equivalents include U.S. treasury securities that are classified as held-to-maturity and recorded at amortized cost in the financial statements. The Company states accounts receivable, accounts payable, and accrued and other current liabilities at their carrying value, which approximates fair value due to the short time to the expected receipt or payment. The carrying amount of the Company’s short-term debt approximates its fair value as the effective interest rate approximates market rates currently available to the Company.

Concentration of Credit Risk

Financial instruments that subject the Company to concentration of credit risk consist of cash and cash equivalents and accounts receivable. The Company’s cash and cash equivalents are deposited with a high-quality financial institution. Deposits at this institution may, at times, exceed federally insured limits. Management believes that this financial institution is financially sound and, accordingly, that minimal credit risk exists. The Company has not experienced any losses on its deposits of cash and cash equivalents.

The Company relies on third-party contract manufacturers for the manufacture of all of our commercial products currently available for sale. Disruption in production would have a negative impact on the Company’s financial position, results of operations and cash flows.

For the years ended December 31, 2022 and 2021, there were no customers that represented 10% or more of the Company's revenue.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of 90 days or less, when purchased, to be cash and cash equivalents. As of December 31, 2022, cash and cash equivalents includes $144.3 million of U.S. treasury securities that are classified as held-to-maturity and recorded at amortized cost in the financial statements. As of December 31, 2022 and 2021, the remainder of cash and cash equivalents consists primarily of checking and savings deposits, which are recorded at cost, which approximate fair value. The Company’s cash balances exceed those that are federally insured. To date, the Company has not recognized any losses caused by uninsured balances.

Accounts Receivable and Provision for Doubtful Accounts

Accounts receivable are stated at invoiced amounts, net of estimated provisions for doubtful accounts. The majority of customers are not extended credit and, therefore, time to maturity for receivables is short. The Company makes estimates of

the collectability of customer accounts and provisions based primarily on analysis of historical trends and experience and changes in customers’ financial condition. The Company uses its judgment, based on the best available facts and circumstances, and records a provision against amounts due to reduce the receivable to the amount that is expected to be collected. These specific provisions are reevaluated and adjusted as additional information is received that impacts the amount reserved. To date, the Company has not experienced material credit-related losses. The provision for doubtful accounts was $1.0 million and $0.6 million as of December 31, 2022 and 2021, respectively.

Inventory, net

Inventory represents finished goods purchased from a third-party manufacturer and is valued at the lower of cost or net realizable value. Cost is determined using actual costs on a first-in, first-out basis for all inventory. Net realizable value is determined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company regularly reviews inventory quantities in consideration of actual loss experiences, projected future demand, and remaining shelf life to record a provision for excess and obsolete inventory when appropriate. The Company’s policy is to write down inventory that has become obsolete, inventory that has a cost basis in excess of its expected lower of cost or net realizable value, and inventory in excess of expected requirements. The estimate of excess quantities is judgmental and primarily dependent on the Company’s estimates of future demand for the particular product.

Property and Equipment, net

Property and equipment are recorded at cost, less accumulated depreciation. Repairs and maintenance costs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, typically two to five years. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in operations in the period realized.

Construction-in-process assets consist primarily of tools and equipment that have not yet been placed in service. These assets are stated at cost and are not depreciated. Once the assets are placed into service, assets are reclassified to the appropriate asset class based on their nature and depreciated in accordance with the useful lives above.

Impairment of Long-Lived Assets

The Company assesses long-lived assets, including property and equipment, whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. If indicators of impairment exist, an impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition are less than their carrying amount. Impairment, if any, is measured as the amount by which the carrying amount of the long-lived assets exceeds their fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values, and third-party independent appraisals, as considered necessary. The Company did not record any impairment of long-lived assets for the years ended December 31, 2022 and 2021.

Leases

Contractual arrangements that meet the definition of a lease are classified as operating or finance leases and are recorded on the balance sheets as both a right-of-use asset (“ROU asset”) and lease liability, calculated by discounting fixed lease payments over the lease term at the Company’s incremental borrowing rate (“IBR”). Lease ROU assets and lease obligations are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The Company currently does not have any finance leases.

Operating lease ROU assets are adjusted for (i) payments made at or before the commencement date, (ii) initial direct costs incurred, and (iii) tenant incentives under the lease. As the implicit rates for the operating leases are not determinable, the Company uses an IBR based on the information available at the respective lease commencement dates to determine the present value of future payments. IBR represents the interest rate that the Company would expect to incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis with similar terms and payments, in an economic environment where the leased asset is located. The Company considers a lease term to be the noncancelable period that it has the right to use the underlying asset, including any periods where it is reasonably certain the Company will exercise any option to extend the contract.

Lease costs for minimum lease payments for operating leases are recognized on a straight-line basis over the lease term. Lease liabilities are increased by interest and reduced by payments each period, and the ROU asset is amortized over the lease term. Variable lease payments that do not depend on an index or rate are recognized as lease costs when incurred. In measuring the ROU assets and lease liabilities, the Company has elected to combine lease and non-lease components. The Company does not recognize ROU assets or lease liabilities for short-term leases, if any, having initial terms of 12 months or less at lease commencement as an accounting policy election, and recognizes rent expense on a straight-line basis over the lease term for these types of leases.

Revenue Recognition

The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its arrangements:

•

Identify the contract with a customer,

•

Identify the performance obligations in the contract,

•

Determine the transaction price,

•

Allocate the transaction price to performance obligations in the contract, and

•

Recognize revenue as the performance obligations are satisfied.

Revenue recognized during the years ended December 31, 2022 and 2021 relates entirely to the sale of the Company’s products within the Surgical Glaucoma and Dry Eye segments. These sales are primarily to hospitals, medical centers, and eyecare professions ("ECPs") throughout the United States through sales representatives and distributors.

The Company’s revenue arrangements consist of a single performance obligation. Revenue is recognized at the point in time when control of the promised goods transfer to the Company’s customers. Revenue is measured at the amount of consideration expected to be received in exchange for the transfer of goods. The amount of revenue that is recognized is based on the transaction price, which represented the invoiced amounts and includes estimates of variable consideration, such as discounted, where applicable. The Company does not offer right of return, except in the case where items are defective as manufactured, and the company does not typically provide customers with a right to a refund. The amount of variable consideration included in the transaction price may be constrained and is included only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. Payment terms, typically 30 days, are offered to customers and do not include a significant financing component. The Company extends credit to customers based upon their financial condition and credit history and generally require no collateral. The Company does not have any contract balances related to product sales.

Shipping and handling costs incurred for the delivery of goods to customers are included in cost of goods sold. In cases where the Company bills shipping and handling cost to customers, the Company classifies those amounts in net revenue. As a practical expedient, the Company recognizes the incremental costs of obtaining contracts, such as sales commissions, as an expense when incurred since the amortization period of the asset we otherwise would have recognized is one year or less. Sales commissions are recorded within selling, general, and administrative expenses in the statements of operations.

Cost of Goods Sold

The Company purchases its products from third-party manufacturers. Cost of goods sold consists primarily of costs related to materials, manufacturing overhead costs, reserves for excess, and obsolete and non-sellable inventories. Cost of goods sold also includes depreciation expense for production equipment and certain direct costs, such as shipping and handling costs.

Research and Development

The Company expenses research and development costs as incurred. Research and development expenses consist primarily of product development, clinical studies to develop and support the Company’s products, regulatory expenses, medical affairs, and other costs associated with products and technologies that are in development. Research and development expenses include employee compensation, including stock-based compensation, supplies, consulting, prototyping, testing, materials, travel expenses, depreciation, and an allocation of facility overhead expenses.

Selling, General and Administrative

Selling, general and administrative expenses include compensation, employee benefits, and stock-based compensation for executive management, finance administration, and human resources; facility costs (including rent); bad debt costs; professional service fees; and other general overhead costs, including depreciation to support the Company’s operations.

Advertising Expense

The Company expenses advertising costs as incurred. Advertising expenses for fiscal years 2022 and 2021 were $2.6 million and $2.1 million, respectively, included in selling, general, and administrative expenses in the statements of operations and comprehensive loss.

Stock-Based Compensation

The Company's equity incentive plan permits the grant of stock-based awards, such as stock options and restricted stock units ("RSUs"), to employees and directors, as well as allows employees to purchase stock through an employee stock purchase plan ("ESPP"). The Company measures and records the expense related to stock-based payment awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period and uses the straight- line method to recognize stock-based compensation, and accounts for forfeitures as they occur. The Company selected the Black-Scholes-Merton (“Black-Scholes”) option-pricing model as the method for determining the estimated fair value for stock options and the employee stock purchase plan ("ESPP"). The Black-Scholes option-pricing model requires the use of highly subjective and complex assumptions, which determine the fair value of share-based awards, including the option’s expected term, expected volatility of the underlying stock, risk-free interest rate and expected dividend yield.

The fair value of RSU awards is determined based on the number of units granted and the closing price of the Company's common stock as of the grant date. The Company expenses the fair value of stock-based compensation awards on a straight-line basis over the requisite service period, which is the period in which the related services are received.

Currency Remeasurement

Foreign currency transaction gains and losses are recorded in other income (expense), net in the Company’s statements of operations and such amounts have not been material for all periods presented.

Income Taxes

The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Management makes an assessment of the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all off a deferred tax asset will not be realized. Due to the Company's historical operating performance and the recorded cumulative net losses in prior fiscal periods, the net deferred tax assets have been fully offset by a valuation allowance.

The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs. The Company's policy is to recognize interest and penalties related to the underpayment of income tax as a component of provision for income taxes.

Comprehensive Loss

Comprehensive loss represents all changes in stockholders’ equity except those resulting from distributions to stockholders. There have been no items qualifying as other comprehensive income (loss) and, therefore, for all periods presented, there was no difference between comprehensive loss and the Company’s reported net loss.

Net loss per share attributable to common stockholders

Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. The Company considers all series of its restricted stock awards to be participating securities as the holders are entitled to receive dividends on a pari passu basis in the event that a dividend is paid on common stock. Under the two-class method, the net loss attributable to common stockholders is not allocated to the restricted stock awards as the holders of the Company’s restricted stock awards do not have a contractual obligation to share in losses.

Basic and diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period without consideration of potentially dilutive securities. The Company’s potentially dilutive shares, which consist of outstanding common stock options and restricted stock awards, were excluded in the computation of diluted net loss per share for the period as the result would be anti-dilutive.

Emerging growth company and smaller reporting company

The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as well as a "smaller reporting company, as defined by the Securities and Exchange Commission per Rule 12b-2 of the Exchange Act. As such the Company is eligible for exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies, including reduced reporting and extended transition periods to comply with new or revised accounting standards for public business entities. The Company has elected to avail themselves of this exemption and, therefore, will not be subject to the timeline for adopting new or revised accounting standards for public business entities that are not emerging growth companies, and will follow the transition guidance applicable to private companies.

Recent Accounting Pronouncements

Accounting Standards Adopted

In the fourth quarter of 2022, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, issued in December 2019. The amendments in ASU 2019-12 simplify the accounting for income taxes by eliminating certain exceptions related to the approach for intra-period tax allocation and modified the methodology for calculating income taxes in an interim period. It also clarifies and simplifies other aspects of the accounting for income taxes. The amendments in ASU 2019-12 were adopted with no material impact on the Company's consolidated financial statements or its note disclosures.

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The guidance also establishes (1) a general contract modification principle that entities can apply in other areas that may be affected by reference rate reform and (2) certain elective hedge accounting expedients. The amendment is effective for all entities through December 31, 2022. The Company evaluated the effect of this new guidance and did not elect to utilize any of the option expedients or exceptions permitted. The guidance did not have material impact on the Company’s consolidated financial statements or its note disclosures.

Accounting Standards Not Yet Adopted

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. The guidance is effective for the Company beginning in the first quarter of 2023. The Company has evaluated the impact of adopting this guidance and it will not have a material impact on the Company’s financial statements and related disclosures.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair Value Measurements

The Company reports all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

Level 1—Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

Level 3—Inputs are unobservable inputs for the asset or liability. The level in the fair value hierarchy within which a fair value measurement in its entirety is based on the lowest-level input that is significant to the fair value measurement in its entirety.

The Company's cash and cash equivalents included Level 1 investments in treasury securities of $144.4 million as of December 31, 2022. These securities are classified as held-to-maturity and all have been purchased with original maturities of 90 days or less. Held-to-maturity debt securities are recorded at amortized cost in the financial statements. As of December 31, 2021, there were no investments in treasury securities.


	As of December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
U.S. Treasury Securities	$	144,319	$	45	$	—	$	144,364

The Company measures the fair value of outstanding debt for disclosure purposes on a recurring basis. As of December 31, 2022 and 2021, total debt of $33.3 million and $32.7 million is reported at amortized cost, respectively. This outstanding debt is classified as Level 2 as it is not actively traded. The amortized cost of the outstanding debt approximates the fair value.

The Company measured the redeemable convertible preferred stock warrants using Level 3 unobservable inputs within the Black-Scholes option-pricing model. The key assumptions included the fair value of redeemable convertible preferred stock, volatility, risk-free interest rate, expected term (remaining contractual term of the warrants) and dividend yield. The Company had limited historical volatility information available, and the expected volatility was based on actual volatility for comparable public companies projected over the expected terms of the warrants. The Company did not apply a forfeiture rate to the warrants as there was not enough historical information available to estimate such a rate. The risk-free rate was based on the U.S. Treasury yield curve at the time of the grant over the expected term of the warrants.

The Company determined the fair value of the redeemable convertible preferred stock warrants quarterly, with subsequent gains and losses from remeasurement of Level 3 financial liabilities recorded through other income (expense), net in condensed consolidated statements of operations and comprehensive loss. The redeemable convertible preferred stock warrants were converted to common stock warrants upon the closing of the IPO and subsequently settled during the third quarter of the year ended December 31, 2021.

A summary of the changes in the fair value of the Company’s Level 3 financial instruments for the years ended December 31, 2021 is as follows (in thousands):


	Redeemable convertible preferred stock warrants liabilities
Balance – December 31, 2020	$	2,112
Change in fair value		6,861
Conversion of preferred stock warrants to common stock warrants upon the closing of the IPO		(8,973	)
Balance – December 31, 2021	$	—

The financial statements as of December 31, 2022 and 2021, do not include any assets or liabilities that are measured at fair value on a nonrecurring basis.

Balance Sheet Components

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Note 4. Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):


	As of December 31,
	2022			2021
Tools and equipment	$	2,173		$	1,685
Computer equipment and software		37			100
Furniture and fixtures		282			254
Leasehold improvements		38			29
Construction in process		475			590
		3,005			2,658
Less: Accumulated depreciation		(1,434	)		(1,204	)
Property and equipment, net	$	1,571		$	1,454

Depreciation expense was $0.7 million and $0.6 million for the years ended December 31, 2022 and 2021 respectively.

Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following (in thousands):


	As of December 31,
	2022		2021
Accrued expenses	$	5,307	$	2,726
Current portion of lease liabilities		1,033		510
Short term interest payable		348		275
Other accrued liabilities		1,087		655
Total accrued and other current liabilities	$	7,775	$	4,166

Other Noncurrent Liabilities

Other noncurrent liabilities consist of the following (in thousands):


	As of December 31,
	2022		2021
Long term interest payable	$	1,194	$	841
Noncurrent portion of lease liabilities		635		1,040
Other noncurrent liabilities		38		38
Total other noncurrent liabilities	$	1,867	$	1,919

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

Note 5. Debt

In January 2019, the Company entered into credit and security agreements with MidCap Financial Services (the "Lender"), which provided a maximum of $25.0 million credit facility consisting of a $20.0 million senior secured term loan (the "2019 Term Loan") and a $5.0 million 2019 revolving loan (the "2019 Revolver" and collectively with the 2019 Term Loan, the “2019 MidCap Credit Facility”). In November 2020, the Company entered into amended and restated credit and security agreements with the same institution, which replaced the 2019 MidCap Credit Facility, and provided for a maximum $40.0 million credit facility consisting of a $35.0 million senior secured term loan (the "2020 Term Loan") and a $5.0 million revolving loan (the "2020 Revolver and collectively with the 2020 Term Loan, the “2020 MidCap Credit Facility”).

The obligations under the MidCap Credit Facility are guaranteed by the Company's current and future subsidiaries, subject to exceptions for certain foreign subsidiaries. Obligations under the agreements are secured by substantially all assets of the Company, including material intellectual property. Additionally, the Company is subject to customary affirmative and negative covenants as defined in the credit agreements, including covenants that limit or restrict the ability to, among other things, incur indebtedness, grant liens, merge or consolidate, make investments, dispose of assets, make acquisitions, pay dividends or make distributions, repurchase stock and enter into certain transactions with affiliates, in each case subject to certain exceptions. As of December 31, 2022, the Company was in compliance with all financial and non-financial covenants.

The MidCap Credit Facility agreements each contain events of default that include, among others, non-payment of principal, interest or fees, breach of covenants, inaccuracy of representations and warranties, cross-defaults and bankruptcy and insolvency events.

As of December 31, 2022 and 2021, $5.0 million was available to be drawn under the 2020 Revolver. The 2020 Revolver had not been drawn upon as of December 31, 2022 and 2021. Long-term and short-term debt was as follows (in thousands):


	As of December 31,
	2022			2021
2020 Term Loan	$	35,000		$	35,000
Total principal payments due		35,000			35,000
Less: debt discount related to warrant liability and issuance costs		(1,687	)		(2,344	)
Total amounts outstanding		33,313			32,656
Less: Current portion		—			—
Long-term debt	$	33,313		$	32,656

The repayment schedule relating to the principal amount of the Company’s 2020 Term Loan as of December 31, 2022, is as follows (in thousands):


	Amount
2023		—
2024		(2,917	)
2025		(32,083	)
Thereafter		—
Total repayments	$	(35,000	)

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 6. Commitments and Contingencies

Operating Lease Obligations

The Company’s leases include facility leases and storage leases. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date if the rate implicit in the lease is not readily determinable. The Company estimates its incremental borrowing rate based on qualitative factors including company specific credit offers, lease term, general economics, and the interest rate

environment. In the determining the lease term, the Company includes all renewal options that are reasonably probable to be executed.

During the first quarter of 2021, the Company entered into a lease to renew the corporate headquarters in Menlo Park, California. The lease commenced in early August 2021 and is for a term of 37 months from the commencement date. The Company recorded an aggregate right-of-use ("ROU") asset and lease liability of $1.5 million. The ROU asset and corresponding lease liability were estimated using a weighted-average incremental borrowing rate of 13.59%. Total base rent is approximately $1.6 million under the lease agreement.

During the fourth quarter of 2022, the Company entered into a supply agreement that is expected to last approximately 18 months. The supply agreement contained provisions that, when evaluated, indicated an embedded lease was present within the agreement. The agreement commenced in early December 2022 and the Company recorded an aggregate ROU asset and lease liability of $0.7 million. the ROU asset and corresponding lease liability were estimated using a weighted-average incremental borrowing rate of 10.75%. Total base rent under the agreement is approximately $0.7 million.

The Company recognizes rent expense on a straight-line basis over the noncancelable lease term. The Company’s rent expense was $0.7 million for both the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022, the remaining lease term for the lease was 1.6 years.

Operating lease expense and supplemental cash flow information related to operating leases for the years ended December 31, 2022 and 2021 were as follows (in thousands):


	Year Ended December 31,
	2022		2021
Operating lease expense	$	732	$	702
Cash paid for operating leases		731		657
New operating lease assets obtained in exchange for operating lease liabilities		660		1,537

Aggregate future minimum lease payments at December 31, 2022 under these noncancelable operating leases was as follows (in thousands):


	As of December 31,
	2022
2023	$	1,184
2024		662
Total future minimum lease payments	$	1,846
Less: imputed interest		(178	)
Present value of future minimum lease payments	$	1,668
Less: current portion of operating lease liability		(1,033	)
Operating lease liabilities - noncurrent	$	635

Legal Proceedings

On September 16, 2021, the Company filed suit in the U.S. District Court for the District of Delaware (C.A. No. 1:21-cv-01317) alleging that Ivantis, Inc. directly and indirectly infringes U.S. Patent Nos. 8,287,482, 9,370,443, 9,486,361, and 10,314,742 by making, using, selling, and offering for sale the Hydrus® Microstent. The Company’s Complaint seeks money damages and injunctive relief. On January 24, 2022, Ivantis asserted counterclaims requesting declaratory judgments that the Company's asserted patents-in-suit are not infringed and/or invalid. On August 1, 2022, the Company filed an amended complaint alleging that Alcon Inc., Alcon Vision, LLC and Alcon Research, LLC infringe the four originally asserted patents by making, using, selling, and offering for sale the Hydrus® Microstent, and that all defendants also infringe U.S. Patent No. 11,389,328. The defendants reasserted counterclaims requesting declaratory judgments that the Company’s asserted patents-in-suit are not infringed and/or invalid. A five-day jury trial is scheduled to commence on April 8, 2024. Ivantis and Alcon filed petitions with the U.S. Patent Office seeking inter partes review of U.S. Patent Nos. 8,287,482, 9,370,443, 9,486,361, and 10,314,742 (IPR2022-01529, IPR2022-01530, IPR2022-01533, IPR2022-01540). Around the end of March 2023, the U.S. Patent Office will determine whether to institute inter partes review proceedings. If any inter partes review is instituted, the U.S. Patent Office would make validity findings as to the affected patent(s) by

the end of March 2024. The Company is presently unable to predict the outcome of this lawsuit or to reasonably estimate the potential financial impact of the lawsuit on the Company, if any.

The Company is subject to claims and assessments from time to time in the ordinary course of business. Accruals for litigation and contingencies are reflected in the financial statements based on management’s assessment, including the advice of legal counsel, of the expected outcome of litigation or other dispute resolution proceedings, and/or the expected resolution of contingencies. Liabilities for estimated losses are accrued if the potential losses from any claims or legal proceedings are considered probable and the amounts can be reasonably estimated. Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount can be reasonably estimated. Accruals are based only on information available at the time of the assessment due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations in a given period. As of December 31, 2022 and December 31, 2021, the Company was not involved in any material legal proceedings except as described above.

Indemnification

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but that have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations.

The Company indemnifies each of its directors and officers for certain events or occurrences, subject to certain limits, while the director is or was serving at the Company’s request in such capacity, as permitted under Delaware law and in accordance with its certificate of incorporation and bylaws. The term of the indemnification period lasts as long as a director may be subject to any proceeding arising out of acts or omissions of such director in such capacity. The maximum amount of potential future indemnification is unlimited; however, the Company currently holds director liability insurance. This insurance allows the transfer of risk associated with the Company’s exposure and may enable it to recover a portion of any future amounts paid. The Company believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations as of December 31, 2022 and 2021.

Stockholders's Equity

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Stockholders's Equity

Note 7. Stockholders' Equity

Common Stock

In connection with the IPO, the Company’s certificate of incorporation was amended and restated to provide for 200,000,000 authorized shares of common stock with a par value of $0.001 per share and 10,000,000 authorized shares of preferred stock with a par value of $0.001 per share. The holders of common stock were also entitled to receive dividends whenever funds are legally available, when and if declared by the board of directors. As of December 31, 2022, no dividends have been declared to date. Each share of common stock is entitled to one vote.

At December 31, 2022 and 2021, the Company had reserved common stock for future issuances as follows:


	December 31,
	2022		2021
Common stock options issued and outstanding		4,819,906		4,996,945
Common stock available for future grant		6,099,584		5,321,687
Restricted stock units outstanding		1,014,123		53,250
Shares available for future purchase under ESPP		1,226,123		850,000
		13,159,736		11,221,882

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Equity Incentive Plans

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

Note 8. Equity Incentive Plans

2011 Stock Option Plan and 2021 Equity Incentive Plan

In 2011, the Company established its 2011 Stock Option Plan (the “2011 Plan”) that provided for the granting of stock options to employees and nonemployees of the Company.

In July 2021, the board of directors and stockholders adopted and approved the 2021 Incentive Award Plan, (the “2021 Plan”). Under the 2021 Plan, the Company has the ability to issue incentive stock options ("ISOs"), nonqualified stock options ("NSOs"), stock appreciation rights, dividend equivalent rights, restricted stock awards, and restricted stock unit awards. Options under the 2021 Plan can be granted for periods of up to 10 years. For incentive stock options granted to a grantee who, at the time the option is granted, owns stock representing more than 10% of the voting power of all classes of stock of the Company or any parent or subsidiary of the Company, the term of the incentive stock option may be granted for periods of up to five years. The ISOs and NSOs will be granted at a price per share not less than the fair value at the date of grant. The exercise price of an ISO granted to a 10% stockholder shall not be less than 110% of the estimated fair value of the shares on the date of grant, as determined by the board of directors. Options granted to new hires generally vest over a four-year period, with 25% vesting at the end of one year and the remaining vesting in 36 equal monthly installments thereafter; options granted as merit awards generally vest monthly over a four-year period. The Company initially reserved 5,200,000 shares of common stock for future issuance under the 2021 Plan. This initial reserve will be increased annually on the first day of each calendar year beginning on January 1, 2022 and ending on and including January 1, 2031. These annual increases shall be equal to the lesser of (i) 5% of the aggregate number of shares of Common Stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of Common Stock as determined by the Board, subject to certain limitations.

The 2011 Plan was terminated in connection with the IPO and no further grants will be made under the 2011 Plan from the date the 2021 Plan became effective. The terms under the 2011 Plan are consistent with those described above for the 2021 Plan.

At December 31, 2022 and 2021, there were 6,099,584 shares and 5,321,687 shares, respectively, of common stock available for issuance under the 2021 Plan, respectively.

Stock Option Awards

The following table summarizes stock option activity under the 2011 and 2021 Plans:


	Number of Shares			Weighted-Average Exercise Price		Weighted-Average Contractual Term (in years)		Average Intrinsic Value (in thousands)
Outstanding, December 31, 2021		4,996,945		$	6.05		7.6	$	58,420
Grants		1,388,900			17.04
Forfeited/cancelled		(882,457	)		7.53
Exercised		(683,482	)		0.84
Outstanding, December 31, 2022		4,819,906		$	9.67		7.7	$	19,463
Vested and exercisable as of December 31, 2022		2,288,715		$	6.76		6.8	$	14,220
Vested and expected to vest as of December 31, 2022		4,819,906		$	9.67		7.7	$	19,463

The weighted-average grant-date fair values of options granted during the year ended December 31, 2022 and 2021 was $9.56 and $11.35 per share, respectively. The aggregate intrinsic value of options exercised were $5.3 million during the year ended December 31, 2022. The aggregate intrinsic value was calculated as the difference between the exercise prices of the underlying options and the estimated fair value of the common stock on the date of exercise.

During the year ended December 31, 2022, the Company recorded stock-based compensation of $9.7 million related to options. As of December 31, 2022, the unrecognized stock-based compensation of unvested options was $22.8 million, which is expected to be recognized over a weighted-average period of 2.5 years.

Determination of fair value

The Company estimated the fair value of stock options using the Black-Scholes option-pricing model. The fair value of stock options is recognized on a straight-line basis over the requisite service periods of the awards. The fair value of stock options was estimated using the following weighted-average assumptions:


	Years ended December 31,
	2022	2021
Expected term (in years)	5.38 – 6.95	4.99 – 6.18
Expected volatility	58.74% – 64.97%	56.74% – 61.08%
Risk-free interest rate	1.35% – 3.97%	0.47% – 1.33%
Dividend yield	–	–

Expected Term

The expected term is calculated using the simplified method, which is available if there is insufficient historical data about exercise patterns and post vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant or for each vesting tranche for awards with graded vesting. The midpoint of the vesting date and the maximum contractual expiration date is used as the expected term under this method. For awards with multiple vesting tranches, the time from grant until the midpoints for each of the tranches may be averaged to provide an overall expected term.

Expected Volatility

The Company used an average historical stock price volatility of a peer group of publicly traded companies to be representative of its expected future stock price volatility, as the Company did not have any trading history for its common stock. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size, and financial leverage of potential comparable companies. For each grant, the Company measured historical volatility over a period equivalent to the expected term.

Risk-Free Interest Rate

The risk-free interest rate is based on the implied yield currently available on US Treasury zero-coupon issues with remaining terms equivalent to the expected term of a stock award.

Expected Dividend Rate

The Company has not paid, and does not anticipate paying, any dividends in the near future. Accordingly, the Company has estimated the dividend yield to be 0%.

Restricted Stock Units

RSUs are share awards that entitle the holder to receive freely tradable shares of the Company’s common stock upon vesting. The RSUs cannot be transferred, and the awards are subject to forfeiture if the holder’s employment terminates prior to the release of the vesting restrictions. The RSUs generally vest over a four-year period with straight-line vesting in equal amounts on an annual basis, provided the employee remains continuously employed with the Company. The fair value of the RSUs is equal to the closing price of the Company’s common stock on the grant date.

The following table summarizes restricted share award activity:


	Number of Shares			Weighted-Average Grant Date Fair Value Per Share
Outstanding, December 31, 2021		53,250		$	22.91
Grants		1,101,923			14.32
Forfeited/cancelled		(130,022	)		17.62
Vested		(11,028	)		20.86
Outstanding, December 31, 2022		1,014,123		$	14.25

During the year ended December 31, 2022, the Company recorded stock-based compensation of $2.9 million related to RSUs. As of December 31, 2022, the unrecognized stock-based compensation of unvested RSUs was $11.8 million, which is expected to be recognized over a weighted-average period of 3.3 years.

Employee Stock Purchase Plan

Inn July 2021, the board of directors and stockholders also adopted and approved the 2021 Employee Stock Purchase Plan (the “ESPP”). The Company initially reserved 850,000 shares of common stock for future issuance under the ESPP. This initial reserve is subject to annual increase on the first day of each calendar year beginning on January 1, 2022 and ending on and including January 1, 2031. These annual increases shall be equal to the lesser of (i) 1% of the aggregate number of shares of Common Stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of Common Stock as determined by the Board, subject to certain limitations.

The Company's first six-month offering period under the ESPP began during the second quarter of 2022. The Company has two offering periods annually, running for six-months, with the first offering period beginning in the second quarter, and the second offering period beginning in the fourth quarter. The purchase of shares for participants in the ESPP occurs at the conclusion of each offering period.

For the year ended December 31, 2022, participants in the ESPP purchased 98,924 shares for a total of $0.7 million. As of December 31, 2022, the Company has collected withholdings of $0.2 million in the current offering period for purchase of shares. The Company recorded $0.4 million of stock-based compensation associated with the ESPP for the year ended December 31, 2022. There was no stock-based compensation associated with the ESPP for the year ended December 31, 2021.

As of December 31, 2022, there were 1,226,123 shares of common stock available for issuance under the ESPP.

The fair value of shares to be issued under the ESPP was estimated using the Black-Scholes valuation model with the following assumptions for the year ended December 31, 2022:


		Year ended December 31,
		2022
Expected term (in years)		0.48 - 0.50
Expected volatility		76.50% - 97.38%
Risk-free interest rate		1.51% - 4.62%
Dividend yield		–

Stock Based Compensation

The following is a summary of stock-based compensation expense by function (in thousands):


	Years Ended December 31,
	2022		2021
Cost of goods sold	$	167	$	71
Research and development		1,315		495
Selling, general and administrative		11,481		4,517
Total stock-based compensation expense	$	12,963	$	5,083

Net Loss per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Loss per Share Attributable to Common Stockholders

Note 9. Net Loss per Share Attributable to Common Stockholders

Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period. As the Company reported a net loss for the years ended December 31, 2022 and 2021, basic net loss per share is the same as diluted net loss per share as the inclusion of potentially dilutive shares would have been antidilutive if included in the calculation.

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):


	Year Ended December 31,
	2022			2021
Numerator:
Net loss attributable to common stockholders	$	(86,242	)	$	(62,960	)
Denominator:
Weighted-average shares of common stock outstanding—basic and diluted		47,849,058			26,734,097
Net loss per share attributable to common stockholders—basic and diluted	$	(1.80	)	$	(2.36	)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the period presented because including them would have been antidilutive:


	December 31,
	2022		2021
Options to purchase common stock		4,819,906		4,996,945
Restricted stock units		1,014,123		53,250
Total		5,834,029		5,050,195

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 10. Income Taxes

The Company’s income tax provision for the years ended December 31, 2022 and 2021, consists of the following (in thousands):

Current


	December 31,
	2022		2021
Federal	$	—	$	—
Foreign		47		16
State		—		172
Provision (benefit) for income taxes	$	47	$	188

The Company's components of income/(loss) before the provision for income taxes includes domestic loss of $86.0 million and $63.0 million for the years ended December 31, 2022 and 2021, respectively. Foreign income/(loss) for the year ended December 31, 2022 was a loss of $0.2 million, while the Company recording income of $0.1 million for the year ended December 31, 2021.

Deferred tax assets and liabilities reflect the net tax effect of temporary differences between carrying value of assets and liabilities for financial reporting purposes and the tax basis of these assets and liabilities as measured by income tax law. The income tax effect of temporary differences that give rise to deferred tax assets and (liabilities) consist of the following (in thousands):


	December 31,
	2022			2021
Deferred tax assets:
Net operating loss carryforwards	$	52,616		$	35,186
Deferred compensation		3,974			1,812
Research and development credits		1,918			1,497
Research and development expenses		1,743			—
Disallowed interest expense carryover		444			—
Operating lease liability		436			405
Provision for bad debt		398			163
Other		144			132
Gross deferred tax assets		61,673			39,195
Less: Valuation allowance		(61,251	)		(38,804	)
Deferred tax assets, net of valuation allowance		422			391
Operating lease right-of-use assets		(422	)		(391	)
Deferred tax liabilities:		(422	)		(391	)
Net deferred tax assets	$	—		$	—

Internal Revenue Code (IRC) Section 382 limits the use of federal net operating losses and income tax credit carryforwards in certain situations where changes occur in stock ownership of a company. If the Company should have an ownership change of more than 50% of the value of the Company’s capital stock, utilization of the carryforwards could be restricted.

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows (in thousands):


	December 31,
	2022			2021
Tax at statutory federal rate		21	%		21	%
State tax, net of federal benefit		5	%		5	%
Research and development credit		1	%		1	%
Change in valuation allowance		(26	)%		(24	)%
Other		(1	)%		(3	)%
Effective tax rate		—			—

A valuation allowance is recorded when it is more likely than not that some portion of the deferred tax assets will not be realized. As of each reporting date, the Company's management considers all evidence, both positive and negative, that could impact management's view with regard to future realization of deferred tax assets. As of December 31, 2022, a full valuation allowance for deferred tax assets was recorded as management believes it is not more likely than not that all of the deferred tax assets will be realized. At December 31, 2021 and December 31, 2022, the Company has a net operating loss carryforward for federal income tax purposes of approximately $136.8 million and $204.6 million, respectively. At December 31, 2021 and December 31, 2022, the Company has a net operating loss carryforward for state income tax purposes of approximately $126.6 million and $187.5 million, respectively. Of the $204.6 million of federal net operating loss carryovers, $14.8 million was generated before January 1, 2018 and is subject to a 20-year carryforward period. The remaining $189.9 million can be carried forward indefinitely but is subject to an 80% taxable income limitation. The pre-2018 federal and certain state net operating losses will begin to expire in 2031 and 2032, respectively, if not utilized.

As of December 31, 2022 and 2021, the Company has federal research and development income tax credit carryforwards of approximately $1.5 million and $1.2 million, respectively. As of December 31, 2022 and 2021, the Company has state research and development income tax credit carryforwards of approximately $1.5 million and $0.9 million, respectively. The Federal income tax credits begin to expire in 2032. The California Research and Development credits can be carried forward indefinitely. The total amount of uncertain tax positions ("UTP") on research and development tax credits is $0.7 million and $0.6 million as of December 31, 2022 and 2021, respectively. The Company does not expect any significant change to the UTP balances in the next 12 months.

As of December 31, 2022, the Company has business interest expense carryforwards of $0.4 million. Business interest expense can be carried forward indefinitely.

The following table summarizes the activity related to the unrecognized tax benefits (in thousands):


	December 31,
	2022		2021
Unrecognized tax benefits at the beginning of the year	$	580	$	417
Additions based on tax positions related to the current year		161		163

Additions for tax positions of prior years		—		—
Unrecognized tax benefits at the end of the year	$	741	$	580

The Company does not have any material uncertain tax positions as of December 31, 2022 and does not expect any significant change to such balances in the next twelve months.

The Company currently has no federal or state tax examinations in progress nor has it had any federal or state tax examinations since its inception. Due to the history of net operating losses, the Company’s federal and state tax returns remain open to examination by the tax authorities

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

Note 11. Segment Information

The Company has two reportable operating segments which are determined on the basis of the product portfolio: Surgical Glaucoma and Dry Eye. The operating and reportable segments were determined based on how the Company’s Chief Executive Officer, its Chief Operating Decision Maker (“CODM”), views and evaluates the Company’s operations. The CODM allocates resources to and evaluates the financial performance of each operating segment primarily based on gross profit and gross profit margin.

The Surgical Glaucoma segment includes sales of the Company’s OMNI® Surgical System for use in minimally invasive glaucoma procedures. The Dry Eye segment includes sales of the Company’s TearCare® System and related components.

The following table summarizes select operating results information for each reportable segment (dollars in thousands):


	Year Ended December 31,
	2022			2021
Revenue
Surgical Glaucoma	$	65,594		$	46,496
Dry Eye		5,737			2,460
Total		71,331			48,956
Cost of goods sold
Surgical Glaucoma		8,295			6,473
Dry Eye		4,066			2,137
Total		12,361			8,610
Gross profit
Surgical Glaucoma		57,299			40,023
Dry Eye		1,671			323
Total		58,970			40,346
Operating expense		142,924			91,824
Loss from operations		(83,954	)		(51,478	)
Interest expense		(4,466	)		(4,366	)
Other expense, net		2,225			(6,928	)
Loss before income tax	$	(86,195	)	$	(62,772	)

The Company does not allocate any income and expenses beyond revenue and cost of goods sold to the reportable operating segments in its reporting to the CODM. No asset information is provided for reportable operating segments because they are not reviewed by the CODM on segment basis. Substantially all of the Company’s revenue is generated from sales in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 12. Subsequent Events

The Company evaluated subsequent events through March 16, 2023, the date on which the consolidated financial statements were available for issuance.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Accounting	Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP). The Company’s consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Sight Sciences UK, Ltd and Sight Sciences GmbH. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expense during the reporting period. The most significant estimates related to the provision for doubtful accounts receivable, inventory excess and obsolescence, the selection of useful lives of property and equipment, determination of the fair value of stock option grants, and provisions for income taxes and contingencies. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. These estimates are based on information available as of the date of the financial statements. Actual results could differ from these estimates and such differences could be material to the Company’s financial position and results of operations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and short-term and long-term debt. The Company's cash equivalents include U.S. treasury securities that are classified as held-to-maturity and recorded at amortized cost in the financial statements. The Company states accounts receivable, accounts payable, and accrued and other current liabilities at their carrying value, which approximates fair value due to the short time to the expected receipt or payment. The carrying amount of the Company’s short-term debt approximates its fair value as the effective interest rate approximates market rates currently available to the Company.
Concentration Of Credit Risk	Concentration of Credit Risk Financial instruments that subject the Company to concentration of credit risk consist of cash and cash equivalents and accounts receivable. The Company’s cash and cash equivalents are deposited with a high-quality financial institution. Deposits at this institution may, at times, exceed federally insured limits. Management believes that this financial institution is financially sound and, accordingly, that minimal credit risk exists. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company relies on third-party contract manufacturers for the manufacture of all of our commercial products currently available for sale. Disruption in production would have a negative impact on the Company’s financial position, results of operations and cash flows. For the years ended December 31, 2022 and 2021, there were no customers that represented 10% or more of the Company's revenue.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of 90 days or less, when purchased, to be cash and cash equivalents. As of December 31, 2022, cash and cash equivalents includes $144.3 million of U.S. treasury securities that are classified as held-to-maturity and recorded at amortized cost in the financial statements. As of December 31, 2022 and 2021, the remainder of cash and cash equivalents consists primarily of checking and savings deposits, which are recorded at cost, which approximate fair value. The Company’s cash balances exceed those that are federally insured. To date, the Company has not recognized any losses caused by uninsured balances.
Accounts Receivable and Provision for Doubtful Accounts	Accounts Receivable and Provision for Doubtful Accounts Accounts receivable are stated at invoiced amounts, net of estimated provisions for doubtful accounts. The majority of customers are not extended credit and, therefore, time to maturity for receivables is short. The Company makes estimates of the collectability of customer accounts and provisions based primarily on analysis of historical trends and experience and changes in customers’ financial condition. The Company uses its judgment, based on the best available facts and circumstances, and records a provision against amounts due to reduce the receivable to the amount that is expected to be collected. These specific provisions are reevaluated and adjusted as additional information is received that impacts the amount reserved. To date, the Company has not experienced material credit-related losses. The provision for doubtful accounts was $1.0 million and $0.6 million as of December 31, 2022 and 2021, respectively.
Inventory	Inventory, net Inventory represents finished goods purchased from a third-party manufacturer and is valued at the lower of cost or net realizable value. Cost is determined using actual costs on a first-in, first-out basis for all inventory. Net realizable value is determined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The Company regularly reviews inventory quantities in consideration of actual loss experiences, projected future demand, and remaining shelf life to record a provision for excess and obsolete inventory when appropriate. The Company’s policy is to write down inventory that has become obsolete, inventory that has a cost basis in excess of its expected lower of cost or net realizable value, and inventory in excess of expected requirements. The estimate of excess quantities is judgmental and primarily dependent on the Company’s estimates of future demand for the particular product.
Property, Plant and Equipment	Property and Equipment, net Property and equipment are recorded at cost, less accumulated depreciation. Repairs and maintenance costs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, typically two to five years. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in operations in the period realized. Construction-in-process assets consist primarily of tools and equipment that have not yet been placed in service. These assets are stated at cost and are not depreciated. Once the assets are placed into service, assets are reclassified to the appropriate asset class based on their nature and depreciated in accordance with the useful lives above.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company assesses long-lived assets, including property and equipment, whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. If indicators of impairment exist, an impairment loss may be recognized when estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition are less than their carrying amount. Impairment, if any, is measured as the amount by which the carrying amount of the long-lived assets exceeds their fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values, and third-party independent appraisals, as considered necessary. The Company did not record any impairment of long-lived assets for the years ended December 31, 2022 and 2021.
Leases	Leases Contractual arrangements that meet the definition of a lease are classified as operating or finance leases and are recorded on the balance sheets as both a right-of-use asset (“ROU asset”) and lease liability, calculated by discounting fixed lease payments over the lease term at the Company’s incremental borrowing rate (“IBR”). Lease ROU assets and lease obligations are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The Company currently does not have any finance leases. Operating lease ROU assets are adjusted for (i) payments made at or before the commencement date, (ii) initial direct costs incurred, and (iii) tenant incentives under the lease. As the implicit rates for the operating leases are not determinable, the Company uses an IBR based on the information available at the respective lease commencement dates to determine the present value of future payments. IBR represents the interest rate that the Company would expect to incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis with similar terms and payments, in an economic environment where the leased asset is located. The Company considers a lease term to be the noncancelable period that it has the right to use the underlying asset, including any periods where it is reasonably certain the Company will exercise any option to extend the contract. Lease costs for minimum lease payments for operating leases are recognized on a straight-line basis over the lease term. Lease liabilities are increased by interest and reduced by payments each period, and the ROU asset is amortized over the lease term. Variable lease payments that do not depend on an index or rate are recognized as lease costs when incurred. In measuring the ROU assets and lease liabilities, the Company has elected to combine lease and non-lease components. The Company does not recognize ROU assets or lease liabilities for short-term leases, if any, having initial terms of 12 months or less at lease commencement as an accounting policy election, and recognizes rent expense on a straight-line basis over the lease term for these types of leases.
Revenue Recognition	Revenue Recognition The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its arrangements: • Identify the contract with a customer, • Identify the performance obligations in the contract, • Determine the transaction price, • Allocate the transaction price to performance obligations in the contract, and • Recognize revenue as the performance obligations are satisfied. Revenue recognized during the years ended December 31, 2022 and 2021 relates entirely to the sale of the Company’s products within the Surgical Glaucoma and Dry Eye segments. These sales are primarily to hospitals, medical centers, and eyecare professions ("ECPs") throughout the United States through sales representatives and distributors. The Company’s revenue arrangements consist of a single performance obligation. Revenue is recognized at the point in time when control of the promised goods transfer to the Company’s customers. Revenue is measured at the amount of consideration expected to be received in exchange for the transfer of goods. The amount of revenue that is recognized is based on the transaction price, which represented the invoiced amounts and includes estimates of variable consideration, such as discounted, where applicable. The Company does not offer right of return, except in the case where items are defective as manufactured, and the company does not typically provide customers with a right to a refund. The amount of variable consideration included in the transaction price may be constrained and is included only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized under the contract will not occur in a future period. Payment terms, typically 30 days, are offered to customers and do not include a significant financing component. The Company extends credit to customers based upon their financial condition and credit history and generally require no collateral. The Company does not have any contract balances related to product sales. Shipping and handling costs incurred for the delivery of goods to customers are included in cost of goods sold. In cases where the Company bills shipping and handling cost to customers, the Company classifies those amounts in net revenue. As a practical expedient, the Company recognizes the incremental costs of obtaining contracts, such as sales commissions, as an expense when incurred since the amortization period of the asset we otherwise would have recognized is one year or less. Sales commissions are recorded within selling, general, and administrative expenses in the statements of operations.
Cost Of Goods Sold	Cost of Goods Sold The Company purchases its products from third-party manufacturers. Cost of goods sold consists primarily of costs related to materials, manufacturing overhead costs, reserves for excess, and obsolete and non-sellable inventories. Cost of goods sold also includes depreciation expense for production equipment and certain direct costs, such as shipping and handling costs.
Research and Development	Research and Development The Company expenses research and development costs as incurred. Research and development expenses consist primarily of product development, clinical studies to develop and support the Company’s products, regulatory expenses, medical affairs, and other costs associated with products and technologies that are in development. Research and development expenses include employee compensation, including stock-based compensation, supplies, consulting, prototyping, testing, materials, travel expenses, depreciation, and an allocation of facility overhead expenses.
Selling, General and Administrative Expense	Selling, General and Administrative Selling, general and administrative expenses include compensation, employee benefits, and stock-based compensation for executive management, finance administration, and human resources; facility costs (including rent); bad debt costs; professional service fees; and other general overhead costs, including depreciation to support the Company’s operations.
Advertising Expense	Advertising Expense The Company expenses advertising costs as incurred. Advertising expenses for fiscal years 2022 and 2021 were $2.6 million and $2.1 million, respectively, included in selling, general, and administrative expenses in the statements of operations and comprehensive loss.
Stock-Based Compensation	Stock-Based Compensation The Company's equity incentive plan permits the grant of stock-based awards, such as stock options and restricted stock units ("RSUs"), to employees and directors, as well as allows employees to purchase stock through an employee stock purchase plan ("ESPP"). The Company measures and records the expense related to stock-based payment awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period and uses the straight- line method to recognize stock-based compensation, and accounts for forfeitures as they occur. The Company selected the Black-Scholes-Merton (“Black-Scholes”) option-pricing model as the method for determining the estimated fair value for stock options and the employee stock purchase plan ("ESPP"). The Black-Scholes option-pricing model requires the use of highly subjective and complex assumptions, which determine the fair value of share-based awards, including the option’s expected term, expected volatility of the underlying stock, risk-free interest rate and expected dividend yield. The fair value of RSU awards is determined based on the number of units granted and the closing price of the Company's common stock as of the grant date. The Company expenses the fair value of stock-based compensation awards on a straight-line basis over the requisite service period, which is the period in which the related services are received.
Currency Remeasurement	Currency Remeasurement Foreign currency transaction gains and losses are recorded in other income (expense), net in the Company’s statements of operations and such amounts have not been material for all periods presented.
Income Tax	Income Taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Management makes an assessment of the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all off a deferred tax asset will not be realized. Due to the Company's historical operating performance and the recorded cumulative net losses in prior fiscal periods, the net deferred tax assets have been fully offset by a valuation allowance. The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs. The Company's policy is to recognize interest and penalties related to the underpayment of income tax as a component of provision for income taxes.
Comprehensive Income	Comprehensive Loss Comprehensive loss represents all changes in stockholders’ equity except those resulting from distributions to stockholders. There have been no items qualifying as other comprehensive income (loss) and, therefore, for all periods presented, there was no difference between comprehensive loss and the Company’s reported net loss.
Net loss per share attributable to common stockholders	Net loss per share attributable to common stockholders Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the two-class method required for participating securities. The Company considers all series of its restricted stock awards to be participating securities as the holders are entitled to receive dividends on a pari passu basis in the event that a dividend is paid on common stock. Under the two-class method, the net loss attributable to common stockholders is not allocated to the restricted stock awards as the holders of the Company’s restricted stock awards do not have a contractual obligation to share in losses. Basic and diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period without consideration of potentially dilutive securities. The Company’s potentially dilutive shares, which consist of outstanding common stock options and restricted stock awards, were excluded in the computation of diluted net loss per share for the period as the result would be anti-dilutive.
Emerging Growth Company	Emerging growth company and smaller reporting company The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012, as well as a "smaller reporting company, as defined by the Securities and Exchange Commission per Rule 12b-2 of the Exchange Act. As such the Company is eligible for exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies, including reduced reporting and extended transition periods to comply with new or revised accounting standards for public business entities. The Company has elected to avail themselves of this exemption and, therefore, will not be subject to the timeline for adopting new or revised accounting standards for public business entities that are not emerging growth companies, and will follow the transition guidance applicable to private companies.
New Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Accounting Standards Adopted In the fourth quarter of 2022, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, issued in December 2019. The amendments in ASU 2019-12 simplify the accounting for income taxes by eliminating certain exceptions related to the approach for intra-period tax allocation and modified the methodology for calculating income taxes in an interim period. It also clarifies and simplifies other aspects of the accounting for income taxes. The amendments in ASU 2019-12 were adopted with no material impact on the Company's consolidated financial statements or its note disclosures. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The guidance also establishes (1) a general contract modification principle that entities can apply in other areas that may be affected by reference rate reform and (2) certain elective hedge accounting expedients. The amendment is effective for all entities through December 31, 2022. The Company evaluated the effect of this new guidance and did not elect to utilize any of the option expedients or exceptions permitted. The guidance did not have material impact on the Company’s consolidated financial statements or its note disclosures. Accounting Standards Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. The guidance is effective for the Company beginning in the first quarter of 2023. The Company has evaluated the impact of adopting this guidance and it will not have a material impact on the Company’s financial statements and related disclosures.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Held-to-maturity debt securities at amortized cost in the financial statements

These securities are classified as held-to-maturity and all have been purchased with original maturities of 90 days or less. Held-to-maturity debt securities are recorded at amortized cost in the financial statements. As of December 31, 2021, there were no investments in treasury securities.


	As of December 31, 2022
	Amortized Cost		Unrealized Gains		Unrealized Losses		Aggregate Fair Value
U.S. Treasury Securities	$	144,319	$	45	$	—	$	144,364

Summary of Changes in Level 3 Fair Value Instruments

A summary of the changes in the fair value of the Company’s Level 3 financial instruments for the years ended December 31, 2021 is as follows (in thousands):


	Redeemable convertible preferred stock warrants liabilities
Balance – December 31, 2020	$	2,112
Change in fair value		6,861
Conversion of preferred stock warrants to common stock warrants upon the closing of the IPO		(8,973	)
Balance – December 31, 2021	$	—

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):


	As of December 31,
	2022			2021
Tools and equipment	$	2,173		$	1,685
Computer equipment and software		37			100
Furniture and fixtures		282			254
Leasehold improvements		38			29
Construction in process		475			590
		3,005			2,658
Less: Accumulated depreciation		(1,434	)		(1,204	)
Property and equipment, net	$	1,571		$	1,454

Summary of Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following (in thousands):


	As of December 31,
	2022		2021
Accrued expenses	$	5,307	$	2,726
Current portion of lease liabilities		1,033		510
Short term interest payable		348		275
Other accrued liabilities		1,087		655
Total accrued and other current liabilities	$	7,775	$	4,166

Summary of Other Noncurrent Liabilities

Other noncurrent liabilities consist of the following (in thousands):


	As of December 31,
	2022		2021
Long term interest payable	$	1,194	$	841
Noncurrent portion of lease liabilities		635		1,040
Other noncurrent liabilities		38		38
Total other noncurrent liabilities	$	1,867	$	1,919

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term and Short-term Debt

Long-term and short-term debt was as follows (in thousands):


	As of December 31,
	2022			2021
2020 Term Loan	$	35,000		$	35,000
Total principal payments due		35,000			35,000
Less: debt discount related to warrant liability and issuance costs		(1,687	)		(2,344	)
Total amounts outstanding		33,313			32,656
Less: Current portion		—			—
Long-term debt	$	33,313		$	32,656

Repayment Schedule Relating to the Company's Debt

The repayment schedule relating to the principal amount of the Company’s 2020 Term Loan as of December 31, 2022, is as follows (in thousands):


	Amount
2023		—
2024		(2,917	)
2025		(32,083	)
Thereafter		—
Total repayments	$	(35,000	)

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Operating Lease Expense Recognized and Supplemental Cash Flow

Operating lease expense and supplemental cash flow information related to operating leases for the years ended December 31, 2022 and 2021 were as follows (in thousands):


	Year Ended December 31,
	2022		2021
Operating lease expense	$	732	$	702
Cash paid for operating leases		731		657
New operating lease assets obtained in exchange for operating lease liabilities		660		1,537

Schedule of Aggregate Future Minimum Lease Payments

Aggregate future minimum lease payments at December 31, 2022 under these noncancelable operating leases was as follows (in thousands):


	As of December 31,
	2022
2023	$	1,184
2024		662
Total future minimum lease payments	$	1,846
Less: imputed interest		(178	)
Present value of future minimum lease payments	$	1,668
Less: current portion of operating lease liability		(1,033	)
Operating lease liabilities - noncurrent	$	635

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Stockholders' Equity Note [Abstract]

Reserved Common Stock for Future Issuances

At December 31, 2022 and 2021, the Company had reserved common stock for future issuances as follows:


	December 31,
	2022		2021
Common stock options issued and outstanding		4,819,906		4,996,945
Common stock available for future grant		6,099,584		5,321,687
Restricted stock units outstanding		1,014,123		53,250
Shares available for future purchase under ESPP		1,226,123		850,000
		13,159,736		11,221,882

Equity Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Stock Option Activity


	Number of Shares			Weighted-Average Exercise Price		Weighted-Average Contractual Term (in years)		Average Intrinsic Value (in thousands)
Outstanding, December 31, 2021		4,996,945		$	6.05		7.6	$	58,420
Grants		1,388,900			17.04
Forfeited/cancelled		(882,457	)		7.53
Exercised		(683,482	)		0.84
Outstanding, December 31, 2022		4,819,906		$	9.67		7.7	$	19,463
Vested and exercisable as of December 31, 2022		2,288,715		$	6.76		6.8	$	14,220
Vested and expected to vest as of December 31, 2022		4,819,906		$	9.67		7.7	$	19,463

Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options


	Years ended December 31,
	2022	2021
Expected term (in years)	5.38 – 6.95	4.99 – 6.18
Expected volatility	58.74% – 64.97%	56.74% – 61.08%
Risk-free interest rate	1.35% – 3.97%	0.47% – 1.33%
Dividend yield	–	–

Summary of restricted share award activity

The following table summarizes restricted share award activity:


	Number of Shares			Weighted-Average Grant Date Fair Value Per Share
Outstanding, December 31, 2021		53,250		$	22.91
Grants		1,101,923			14.32
Forfeited/cancelled		(130,022	)		17.62
Vested		(11,028	)		20.86
Outstanding, December 31, 2022		1,014,123		$	14.25

Summary of Stock-Based Compensation Expense by Function

The following is a summary of stock-based compensation expense by function (in thousands):


	Years Ended December 31,
	2022		2021
Cost of goods sold	$	167	$	71
Research and development		1,315		495
Selling, general and administrative		11,481		4,517
Total stock-based compensation expense	$	12,963	$	5,083

Two Thousand Twenty One Employee Stock Purchase Plan [ Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options

The fair value of shares to be issued under the ESPP was estimated using the Black-Scholes valuation model with the following assumptions for the year ended December 31, 2022:


		Year ended December 31,
		2022
Expected term (in years)		0.48 - 0.50
Expected volatility		76.50% - 97.38%
Risk-free interest rate		1.51% - 4.62%
Dividend yield		–

Net Loss per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):


	Year Ended December 31,
	2022			2021
Numerator:
Net loss attributable to common stockholders	$	(86,242	)	$	(62,960	)
Denominator:
Weighted-average shares of common stock outstanding—basic and diluted		47,849,058			26,734,097
Net loss per share attributable to common stockholders—basic and diluted	$	(1.80	)	$	(2.36	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	December 31,
	2022		2021
Options to purchase common stock		4,819,906		4,996,945
Restricted stock units		1,014,123		53,250
Total		5,834,029		5,050,195

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision

The Company’s income tax provision for the years ended December 31, 2022 and 2021, consists of the following (in thousands):

Current


	December 31,
	2022		2021
Federal	$	—	$	—
Foreign		47		16
State		—		172
Provision (benefit) for income taxes	$	47	$	188

Schedule of Tax Effects of Temporary Differences and Deferred Tax Assets and Liabilities

The income tax effect of temporary differences that give rise to deferred tax assets and (liabilities) consist of the following (in thousands):


	December 31,
	2022			2021
Deferred tax assets:
Net operating loss carryforwards	$	52,616		$	35,186
Deferred compensation		3,974			1,812
Research and development credits		1,918			1,497
Research and development expenses		1,743			—
Disallowed interest expense carryover		444			—
Operating lease liability		436			405
Provision for bad debt		398			163
Other		144			132
Gross deferred tax assets		61,673			39,195
Less: Valuation allowance		(61,251	)		(38,804	)
Deferred tax assets, net of valuation allowance		422			391
Operating lease right-of-use assets		(422	)		(391	)
Deferred tax liabilities:		(422	)		(391	)
Net deferred tax assets	$	—		$	—

Summery statutory federal income tax rate

The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows (in thousands):


	December 31,
	2022			2021
Tax at statutory federal rate		21	%		21	%
State tax, net of federal benefit		5	%		5	%
Research and development credit		1	%		1	%
Change in valuation allowance		(26	)%		(24	)%
Other		(1	)%		(3	)%
Effective tax rate		—			—

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to the unrecognized tax benefits (in thousands):


	December 31,
	2022		2021
Unrecognized tax benefits at the beginning of the year	$	580	$	417
Additions based on tax positions related to the current year		161		163

Additions for tax positions of prior years		—		—
Unrecognized tax benefits at the end of the year	$	741	$	580

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following table summarizes select operating results information for each reportable segment (dollars in thousands):


	Year Ended December 31,
	2022			2021
Revenue
Surgical Glaucoma	$	65,594		$	46,496
Dry Eye		5,737			2,460
Total		71,331			48,956
Cost of goods sold
Surgical Glaucoma		8,295			6,473
Dry Eye		4,066			2,137
Total		12,361			8,610
Gross profit
Surgical Glaucoma		57,299			40,023
Dry Eye		1,671			323
Total		58,970			40,346
Operating expense		142,924			91,824
Loss from operations		(83,954	)		(51,478	)
Interest expense		(4,466	)		(4,366	)
Other expense, net		2,225			(6,928	)
Loss before income tax	$	(86,195	)	$	(62,772	)

The Company and Nature of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 19, 2021	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2021
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Proceeds from initial public offering	$ 252,200	$ 0	$ 256,680
Conversion of redeemable convertible preferred stock	25,534,404
Common stock, shares authorized		200,000,000	200,000,000
Common stock, par value		$ 0.001	$ 0.001
Preferred stock, shares authorized		10,000,000	10,000,000
Preferred stock par value		$ 0.001	$ 0.001
Accumulated deficit		$ 239,243	$ 153,001
Net loss		$ 86,242	$ 62,960
IPO
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Sale of stock, price per share	$ 24.00
Warrants to purchase common stock	659,028
Common stock, shares authorized				200,000,000
Common stock, par value				$ 0.001
Preferred stock, shares authorized				10,000,000
Preferred stock par value				$ 0.001
Common Stock \| IPO
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock issued	10,000,000
Conversion of redeemable convertible preferred stock			25,534,404
Common Stock \| Underwriters' Option
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Common stock issued	1,500,000

Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) Customer	Dec. 31, 2021 USD ($) Customer
Subsidiary Sale Of Stock [Line Items]
Accounts Receivable, Allowance for Credit Loss	$ 1,000,000.0	$ 600,000
Cash and cash equivalents	185,000,000	260,687,000
Impairment Of Long Lived Assets	0	0
Advertising Expense	$ 2,600,000	$ 2,100,000
Lease term	12 months
US Treasury Securities
Subsidiary Sale Of Stock [Line Items]
Cash and cash equivalents	$ 144,300,000
Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Subsidiary Sale Of Stock [Line Items]
Number Of Major Customers \| Customer	0	0
Maximum [Member]
Subsidiary Sale Of Stock [Line Items]
Estimated useful live of assets	5 years
Minimum [Member]
Subsidiary Sale Of Stock [Line Items]
Estimated useful live of assets	2 years
Minimum [Member] \| Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Subsidiary Sale Of Stock [Line Items]
Concentration Risk Percentage	10.00%	10.00%

Fair value Measurement - Additional Information (Details) - Fair Value Recurring - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Treasury bills	$ 144.4
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt Instrument, Fair Value Amount	$ 33.3	$ 32.7

Fair Value Measurements - Summary of Held-to-maturity debt securities at amortized cost in the financial statement (Details) - US Treasury Securities $ in Thousands	Dec. 31, 2022 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	$ 144,319
Unrealized Gains	45
Unrealized Losses	0
Aggregate Fair Value	$ 144,364

Fair Value Measurements - Summary of Changes in Fair Value Level 3 Financial Liabilities (Details) - Fair Value, Inputs, Level 3 - Redeemable Convertible Preferred Stock Warrants $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Balance, Beginning balance	$ 2,112
Change in fair value	6,861
Conversion of preferred stock warrants to common stock warrants upon the closing of the IPO	(8,973)
Balance - Ending balance	$ 0

Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 3,005	$ 2,658
Less: Accumulated depreciation	(1,434)	(1,204)
Property, Plant and Equipment, Net, Total	1,571	1,454
Tools and Equipment
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	2,173	1,685
Computer Equipment and Software
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	37	100
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	282	254
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	38	29
Construction In Process
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 475	$ 590

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 710	$ 632

Balance Sheet Components - Summary of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 5,307	$ 2,726
Current portion of lease liabilities	1,033	$ 510
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Accounts Payable and Other Accrued Liabilities, Current
Short term interest payable	348	$ 275
Other accrued liabilities	1,087	655
Total accrued and other current liabilities	$ 7,775	$ 4,166

Balance Sheet Components - Summary of Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long term interest payable	$ 1,194	$ 841
Noncurrent portion of lease liabilities	635	$ 1,040
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Other Liabilities, Noncurrent, Total
Other noncurrent liabilities	38	$ 38
Other Liabilities, Noncurrent, Total	$ 1,867	$ 1,919

Debt - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jul. 19, 2021	Nov. 30, 2020	Jan. 31, 2019
Debt Instrument [Line Items]
Term Loan	$ 35,000
Preferred Stock, Shares Issued	0	0
IPO
Debt Instrument [Line Items]
Warrants to purchase common stock			659,028
Revolving Credit Facility Two Thousand Twenty
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 5,000
Mid Cap Financial Services
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 40,000	$ 25,000
Mid Cap Financial Services \| Senior Secured Two Thousand Nineteen Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity					20,000
Mid Cap Financial Services \| Senior Secured Twenty Twenty Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity				35,000
Mid Cap Financial Services \| Revolving Credit Facility Two Thousand Nineteen
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 5,000
Mid Cap Financial Services \| Revolving Credit Facility Two Thousand Twenty
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 5,000

Debt - Schedule of Long-term and Short-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Principal payments due	$ 35,000	$ 35,000
Less: debt discount related to warrant liability and issuance costs	(1,687)	(2,344)
Total amounts outstanding	33,313	32,656
Less: Current portion	0	0
Long-term debt	33,313	32,656
2020 Term Loan [Member]
Debt Instrument [Line Items]
Principal payments due	$ 35,000	$ 35,000

Debt - Schedule Relating to the Company's Debt (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 0
2024	(2,917)
2025	(32,083)
Thereafter	0
Total repayments	$ (35,000)

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands		12 Months Ended
	Feb. 05, 2021	Dec. 31, 2022	Dec. 31, 2021
Supply Commitment [Line Items]
Operating lease right-of-use assets		$ 1,614	$ 1,495
Remaining lease term		1 year 7 months 6 days
Operating leases, rent expense		$ 732	$ 702
California [Member]
Supply Commitment [Line Items]
Lease commencement date	Aug. 31, 2021
Operating lease right-of-use assets	$ 1,500
Lease, borrowing rate	13.59%
Total base rent under lease agreement	$ 1,600
Operating lease term	37 months
Supply agreement [Member]
Supply Commitment [Line Items]
Operating lease right-of-use assets		$ 700
Lease, borrowing rate		10.75%
Total base rent under lease agreement		$ 700
Operating lease term		18 months

Commitments and Contingencies - Schedule of Operating Lease Expense Recognized and Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 732	$ 702
Cash paid for operating leases	731	657
New operating lease assets obtained in exchange for operating lease liabilities	$ 660	$ 1,537

Commitments and Contingencies - Schedule of Aggregate Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
2023	$ 1,184
2024	662
Total future minimum lease payments	1,846
Less: imputed interest	(178)
Present value of future minimum lease payments	$ 1,668
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Present value of future minimum lease payments
Less: current portion of operating lease liability	$ (1,033)	$ (510)
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Accounts Payable and Other Accrued Liabilities, Current
Operating lease liabilities - noncurrent	$ 635	$ 1,040

Stockholders' Equity (Additional Information) (Details)	12 Months Ended
Stockholders' Equity (Additional Information) (Details)	Dec. 31, 2022 Vote $ / shares shares	Dec. 31, 2021 $ / shares shares	Jul. 31, 2021 $ / shares shares
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized \| shares	200,000,000	200,000,000
Common stock, par value \| $ / shares	$ 0.001	$ 0.001
Preferred stock, shares authorized \| shares	10,000,000	10,000,000
Preferred stock par value \| $ / shares	$ 0.001	$ 0.001
Number of votes entitled per share of common stock \| Vote \| Vote	1
IPO
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized \| shares			200,000,000
Common stock, par value \| $ / shares			$ 0.001
Preferred stock, shares authorized \| shares			10,000,000
Preferred stock par value \| $ / shares			$ 0.001

Stockholders' Equity - Schedule of Reserved Common Stock for Future Issuances (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
Common Stock, Capital Shares Reserved for Future Issuance	13,159,736	11,221,882
Common stock options issued and outstanding
Common Stock, Capital Shares Reserved for Future Issuance	4,819,906	4,996,945
Common stock available for future grant
Common Stock, Capital Shares Reserved for Future Issuance	6,099,584	5,321,687
Restricted stock units outstanding
Common Stock, Capital Shares Reserved for Future Issuance	1,014,123	53,250
Shares available for future purchase under ESPP
Common Stock, Capital Shares Reserved for Future Issuance	1,226,123	850,000

Redeemable Convertible Preferred Stock - Summary of Redeemable Convertible Preferred Stock Issued and Outstanding (Details) - Redeemable Convertible Preferred Stock - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Shares Outstanding	0	12,767,202
Carrying Value	$ 0	$ 117,331

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Redeemable Convertible Preferred Stock - Additional Information (Details)	Jul. 19, 2021 shares
Class Of Stock [Line Items]
Conversion of redeemable convertible preferred stock to common stock upon initial public offering, Shares	25,534,404

Equity Incentive Plans - Additional Details (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jul. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average grant-date fair values of options granted	$ 9.56	$ 11.35
Aggregate intrinsic value of options exercised	$ 5,300
Unrecognized stock-based compensation of unvested options	$ 22,800
Common stock reserved for future issuance	13,159,736	11,221,882
Description of transaction of future issuance	These annual increases shall be equal to the lesser of (i) 5% of the aggregate number of shares of Common Stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares of Common Stock as determined by the Board, subject to certain limitations.
Weighted-average period expected to recognize	2 years 6 months
Dividend yield	0.00%	0.00%
Number of Shares, Granted	1,388,900
Weighted-Average Exercise Price, Grants	$ 17.04
Stock based compensation	$ 9,700
Stock-based compensation expense	12,963	$ 5,083
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation of unvested options	$ 11,800
Weighted-average period expected to recognize	3 years 3 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Stock based compensation	$ 2,900
Two Thousand And Twenty One Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	5,200,000
Common stock available for issuance	6,099,584	5,321,687
Two Thousand Twenty One Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance	1,226,123		850,000
Stock based compensation	$ 400
Stock-based compensation expense	$ 700
Stock-based compensation expense, shares	98,924
Proceeds from stock plans	$ 200

Equity Incentive Plans - Summary of Company stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Number of Shares	4,996,945
Number of Shares, Granted	1,388,900
Number of Shares, Forfeited/cancelled	(882,457)
Number of Shares, Exercised	(683,482)
Number of Shares	4,819,906	4,996,945
Vested and exercisable as of December 31, 2022	2,288,715
Vested and expected to vest as of December 31, 2022	4,819,906
Weighted-Average Exercise Price	$ 6.05
Weighted-Average Exercise Price, Grants	17.04
Weighted-Average Exercise Price, Forfeited/cancelled	7.53
Weighted-Average Exercise Price, Exercised	0.84
Weighted-Average Exercise Price	9.67	$ 6.05
Weighted-Average Exercise Price, Vested and exercisable	6.76
Weighted-Average Exercise Price, Expected to vest	$ 9.67
Weighted Average Remaining Contractual Term	7 years 8 months 12 days	7 years 7 months 6 days
Weighted average contractual term, vested and exercisable	6 years 9 months 18 days
Weighted average contractual term, vested and expected	7 years 8 months 12 days
Average Intrinsic Value	$ 58,420
Average Intrinsic Value	19,463	$ 58,420
Average Intrinsic Value, Vested and exercisable as of December 31, 2022	14,220
Average Intrinsic Value, Vested and expected to vest as of December 31, 2022	$ 19,463

Equity Incentive Plans - Summary of Stock Based Compensation Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend yield	0.00%	0.00%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 4 months 17 days	4 years 11 months 26 days
Expected volatility	58.74%	56.74%
Risk-free interest rate	1.35%	0.47%
Minimum [Member] \| Two Thousand Twenty One Employee Stock Purchase Plan [ Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 months 23 days
Expected volatility	76.50%
Risk-free interest rate	1.51%
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 11 months 12 days	6 years 2 months 4 days
Expected volatility	64.97%	61.08%
Risk-free interest rate	3.97%	1.33%
Maximum [Member] \| Two Thousand Twenty One Employee Stock Purchase Plan [ Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 months
Expected volatility	97.38%
Risk-free interest rate	4.62%

Equity Incentive plans - Summary of restricted share award activity (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares \| shares	53,250
Number of shares, Grants \| shares	1,101,923
Number of shares, Forfeited/cancelled \| shares	130,022
Number of shares, Vested \| shares	11,028
Number of shares \| shares	1,014,123
Weighted Average Grant Date Fair Value, Beginning Balance \| $ / shares	$ 22.91
Weighted Average Grant Date Fair Value, Grants \| $ / shares	14.32
Weighted Average Grant Date Fair Value, Forfeited/cancelled \| $ / shares	17.62
Weighted Average Grant Date Fair Value, Vested \| $ / shares	20.86
Weighted Average Grant Date Fair Value, Ending Balance \| $ / shares	$ 14.25

Equity Incentive Plans - Summary of Share-Based Compensation Expense By Function (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 12,963	$ 5,083
Cost of goods sold
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	167	71
Research and Development Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	1,315	495
Selling, General and Administrative Expenses
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 11,481	$ 4,517

Net Loss per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss attributable to common stockholders	$ (86,242)	$ (62,960)
Denominator:
Weighted-average shares of common stock outstanding-basic	47,849,058	26,734,097
Weighted-average shares of common stock outstanding-diluted	47,849,058	26,734,097
Net loss per share attributable to common stockholders-basic	$ (1.80)	$ (2.36)
Net loss per share attributable to common stockholders-diluted	$ (1.80)	$ (2.36)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Net Loss per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Redeemable convertible preferred stock	5,834,029	5,050,195
Restricted Stock Units (RSUs)
Redeemable convertible preferred stock	1,014,123	53,250
Options to Purchase Common Stock
Redeemable convertible preferred stock	4,819,906	4,996,945

Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal	$ 0	$ 0
Foreign	47	16
State	0	172
Provision (benefit) for income taxes	$ 47	$ 188

Income Taxes - Schedule of Tax Effects of Temporary Differences and Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 52,616	$ 35,186
Deferred compensation	3,974	1,812
Research and development credits	1,918	1,497
Research and development expenses	1,743	0
Disallowed interest expense carryover	444	0
Operating lease liability	436	405
Provision for bad debt	398	163
Other	144	132
Gross deferred tax assets	61,673	39,195
Less: Valuation allowance	(61,251)	(38,804)
Deferred tax assets, net of valuation allowance	422	391
Operating lease right-of-use assets	(422)	(391)
Deferred tax liabilities:	(422)	(391)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Tax at statutory federal rate	21.00%	21.00%
State tax, net of federal benefit	5.00%	5.00%
Research and development credit	1.00%	1.00%
Change in valuation allowance	(26.00%)	(24.00%)
Other	(1.00%)	(3.00%)
Effective tax rate	0.00%	0.00%

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Unrecognized Tax Benefits	$ 700	$ 600
Research and development credits	1,918	1,497
Deferred Tax Assets, Valuation Allowance	61,251	38,804
Remaining operating loss carried forward	$ 189,900
Taxable income limitation	80.00%
Income/(loss) Domestic	$ 86,000	63,000
Income (Loss) Foreign	200	100
Interest expense carryforwards	400
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	136,800	204,600
Research and development credits	1,500	1,200
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	126,600	187,500
Research and development credits	1,500	900
Federal And State
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 204,600	$ 14,800
Federal and certain state net operating losses expire date, Description	The pre-2018 federal and certain state net operating losses will begin to expire in 2031 and 2032, respectively, if not utilized.

Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits at the beginning of the year	$ 580	$ 417
Additions based on tax positions related to the current year	161	163
Additions for tax positions of prior years	0	0
Unrecognized tax benefits at the end of the year	$ 741	$ 580

Segment Information - Additional Information (Detail)	12 Months Ended
Segment Information - Additional Information (Detail)	Dec. 31, 2022 Segment
Segment Reporting [Abstract]
Number of Reportable Segments	2

Segment Information - Summary of Operating Result Information for Each Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue
Revenue	$ 71,331	$ 48,956
Cost of goods sold
Cost of goods sold	12,361	8,610
Gross profit
Gross profit	58,970	40,346
OperatingExpenses	142,924	91,824
Loss from operations	(83,954)	(51,478)
Interest expense	(4,466)	(4,366)
Other income (expense), net	2,225	(6,928)
Loss before income taxes	(86,195)	(62,772)
Surgical Glaucoma
Revenue
Revenue	65,594	46,496
Cost of goods sold
Cost of goods sold	8,295	6,473
Gross profit
Gross profit	57,299	40,023
Dry Eye
Revenue
Revenue	5,737	2,460
Cost of goods sold
Cost of goods sold	4,066	2,137
Gross profit
Gross profit	$ 1,671	$ 323