0001564590-21-041667 | 10-Q | XBRL Viewer | Treace Medical Concepts INC

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Balance Sheet Components

6 Months Ended

Jun. 30, 2021

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

5. Balance Sheet Components

Cash and Cash Equivalents

The Company’s cash and cash equivalents consisted of the following (in thousands):

	June 30, 2021		December 31, 2020
Cash	$	196	$	502
Cash equivalents:
Money market funds		119,425		17,577
Total cash and cash equivalents	$	119,621	$	18,079

Property and equipment, net

The Company’s property and equipment, net considered of the following (in thousands):

	June 30, 2021			December 31, 2020
Furniture and fixtures, and equipment	$	131		$	131
Construction in progress		75			—
Machinery and equipment		291			226
Capitalized surgical equipment		3,030			2,652
Computer equipment		196			150
Leasehold improvements		191			168
Software		138			138
Total property and equipment		4,052			3,465
Less: accumulated depreciation and amortization		(2,577	)		(2,636	)
Property and equipment, net	$	1,475		$	829

Depreciation and amortization expense on property and equipment was $0.1 million and $0.4 million for the three months ended June 30, 2021 and 2020, respectively. Depreciation and amortization expense on property and equipment was $0.2 million and $0.7 million for the six months ended June 30, 2021 and 2020, respectively.

Accrued liabilities

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

	June 30, 2021		December 31, 2020
Accrued royalties expense	$	898	$	1,032
Accrued expense		534		565
Other		525		251
Total accrued liabilities	$	1,957	$	1,848

Long Term Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Summary of Long-term Debt Instruments

The Company’s debt consisted of the following (in thousands):

	June 30,			December 31,
	2021			2020

Revolving line of credit
SVB Credit Facility	$	—		$	—
Term loans
CRG Term Loan Facility		30,000			30,000
PPP Loan		—			1,788
Total term loans		30,000			31,788
Less: debt discount and issuance costs		(723	)		(811	)
Total debt		29,277			30,977
Short-term debt		—			1,788
Long-term debt	$	29,277		$	29,189

Summary of Maturities of Long-term Debt

As of June 30, 2021, future payments under term loan, including interest only payments and the final payment, were as follows (in thousands):

Fiscal Year
2021 (remaining)	$	—
2022		—
2023		—
2024		—
2025		30,000
Total principal payments		30,000
Less: Unamortized debt discount and debt issuance costs		(723	)
Total short-term and long-term debt	$	29,277

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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-Paragraph 1
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
-SubTopic 10
-Section 50
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.4-08.(e),(f))
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 2
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 942
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Obligations Required Under Non-cancelable Leases including Amended Lease

The future minimum rental obligations required under non-cancelable leases at June 30, 2021, including the future minimum rental obligations under the amended lease which had not commenced as of the period end, were as follows (in thousands):

Fiscal Year
2021 (remaining)	$	439
2022		897
2023		722
2024		744
2025 & thereafter		925
Total minimum lease payments	$	3,727

Condensed Statement of Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Statement Of Stockholders Equity [Abstract]
Issuance cost and underwriting discount	$ 10.6	$ 10.6

Formation and Business of the Company	6 Months Ended
Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Formation and Business of the Company	1. Formation and Business of the Company The Company Treace Medical Concepts, LLC was formed on July 29, 2013. Effective July 1, 2014, the entity converted to a C Corporation and changed its name to Treace Medical Concepts, Inc. (the “Company”). The Company is a commercial-stage orthopedic medical device company driving a paradigm shift in the surgical treatment of Hallux Valgus (commonly known as bunions) with the goal of advancing the standard of care for the surgical management of bunion deformities. The Company has pioneered the proprietary Lapiplasty 3D Bunion Correction System – a combination of novel instruments, implants and surgical methods designed to improve the inconsistent clinical outcomes of traditional approaches to bunion surgery. In addition, the Company offers other advanced instrumentation and implants for use in the Lapiplasty Procedure or other ancillary procedures performed in high frequency with bunion surgery. The Company operates from its corporate headquarters located in Ponte Vedra, Florida. The Company received 510(k) clearance for the Lapiplasty System in March 2015 and began selling its surgical medical devices in September 2015. Initial Public Offering On April 27, 2021, the Company completed its initial public offering (“IPO”) of 12,937,500 shares of its common stock, which included the exercise in full of the underwriters’ option to purchase additional shares. As part of the IPO, 6,953,125 shares of common stock were issued and sold by the Company (inclusive of 703,125 shares pursuant to the exercise of the underwriters’ option) and 5,984,375 shares of common stock were sold by the selling stockholders named in the prospectus (inclusive of 984,375 shares pursuant to the exercise of the underwriters’ option), at a price to the public of $17.00 per share. The Company received net proceeds of approximately $107.6 million, after deducting underwriting discounts and commissions of $8.3 million and offering expenses payable by the Company of $2.3 million. Upon the completion of the IPO, all 6,687,475 shares of Series A convertible preferred stock then outstanding were converted into shares of common stock on a one-to-one basis plus 158,447 shares of common stock were issued to pay accrued cumulative dividends on Series A convertible preferred stock of $2.5 million. Forward Stock Split On April 16, 2021, in connection with the IPO, the Company filed an Amended and Restated Certificate of Incorporation with the Delaware Secretary of State to implement a 1.3375-for-1 forward stock split (the “Forward Stock Split”), effective on April 16, 2021, whereby each 1.0 share of Class A common stock issued and outstanding was reclassified as 1.3375 shares of Class A common stock and each 1.0 share of Series A convertible preferred stock (each a “Preferred Share”) issued and outstanding was reclassified as 1.3375 Preferred Shares. In connection with the Forward Stock Split, the total number of shares of all classes of stock which the Company is authorized to issue was adjusted to 73,562,500, divided into 66,875,000 shares of Class A common stock and 6,687,500 Preferred Shares. There was no adjustment to the par value of $0.001 per share. All share and per share amounts in the accompanying financial statements for the prior period have been retroactively adjusted to reflect the Forward Stock Split. In lieu of issuing fractional shares in connection with the Forward Stock Split, the Company is obligated to pay cash in an amount equal to the fair value of such fractional shares (as determined in good faith by the Company’s Board of Directors). Coronavirus Pandemic The Company’s operations have been impacted by the coronavirus (“COVID-19”) pandemic beginning in 2020. In response to COVID-19, certain states within the United States implemented shelter-in-place rules requiring certain businesses not deemed “essential” to close and requiring elective procedures to be delayed. The Company’s revenue growth was adversely impacted, particularly by the restrictions on elective procedures, from March 2020 through May 2020, when such restrictions were largely eased. There is still uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the United States and international economies, especially as more potentially contagious and virulent variants of the virus are spreading. While the Company has experienced revenue growth during the pandemic, if states implement shelter-in-place rules again or medical facilities implement restrictions on elective surgeries, the Company may be required to adjust its forecasted revenues and operating results.

Formation and Business of the Company

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Formation and Business of the Company

1. Formation and Business of the Company

The Company

Treace Medical Concepts, LLC was formed on July 29, 2013. Effective July 1, 2014, the entity converted to a C Corporation and changed its name to Treace Medical Concepts, Inc. (the “Company”). The Company is a commercial-stage orthopedic medical device company driving a paradigm shift in the surgical treatment of Hallux Valgus (commonly known as bunions) with the goal of advancing the standard of care for the surgical management of bunion deformities. The Company has pioneered the proprietary Lapiplasty 3D Bunion Correction System – a combination of novel instruments, implants and surgical methods designed to improve the inconsistent clinical outcomes of traditional approaches to bunion surgery. In addition, the Company offers other advanced instrumentation and implants for use in the Lapiplasty Procedure or other ancillary procedures performed in high frequency with bunion surgery. The Company operates from its corporate headquarters located in Ponte Vedra, Florida.

The Company received 510(k) clearance for the Lapiplasty System in March 2015 and began selling its surgical medical devices in September 2015.

Initial Public Offering

On April 27, 2021, the Company completed its initial public offering (“IPO”) of 12,937,500 shares of its common stock, which included the exercise in full of the underwriters’ option to purchase additional shares. As part of the IPO, 6,953,125 shares of common stock were issued and sold by the Company (inclusive of 703,125 shares pursuant to the exercise of the underwriters’ option) and 5,984,375 shares of common stock were sold by the selling stockholders named in the prospectus (inclusive of 984,375 shares pursuant to the exercise of the underwriters’ option), at a price to the public of $17.00 per share. The Company received net proceeds of approximately $107.6 million, after deducting underwriting discounts and commissions of $8.3 million and offering expenses payable by the Company of $2.3 million. Upon the completion of the IPO, all 6,687,475 shares of Series A convertible preferred stock then outstanding were converted into shares of common stock on a one-to-one basis plus 158,447 shares of common stock were issued to pay accrued cumulative dividends on Series A convertible preferred stock of $2.5 million.

Forward Stock Split

On April 16, 2021, in connection with the IPO, the Company filed an Amended and Restated Certificate of Incorporation with the Delaware Secretary of State to implement a 1.3375-for-1 forward stock split (the “Forward Stock Split”), effective on April 16, 2021, whereby each 1.0 share of Class A common stock issued and outstanding was reclassified as 1.3375 shares of Class A common stock and each 1.0 share of Series A convertible preferred stock (each a “Preferred Share”) issued and outstanding was reclassified as 1.3375 Preferred Shares. In connection with the Forward Stock Split, the total number of shares of all classes of stock which the Company is authorized to issue was adjusted to 73,562,500, divided into 66,875,000 shares of Class A common stock and 6,687,500 Preferred Shares. There was no adjustment to the par value of $0.001 per share. All share and per share amounts in the accompanying financial statements for the prior period have been retroactively adjusted to reflect the Forward Stock Split. In lieu of issuing fractional shares in connection with the Forward Stock Split, the Company is obligated to pay cash in an amount equal to the fair value of such fractional shares (as determined in good faith by the Company’s Board of Directors).

Coronavirus Pandemic

The Company’s operations have been impacted by the coronavirus (“COVID-19”) pandemic beginning in 2020. In response to COVID-19, certain states within the United States implemented shelter-in-place rules requiring certain businesses not deemed “essential” to close and requiring elective procedures to be delayed. The Company’s revenue growth was adversely impacted, particularly by the restrictions on elective procedures, from March 2020 through May 2020, when such restrictions were largely eased. There is still uncertainty around the breadth and duration of business disruptions related to COVID-19, as well as its impact on the United States and international economies, especially as more potentially contagious and virulent variants of the virus are spreading. While the Company has experienced revenue growth during the

pandemic, if states implement shelter-in-place rules again or medical facilities implement restrictions on elective surgeries, the Company may be required to adjust its forecasted revenues and operating results.

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 27, 2021	Apr. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Apr. 26, 2021	Apr. 21, 2021
Class Of Stock [Line Items]
Preferred shares authorized	5,000,000
Preferred shares dividends percentage					8.00%
Preferred shares dividends unpaid					$ 2.5		$ 2.3
Preferred shares voting rights					Holders of the Preferred Shares were entitled to vote with holders of Class A Common Stock equal to the number of shares of Class A Common Stock into which the Preferred Shares were convertible.
Common stock shares authorized	300,000,000
Shares of common stock reserved for issuance			247,244,019		247,244,019		30,508,135
Employees stock options, shares granted			863,716	17,500	1,375,310	379,725
Method used to determine the fair value of stock options					Black-Scholes option pricing model
Unvested unrecognized stock-based compensation expense			$ 10.3		$ 10.3		$ 4.1
2021 Incentive Award Plan [Member]
Class Of Stock [Line Items]
Shares of common stock reserved for issuance									5,046,278
Percentage of shares of stock outstanding on an as converted basis									5.00%
Shares of stock may be issued upon the exercise									37,847,090
Stock Plan grant awards authorized			1,293,589		1,293,589				3,682,837
2014 Plan [Member]
Class Of Stock [Line Items]
Stock Plan grant awards authorized			0		0
Stock options, Terms					ten years
Stock options, vesting period					5 years
Aggregate intrinsic values of options outstanding			$ 232.7		$ 232.7
Aggregate intrinsic values of options exercisable			$ 133.2		133.2
Aggregate intrinsic values of options vest and option exercisable					$ 217.8
Restricted Stock
Class Of Stock [Line Items]
Shares granted			24,890	0	24,890	0
Shares outstanding			19,024		19,024		0
Weighted average grant-date fair value			$ 35.46		$ 35.46		$ 0
Employee Share Purchase Plan [Member]
Class Of Stock [Line Items]
Shares of common stock reserved for issuance									504,627
Common stock, Price per share percentage									85.00%
Employee Stock Option [Member]
Class Of Stock [Line Items]
Employees stock options, weighted-average grant date fair value			$ 6.46	$ 2.41	$ 4.98	$ 1.92
Weighted-average period of recognition					1 year 10 months 9 days		3 years 3 days
IPO [Member]
Class Of Stock [Line Items]
Issuance of common stock from initial public offering, net of issuance costs and underwriting discount of $10.6 million, shares	6,953,125
Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred shares authorized							6,687,500
Preferred shares issued							6,687,475
Preferred shares outstanding			0		0		6,687,475
Common Class A [Member]
Class Of Stock [Line Items]
Shares of common stock reserved for issuance							13,691,186
Common Class A [Member] \| IPO [Member]
Class Of Stock [Line Items]
Issuance of common stock from initial public offering, net of issuance costs and underwriting discount of $10.6 million, shares		158,447
Class A Common Stock Voting Shares [Member]
Class Of Stock [Line Items]
Common stock shares authorized								66,875,000
Common stock, shares authorized								50,000,000
Class B Common Stock Non Voting Shares [Member]
Class Of Stock [Line Items]
Common stock shares authorized								1,000,000

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Allowance for doubtful accounts receivable current	$ 271	$ 446
Long term debt unamortized debt discount and issuance costs	$ 723	$ 811
Series A Convertible Preferred Stock [Member]
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock shares authorized	0	6,687,500
Preferred stock, shares issued	0	6,687,475
Preferred stock, shares outstanding	0	6,687,475
Preferred stock, liquidation preference, value	$ 0	$ 8,000
Common Class B
Common stock, par or stated value per share	$ 0.001	$ 0.001
Common stock shares authorized	0	1,000,000
Common stock share issued	0	0
Common stock share outstanding	0	0
Preferred Stock [Member]
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock shares authorized	5,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Stock [Member]
Common stock, par or stated value per share	$ 0.001	$ 0.001
Common stock shares authorized	300,000,000	66,875,000
Common stock share issued	52,755,981	37,366,865
Common stock share outstanding	52,755,981	37,366,865

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2021 USD ($) Segment	Jun. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of reportable segment \| Segment			1
Number of operating segment \| Segment			1
Net of an allowance for doubtful accounts	$ 300		$ 300		$ 400
Recovery (provision) for bad debts	0	$ 200	72	$ (228)
Provision for inventory obsolescence			88	412
Proceeds from IPO used for offering costs			2,300
Deferred offering costs	0		0		$ 200
Obsolescence [Member]
Summary Of Significant Accounting Policies [Line Items]
Provision for inventory obsolescence	100	$ 100	$ 100	$ 400
Capitalized Surgical Instruments [Member]
Summary Of Significant Accounting Policies [Line Items]
Useful life of its capitalized instruments			3 years
Minimum [Member] \| Capitalized Surgical Instruments [Member]
Summary Of Significant Accounting Policies [Line Items]
Useful life of its capitalized instruments			18 months
Decrease in depreciation expense	$ 100		$ 100
Maximum [Member] \| Revenue Benchmark [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%	10.00%	10.00%	10.00%
Maximum [Member] \| Accounts Receivable [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage			10.00%		10.00%
Maximum [Member] \| Capitalized Surgical Instruments [Member]
Summary Of Significant Accounting Policies [Line Items]
Useful life of its capitalized instruments			36 months
Decrease in depreciation expense			$ 200

Balance Sheet Components - Summary of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 4,052	$ 3,465
Less: accumulated depreciation and amortization	(2,577)	(2,636)
Property and equipment, net	1,475	829
Furniture and Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	131	131
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	75
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	291	226
Capitalized Surgical Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	3,030	2,652
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	196	150
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	191	168
Software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 138	$ 138

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis – The following assets and liabilities are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020:

	June 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	119,425	$	—	$	—	$	119,425
Total	$	119,425	$	—	$	—	$	119,425
Liabilities:
Derivative liability	$	—	$	—	$	245	$	245
Total	$	—	$	—	$	245	$	245

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	17,577	$	—	$	—	$	17,577
Total	$	17,577	$	—	$	—	$	17,577
Liabilities:
Derivative liability	$	—	$	—	$	245	$	245
Total	$	—	$	—	$	245	$	245

(1)

Money market funds are included in cash and cash equivalents in the balance sheets as of June 30, 2021 and December 31, 2020.

Net Loss Per Share Attributable to Common Stockholders

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

10. Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders which is computed by dividing the net loss attributable to common stockholders by the weighted- average number of shares of common stock outstanding for the period. As the Company reported a net loss for the three and six months ended June 30, 2021 and 2020, basic net loss per share attributable to common stockholders was the same as diluted

net loss per share attributable to common stockholders as the inclusion of potentially dilutive shares would have been antidilutive if included in the calculation (in thousands, except share and per share amounts):

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Numerator
Net loss	$	(5,083	)	$	(1,973	)	$	(7,515	)	$	(3,580	)
Adjust: Convertible preferred stock cumulative and undeclared dividends		(39	)		(159	)		(196	)		(318	)
Net loss attributable to common stockholders		(5,122	)		(2,132	)		(7,711	)		(3,898	)
Denominator
Weighted-average common stock outstanding, basic and diluted		49,187,285			37,068,288			43,556,107			37,060,491
Net loss per share attributable to common stockholders, basic and diluted	$	(0.10	)	$	(0.06	)	$	(0.18	)	$	(0.11	)

The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted average shares outstanding because such securities have an antidilutive impact due to the Company’s net loss, in common stock equivalent shares:

	June 30,		December 31,
	2021		2020
Series A convertible preferred stock outstanding		—		6,687,475
Warrants to purchase Class A common stock		—		713,330
Common stock option and restricted stock awards issued and outstanding		8,501,658		8,081,828
Total		8,501,658		15,482,633

Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2021

Prospective Adoption Of New Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

3. Recent Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASC 842”), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases, which provides clarification to ASU 2016-02. In March 2019, the FASB issued ASU 2019-01, which provides clarification on implementation issues associated with adopting ASU 2016-02. These ASUs (collectively the “new leasing standard”) requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. ASC 842 provides a lessee with an option to not account for leases with a term of 12 month or less as leases in the scope of the new standard. ASC 842 supersedes the previous leases standard, ASC 840, Leases. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements, which allows entities to elect an optional transition

method where entities may continue to apply the existing lease guidance during the comparative periods and apply the new lease requirements through a cumulative effect adjustment in the period of adoption rather than in the earliest period presented. The new standard is effective for the Company for fiscal years beginning after December 15, 2021 and early application is permitted. The Company is classified as an emerging growth company (“EGC”) as of March 31, 2021 and December 31, 2020 and has decided to take advantage of the extended transition period granted to EGCs for complying with new or revised accounting standards. This provision allows an EGC to delay the adoption of some accounting standards until those standards would otherwise apply to private companies. The Company is currently assessing the impact that this standard may have on its financial statements.

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses. This new guidance will require financial instruments to be measured at amortized cost, and trade accounts receivable to be presented at the net amount expected to be collected. The new model requires an entity to estimate credit losses based on historical information, current information and reasonable and supportable forecasts, including estimates of prepayments. In November 2019, the FASB issued ASU 2019-10, according to which, the new standard is effective for the Company for fiscal years beginning after December 15, 2022, and interim periods within that fiscal year. The Company is currently evaluating the impact of the new standard on its financial statements.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2021	Aug. 02, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Treace Medical Concepts, Inc.
Entity File Number	001-40355
Entity Tax Identification Number	47-1052611
Entity Address, Address Line One	203 Fort Wade Rd
Entity Address, Address Line Two	Suite 150
Entity Address, City or Town	Ponte Vedra
Entity Address, Postal Zip Code	32081
City Area Code	904
Local Phone Number	373-5940
Entity Central Index Key	0001630627
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Entity Address, State or Province	FL
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	TMCI
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		52,781,693

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities
Net loss	$ (7,515)	$ (3,580)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization expense	220	667
(Recovery) Provision for allowance for doubtful accounts	(72)	228
Share-based compensation expense	1,277	457
Amortization of debt issuance costs	88	118
Provision for inventory obsolescence	88	412
Net changes in operating assets and liabilities:
Accounts Receivable	4,511	3,532
Inventory	89	(2,590)
Prepaid expenses and other assets	(2,919)	178
Accounts payable	656	1,071
Accrued liabilities	(600)	(3,233)
Net cash used in operating activities	(4,177)	(2,740)
Cash flows from investing activities
Purchases of property and equipment	(866)	(923)
Net cash used in investing activities	(866)	(923)
Cash flows from financing activities
Proceeds from SBA Loan		1,788
Repayments on SBA Loan	(1,788)
Proceeds from issuance of common stock upon initial public offering, net of issuance costs and underwriting fees of $10.6 million	107,610
Proceeds from exercise of employee stock options	763	41
Net cash provided by financing activities	106,585	1,829
Net increase (decrease) in cash and cash equivalents	101,542	(1,834)
Cash and cash equivalents at beginning of period	18,079	12,139
Cash and cash equivalents at end of period	119,621	$ 10,305
Supplemental disclosure of cash flow information:
Cash paid for interest	2,917
NONCASH FINANCING ACTIVITIES:
Issuance of common stock upon exercise of warrants	1
Conversion of convertible preferred stock and accrued dividends on convertible preferred stock into common stock	$ 7,935

Stockholders' Equity

6 Months Ended

Jun. 30, 2021

Stockholders Equity Note [Abstract]

Stockholders' Equity

9. Stockholders’ Equity

Convertible Preferred Stock

Under the Company’s Amended and Restated Certificate of Incorporation in effect immediately before completion of the IPO, the Company was authorized to issue up to 6,687,500 shares of Series A convertible preferred stock (the “Preferred Shares”), with 6,687,475 shares issued and outstanding as of December 31, 2020. Immediately before the completion of the IPO, all outstanding Preferred Shares were converted into shares of the Company’s common stock. Accordingly, no Preferred Shares were outstanding as of June 30, 2021.

Dividends—Dividends on the Preferred Shares accrued at the rate of 8% per annum on the original issue price and holders of the Preferred Shares had general preference rights with respect to dividends and distributions to holders of Common Stock. Accrued dividends were payable in cash or, at the election of the Company’s Board of Directors, paid in kind by issuing Class A Common Stock at the then per share value as determined by an independent appraiser.

Upon the closing of the IPO in April 2021, the Company issued 158,447 shares of Class A Common Stock to settle accrued and unpaid Preferred Shares dividend of $2.5 million on the Preferred Shares. At December 31, 2020, the Company had accrued and unpaid Preferred Shares dividend of $2.3 million on the Preferred Shares.

Voting Rights—Holders of the Preferred Shares were entitled to vote with holders of Class A Common Stock equal to the number of shares of Class A Common Stock into which the Preferred Shares were convertible.

Conversion— Before the Preferred Shares conversion into the Company’s common stock in connection with the IPO, the terms applicable to each Preferred Share provided that it was convertible, at the option of the holder at any time after the date of issuance and upon a deemed liquidation event, as defined in the Certificate of Incorporation, into the number of fully paid and non-assessable shares of Class A Common Stock as determined by dividing the original issue price per share of the Preferred Shares by the conversion price per share in effect at the time of conversion. The original conversion price per Preferred Share was the original issue price, and was subject to adjustment, as described in the Company’s Amended and Restated Certificate of Incorporation in effect at the time the Preferred Shares were originally issued.

In addition, upon conversion, the Company was required to pay all accrued and unpaid dividends on such converted Preferred Shares (i) in cash, or (ii) upon the election of the Company’s Board of Directors or the holders of Preferred Shares to receive payment of the dividends in kind, by issuing the holder additional shares of Class A Common Stock equal to the quotient of the accrued and unpaid dividends on the Preferred Shares with respect to the converted shares, divided by the most recent per share value, as determined by an independent appraiser. The Amended and Restated Certificate of Incorporation in effect immediately before the Company’s IPO incorporated a provision whereby any accrued but unpaid dividends on the Preferred Shares automatically converted into common stock upon the Company’s initial public offering, with April 16, 2021 being the date used for the purpose of calculating such accrued and unpaid dividends.

Common Stock

On April 27, 2021, the Company filed its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware and its Amended and Restated Bylaws became effective in connection with the closing of the Company’s IPO. The Amended and Restated Certificate of Incorporation authorized 300,000,000 shares of common stock, deleted all references to the various series of preferred stock that were previously authorized and created 5,000,000 shares of undesignated preferred stock with terms to be set by the Board of Directors. The Amended and Restated Certificate of Incorporation in effect immediately before the Company’s IPO authorized the Company to issue up to 50,000,000 Class A Common Stock voting shares (which was adjusted to 66,875,000 shares with the Forward Stock Split) and 1,000,000 Class B Common Stock non-voting shares.

Shares Reserved for Future Issuance

As of June 30, 2021 and December 31, 2020, the Company had reserved shares of common stock for future issuances as follows:

	June 30,		December 31,
	2021		2020
Series A convertible preferred stock outstanding		—		6,687,475
Warrants to purchase Class A common stock		—		713,330
Common stock options and restricted stock awards issued and outstanding		8,501,658		8,081,828
Estimated preferred share conversion for dividends in kind		—		334,316
Common stock available for future grants		238,742,361		—
Class A common stock available for future grants		—		13,691,186
Class B common stock available for future grants		—		1,000,000
Total		247,244,019		30,508,135

Stock Option Plan

2021 Incentive Award Plan

In April 2021, the Company’s Board of Directors and stockholders approved the 2021 Incentive Award Plan (“2021 Plan”). The Company has initially reserved 5,046,278 shares of common stock for issuance pursuant to a variety of stock-based compensation awards, including stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards and other stock-based awards. The number of shares initially reserved for issuance or transfer pursuant to awards under the 2021 Plan will be increased by (i) the number of shares represented by awards outstanding under the Company’s 2014 Stock Plan (“2014 Plan”) that become available for issuance under the counting provisions described below following the effective date and (ii) an annual increase on the first day of each fiscal year beginning in 2022 and ending in 2031, equal to the lesser of (i) 5.0% of the shares of stock outstanding (on an as converted basis) on the last day of the immediately preceding fiscal year and (ii) such smaller number of shares of stock as determined by our board of directors; provided, however, that no more than 37,847,090 shares of stock may be issued upon the exercise of incentive stock options. At June 30, 2021, the 2021 Plan is authorized to grant awards for up to 3,682,837 shares of Common Stock which may include incentive stock options, non-statutory stock options, or stock purchase rights.

Under the 2014 Plan, the Company was authorized to issue stock purchase rights and to grant options to purchase Class A Common Stock to employees, directors and consultants. Stock options under the 2014 Plan have a term of no more than ten years from the date of grant and vest in equal installments over a maximum of five years. No other awards can be granted under the 2014 Plan. 1,293,589 shares of common stock remain reserved for outstanding awards issued under the 2014 Stock Plan at the time of adoption of the 2021 Stock Plan.

Activity under the Stock Plans is set forth below:

	Outstanding Options
	Number of Shares			Weighted- Average Remaining Contractual Term (in Years)		Weighted- Average Exercise Price
Balance, December 31, 2020		8,081,828			6.86	$	1.82
Options granted		1,375,310				$	10.02
Options exercised		(962,633	)			$	0.81
Options canceled		(11,871	)			$	4.55
Balance, June 30, 2021		8,482,634			7.67	$	3.83
Options vested and expected to vest at June 30, 2021		7,873,245			7.01	$	3.60
Options vested and exercisable at June 30, 2021		4,420,030			5.71	$	1.13

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying stock options and the fair value of the Company’s common stock for stock options that were in-the-money as of period end.

Aggregate intrinsic values of options outstanding, options vested and expected to vest and options exercisable were $232.7 million, $217.8 million and $133.2 million as of June 30, 2021, respectively.

Restricted Stock Awards

In June 2021, the Company granted restricted stock awards (“RSA”). During the three months ended June 30, 2021 and 2020, the Company granted 24,890 RSAs and 0 RSAs, respectively, and during the six months ended June 30, 2021 and 2020, the Company granted 24,890 RSAs and 0 RSAs, respectively. The Company had 19,024 RSAs and 0 RSAs outstanding as of June 30, 2021 and December 31, 2020, respectively. The weighted average grant-date fair value per share of RSAs outstanding as of June 30, 2021 and December 31, 2020 was $35.46 and $0, respectively.

Employee Share Purchase Plan

In April 2021, the Company’s Board of Directors and stockholders approved the 2021 Employee Stock Purchase Plan (“ESPP”). The Company has initially reserved 504,627 shares of common stock for purchase under the ESPP. Each offering to the employees to purchase stock under the ESPP will begin on a date to be determined by the Company’s Compensation Committee and will end no later than six months thereafter. On each purchase date, which falls on the last date of each offering period, ESPP participants will purchase shares of common stock at a price per share equal to 85% of the lesser of (1) the fair market value per share of the common stock on the offering date or (2) the fair market value of the common stock on the purchase date. The occurrence and duration of offering periods under the ESPP are subject to the determinations of the Company’s Compensation Committee, in its sole discretion. The Company has not yet commenced any enrollment periods under the ESPP.

Stock-Based Compensation

During the three months ended June 30, 2021 and 2020, the Company granted stock options to employees to purchase an aggregate of 863,716 and 17,500 shares, respectively, of the Company’s common stock. During the six months ended June 30, 2021 and 2020, the Company granted stock options to employees to purchase an aggregate of 1,375,310 and 379,725 shares, respectively. The weighted-average grant date fair value of the employee stock options granted during the three months ended June 30, 2021 and 2020 were $6.46 and $2.41 per share, respectively. The weighted-average grant date fair value of the employee stock options granted during the six months ended June 30, 2021 and 2020 were $4.98 and $1.92 per share, respectively.

The Company uses the Black-Scholes option pricing model to determine the fair value of stock options at the grant dates with the following weighted-average assumptions for options granted during the three months ended June 30, 2021 and 2020:

	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Expected term (in years)	5.27 - 6.25 years	2.67 years	1.97 - 6.25 years	2.67 - 2.97 years
Expected volatility	35.57% - 36.55%	49.29%	35.57% - 55.60%	37.09% - 49.29%
Risk-free interest rate	1.03% - 1.07%	0.23%	0.07% - 1.07%	0.23% - 1.53%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%

Expected Term

The expected term represents the period that the stock options are expected to remain outstanding. For stock options issued subsequent to the IPO, the Company’s expected term is calculated using the simplified method, which is available where 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. The midpoint between the vesting date and the maximum contractual expiration is used as the expected term under this method. Prior to the IPO, the Company determined the expected term based upon the probabilities of the anticipated timing of potential liquidity events.

Expected Volatility

The expected volatility is derived from the historical stock volatilities of several comparable publicly listed peers over a period approximately equal to the expected term of the options as the Company had insufficient trading history to

determine the volatility of its common stock. In evaluating similarity, the Company considered factors such as industry, stage of life cycle and size.

Risk-Free Interest Rate

The risk-free interest rate assumption is based on the U.S. Treasury yield curve in effect at the date of grant for zero-coupon U.S. Treasury notes with maturities approximately equal to the stock-based awards’ expected term.

Expected Dividend Yield

The expected dividend yield is zero as the Company has not paid nor does it anticipate paying any dividends on its common stock in the foreseeable future.

Fair Value of Common Stock

Prior to the IPO, the fair value of the Company’s common stock was determined by the Board of Directors with assistance from Management and, in part, on input from an independent third-party valuation firm. The Board of Directors determined the fair value of common stock by considering a number of objective and subjective factors, including valuations of comparable companies, sales of convertible preferred stock, operating and financial performance, probabilities of anticipated timing of potential liquidity events, the lack of liquidity of the Company’s common stock and the general and industry-specific economic outlook. Subsequent to the IPO, the fair value of the Company’s common stock is determined based on its closing price.

Stock-Based Compensation Expense

Stock-based compensation expense is reflected in the statements of operations and comprehensive loss as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Sales and marketing expense	$	370	$	86	$	517	$	181
Research and development expense		103		59		166		108
General and administrative expense		402		103		594		168
Total	$	875	$	248	$	1,277	$	457

As of June 30, 2021 and December 31, 2020, there was $10.3 million and $4.1 million, respectively, of unrecognized stock-based compensation expense related to unvested common stock options, which the Company expects to recognize over a weighted-average period of 1.86 years and 3.01 years, respectively.

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2021

Balance Sheet Related Disclosures [Abstract]

Summary of Cash and Cash Equivalents

The Company’s cash and cash equivalents consisted of the following (in thousands):

	June 30, 2021		December 31, 2020
Cash	$	196	$	502
Cash equivalents:
Money market funds		119,425		17,577
Total cash and cash equivalents	$	119,621	$	18,079

Summary of Property and Equipment, Net

The Company’s property and equipment, net considered of the following (in thousands):

	June 30, 2021			December 31, 2020
Furniture and fixtures, and equipment	$	131		$	131
Construction in progress		75			—
Machinery and equipment		291			226
Capitalized surgical equipment		3,030			2,652
Computer equipment		196			150
Leasehold improvements		191			168
Software		138			138
Total property and equipment		4,052			3,465
Less: accumulated depreciation and amortization		(2,577	)		(2,636	)
Property and equipment, net	$	1,475		$	829

Summary of Accrued Other Liabilities

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

	June 30, 2021		December 31, 2020
Accrued royalties expense	$	898	$	1,032
Accrued expense		534		565
Other		525		251
Total accrued liabilities	$	1,957	$	1,848

Net Loss Per Share Attributable to Common Stockholders - Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Weighted Average Shares Outstanding (Detail) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding	8,501,658	15,482,633
Series A Convertible Preferred Stock Outstanding [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding		6,687,475
Warrants to Purchase Class A Common Stock [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding		713,330
Common Stock Option and Restricted Stock Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding	8,501,658	8,081,828

Income Taxes

6 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

8. Income Taxes

The Company has not recorded an income tax provision for the three and six months ended June 30, 2021 and 2020 due to its operating losses. All losses before income taxes were generated in the United States.

In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. Due to the Company’s history of net losses, the deferred tax assets have been fully offset by full valuation allowance of $5.5 million and $5.5 million as of June 30, 2021 and December 31, 2020, respectively. There were no changes in the deferred tax asset valuation allowance for the three and six months ended June 30, 2021 and 2020.

The Company had unused federal and state net operating loss carryforwards of approximately $14.6 million and $9.5 million, respectively as of June 30, 2021, and federal and state net operating loss carryforwards of approximately $14.6 million and $9.5 million, respectively, as of December 31, 2020. The net operating loss carryforwards begin to expire in 2034 and research and development tax credit carryforwards of $0.4 million and $0.4 million as of June 30, 2021 and December 31, 2020, respectively, begin to expire in 2037.

The federal and state net operating loss carryforwards and credits may be subject to significant limitations under Section 382 and Section 383 of the Internal Revenue Code and similar provisions under state law. The Tax Reform Act contains provisions that limit the federal net operating loss carryforwards that may be used in any given year in the event of special occurrences, including significant ownership changes. A Section 382 “ownership change” generally occurs if one or more stockholders or groups of stockholders, who own at least 5% of the Company’s stock, increase their ownership by more than 50 percentage points over their lowest ownership percentage within a rolling three-year period. The Company may have previously experienced, and may in the future experience, one or more Section 382 “ownership changes,” including in connection with the IPO. If so, the Company may lose some or all of the tax benefits of its carryforwards and credits. Based on the Company’s analysis as of June 30, 2021, the Company has determined that it does not expect these limitations to impair its ability to use its net operating losses prior to expiration.

The Company generally provides for income taxes in interim periods based on the estimated annual effective tax rate for the year, adjusting for discrete items in the quarter in which they arise. The annual effective tax rate before discrete items

was 25.5% for each of the three and six months ended June 30, 2021 and 2020. The Company’s effective tax rate for the three and six months ended June 30, 2021 was based on best estimates, which may fluctuate through the remainder of the year due to the volatility and uncertainty of global economic conditions in connection with the COVID-19 pandemic.

- 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 + Details

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 01, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Mar. 31, 2021
Other Commitments [Line Items]
Operating lease year of expiration	2026
Operating lease rental expense		$ 0.1	$ 0.1	$ 0.3	$ 0.1
Royalty Agreement with Certain Members of the Surgeon Advisory Board [Member]
Other Commitments [Line Items]
Period over which the royalties are payable				3 years		3 years
Notice period for termination of agreement				90 days		90 days
Royalty Agreement with Certain Members of the Surgeon Advisory Board [Member] \| 10 Years from the First Sale of the Commercial Product [Member]
Other Commitments [Line Items]
Royalty expenses		$ 0.9	$ 0.3	$ 1.6	$ 0.8
Royalty as a percentage of net sales for the period		4.10%	4.30%	4.10%	4.30%
Royalty Agreement with Certain Members of the Surgeon Advisory Board [Member] \| 10 Years from the First Sale of the Commercial Product [Member] \| Maximum [Member]
Other Commitments [Line Items]
Royalty as a percentage of net sales				3.00%		3.00%
Royalty Agreement with Certain Members of the Surgeon Advisory Board [Member] \| 10 Years from the First Sale of the Commercial Product [Member] \| Minimum [Member]
Other Commitments [Line Items]
Royalty as a percentage of net sales				0.40%		0.40%
Operating Lease Amendment Agreement [Member]
Other Commitments [Line Items]
Lessee operating, extended term of contract							5 years

Net Loss Per Share Attributable to Common Stockholders - Schedule of Net Loss Per Share Attributable to Common Stockholders, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator
Net loss	$ (5,083)	$ (1,973)	$ (7,515)	$ (3,580)
Convertible preferred stock cumulative and undeclared dividends	(39)	(159)	(196)	(318)
Net loss attributable to common stockholders	$ (5,122)	$ (2,132)	$ (7,711)	$ (3,898)
Denominator
Weighted-average common stock outstanding, basic and diluted	49,187,285	37,068,288	43,556,107	37,060,491
Net loss per share attributable to common stockholders, basic and diluted	$ (0.10)	$ (0.06)	$ (0.18)	$ (0.11)

- Definition

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

+ References

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Long Term Debt - Summary of Long-term Debt Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Total term loans	$ 30,000	$ 31,788
Less: debt discount and issuance costs	(723)	(811)
Total short-term and long-term debt	29,277	30,977
Short-term debt		1,788
Long-term debt	29,277	29,189
Term Loans [Member] \| CRG Term Loan Facility [Member]
Debt Instrument [Line Items]
Total term loans	$ 30,000	30,000
Term Loans [Member] \| Paycheck Protection Programme Loan [Member]
Debt Instrument [Line Items]
Total term loans		$ 1,788

Recent Accounting Pronouncements - Additional Information (Detail) - Minimum [Member]	Jun. 30, 2021
Item Effected [Line Items]
Lessee, operating lease, term of contract	12 months
ASC 842 Topic [Member]
Item Effected [Line Items]
Lessee, operating lease, term of contract	12 months

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	$ 0.2		$ 0.2
Adjustment to fair value of derivative liability	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Probability of default			1.00%
Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Probability of default			2.00%

Formation and Business of the Company - Additional Information (Detail) $ / shares in Units, $ in Millions			6 Months Ended
	Apr. 27, 2021 USD ($) $ / shares shares	Apr. 16, 2021 $ / shares shares	Jun. 30, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares
Company incorporation date of incorporation			Jul. 29, 2013
Stock issued during the period shares including sale by the existing shareholders	12,937,500
Sale of stock issue price per share \| $ / shares	$ 17.00
underwriting discounts and commissions \| $	$ 8.3
Adjustment to additional paid in capital stock issuance costs \| $	$ 2.3
Preferred stock shares outstanding converted into equity shares	6,687,475
Stock split ratio		1.3375
Common stock shares authorized	300,000,000
Preferred stock shares authorized	5,000,000
Common stock, par or stated value per share \| $ / shares		$ 0.001
Preferred stock par or stated value per share \| $ / shares		$ 0.001
Forward Stock Split [Member]
Shares authorized preferred and common stock		73,562,500
Common stock shares authorized		66,875,000
Preferred stock shares authorized		6,687,500
IPO [Member]
Stock issued during the period shares new issues	6,953,125
Sale of stock by the existing shareholders	5,984,375
Sale of stock net consideration received on the transaction \| $	$ 107.6
Over-Allotment Option [Member]
Stock issued during the period shares new issues	703,125
Sale of stock by the existing shareholders	984,375
Series A Convertible Preferred Stock [Member]
Stock shares issued during the period shares dividends	158,447
Stock shares issued during the period value dividends \| $	$ 2.5
Preferred stock shares authorized			0	6,687,500
Preferred stock par or stated value per share \| $ / shares			$ 0.001	$ 0.001

Net Loss Per Share Attributable to Common Stockholders (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Net Loss Per Share Attributable to Common Stockholders, Basic and Diluted

As the Company reported a net loss for the three and six months ended June 30, 2021 and 2020, basic net loss per share attributable to common stockholders was the same as diluted net loss per share attributable to common stockholders as the inclusion of potentially dilutive shares would have been antidilutive if included in the calculation (in thousands, except share and per share amounts):

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Numerator
Net loss	$	(5,083	)	$	(1,973	)	$	(7,515	)	$	(3,580	)
Adjust: Convertible preferred stock cumulative and undeclared dividends		(39	)		(159	)		(196	)		(318	)
Net loss attributable to common stockholders		(5,122	)		(2,132	)		(7,711	)		(3,898	)
Denominator
Weighted-average common stock outstanding, basic and diluted		49,187,285			37,068,288			43,556,107			37,060,491
Net loss per share attributable to common stockholders, basic and diluted	$	(0.10	)	$	(0.06	)	$	(0.18	)	$	(0.11	)

Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Weighted Average Shares Outstanding

	June 30,		December 31,
	2021		2020
Series A convertible preferred stock outstanding		—		6,687,475
Warrants to purchase Class A common stock		—		713,330
Common stock option and restricted stock awards issued and outstanding		8,501,658		8,081,828
Total		8,501,658		15,482,633

Stockholders' Equity - Summary of Activity under Stock Plans (Detail) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Share Based Arrangements To Obtain Goods And Services [Abstract]
Number of Shares Outstanding Options of Beginning Balance	8,081,828
Number of Shares Outstanding of Option Granted	1,375,310
Number of Shares Outstanding of Options Exercised	(962,633)
Number of Shares Outstanding of Options Canceled	(11,871)
Number of Shares Outstanding of Ending Balance	8,482,634	8,081,828
Options vested and expected to vest at June 30, 2021	7,873,245
Options vested and exercisable at June 30, 2021	4,420,030
Outstanding Options Weighted-Average Remaining Contractual Term	7 years 8 months 1 day	6 years 10 months 9 days
Options vested and expected to vest at June 30, 2021	7 years 3 days
Options vested and exercisable at June 30, 2021	5 years 8 months 15 days
Weighted-Average Exercise Price Beginning Balance	$ 1.82
Weighted-Average Exercise Price, Options granted	10.02
Weighted-Average Exercise Price, Options exercised	0.81
Weighted-Average Exercise Price, Options canceled	4.55
Weighted-Average Exercise Price, Ending Balance	3.83	$ 1.82
Options vested and expected to vest at March 31, 2021	3.60
Options vested and exercisable at March 31, 2021	$ 1.13

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared using accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed financial statements have been prepared on the same basis as the Company’s annual financial statements included in the final prospectus filed with SEC dated April 22, 2021 in connection with the Company’s IPO.

The unaudited condensed financial statements included herein reflect all adjustments, including normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The results of operations for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected for future quarters or for the fiscal year ending December 31, 2021.

Use of Estimates

The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting periods. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.

Significant estimates and assumptions include reserves and write-downs related to accounts receivable, inventories, the recoverability of long term assets, valuation of equity instruments, valuation of common stock, stock-based compensation, deferred tax assets and related valuation allowances and impact of contingencies.

Property and Equipment, Net

Property and equipment is recorded at cost. Depreciation of property and equipment is recorded using the straight-line method over the following estimated useful lives of the related assets as follows:

	Years
Furniture, fixtures and equipment		7
Machinery and equipment		3
Capitalized surgical instruments		3
Computer equipment		3
Leasehold improvements	5 or lease term, whichever is shorter
Software		3

Beginning January 1, 2021, the Company adjusted the useful life of its capitalized instruments from 18 months to 36 months. The change in useful life was made as a prospective adjustment and resulted in a decrease of depreciation expense of less than $0.1 million and $0.1 million during the three and six months ended June 30, 2021 and no impact on earnings per share. The change in useful life is expected to reduce depreciation expense by $0.2 million per year.

Segments

The Company operates and manages its business as one reportable and operating segment, which is the business of designing, manufacturing, and marketing medical devices for physicians, surgeons, ambulatory surgery centers and hospitals. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating and evaluating financial performance. All long-lived assets are maintained in the United States.

Concentration of Credit Risk

The Company earns revenue from the sale of its products to customers such as hospitals and ambulatory surgery centers. Sales of the Lapiplasty System and ancillary products accounted for the Company’s revenue for the three and six months ended June 30, 2021 and 2020. No single customer accounted for more than 10% of revenue for the three and six months ended June 30, 2021 and 2020. The Company’s accounts receivable are derived from revenue earned from customers. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral from its customers. At June 30, 2021, and December 31, 2020, no customer accounted for more than 10% of accounts receivable or revenue.

Accounts Receivable and Allowances

Accounts receivable are generally from hospitals and ambulatory surgery centers and are stated at amounts billed less allowances for doubtful accounts. The Company continually monitors customer payments and maintains an allowance for estimated losses resulting from a customer’s inability to make required payments. The Company considers factors such as historical experience, credit quality, age of the accounts receivable balances, geographic related risks and economic conditions that may affect a customer’s ability to pay. Accounts receivable are written off when the Company deems individual balances are no longer collectible. As of June 30, 2021 and December 31, 2020, accounts receivable is presented net of an allowance for doubtful accounts of $0.3 million and $0.4 million, respectively. For the three months ended June 30, 2021 and 2020, the Company recorded a provision for bad debts of $0 and $0.2 million, respectively. For the six months ended June 30, 2021 and 2020, the Company recorded a recovery (provision) for bad debts of $0.1 million and $(0.2) million, respectively.

Inventories

Inventories consist primarily of surgical kits and components as finished goods and are stated at the lower of cost or net realizable value. Cost is determined based on an average cost method which approximates the first-in, first-out basis and includes primarily outsourced manufacturing costs and direct manufacturing overhead costs.

The Company reviews inventory for obsolescence and writes down inventory, as necessary. For the three months ended June 30, 2021 and 2020, the Company recorded a provision of $0.1 million and $0.1 million, respectively, for obsolete inventory to cost of goods sold. For the six months ended June 30, 2021 and 2020, the Company recorded a provision of $0.1 million and $0.4 million, respectively, for obsolete inventory to cost of goods sold.

Deferred Offering Costs

Deferred offering costs, consisting of legal, accounting and other fees and costs relating to the Company’s IPO, were capitalized and recorded on the balance sheet. The deferred offering costs are offset against the proceeds received upon the closing of the IPO. At the closing of the IPO, the Company offset the proceeds received by $2.3 million in offering costs. As of June 30, 2021 and December 31, 2020, $0 and $0.2 million, respectively, in deferred offering costs were recorded on the condensed balance sheets. During the three and six months ended June 30, 2021 and 2020, the Company did not write off any deferred offering costs.

Long Term Debt - Additional Information (Detail) - USD ($)						1 Months Ended	3 Months Ended		5 Months Ended
	Aug. 03, 2020	Jul. 31, 2020	Apr. 22, 2020	Feb. 14, 2019	Apr. 18, 2018	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Apr. 28, 2021
Debt Instrument [Line Items]
Class of warrants or rights number of shares issuable on conversion of warrants				713,330
Closing share price										$ 31.27
Exercise price of warrants										$ 4.0224
Long term debt fixed rate of interest									13.00%
Long term debt net of unamortized debt issuance costs and discount							$ 29,277,000		$ 30,977,000
SVB Credit Facility And CRG Credit Facility [Member]
Debt Instrument [Line Items]
Interest expenses							1,000,000.0	$ 400,000
Common Stock [Member]
Debt Instrument [Line Items]
Class of warrants or rights number of shares issuable on conversion of warrants										621,570
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit outstanding							0		0
CRG Term Loan Facility [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturity Date		Jun. 30, 2025
Debt Instrument, Face Amount		$ 50,000,000.0
Long term debt default rate of interest		4.00%
Long term debt terms of interest payment		quarterly interest-only payments or to pay interest in-kind through December 31, 2020
Proceeds from long term loan from the bank									30,000,000
Debt discount gross									200,000
Long term debt net of unamortized debt issuance costs and discount							29,300,000		29,200,000
CRG Term Loan Facility [Member] \| Third Party [Member]
Debt Instrument [Line Items]
Debt issuance costs gross									500,000
CRG Term Loan Facility [Member] \| CRG [Member]
Debt Instrument [Line Items]
Debt issuance costs gross									$ 200,000
CRG Term Loan Facility [Member] \| Early Repayment Within One Year [Member]
Debt Instrument [Line Items]
Long term debt prepayment premium percentage									20.00%
CRG Term Loan Facility [Member] \| Early Repayment => 1Year But Within 2 Years [Member]
Debt Instrument [Line Items]
Long term debt prepayment premium percentage									11.00%
Long Term Loan Under Paycheck Protection Program [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturity Date			Apr. 22, 2022
Proceeds from long term loan from the bank			$ 1,800,000
Long term debt fixed rate of interest			1.00%
Repayment of long term debt borrowed from the bank						$ 1,800,000
Loan and Security Agreement [Member]
Debt Instrument [Line Items]
Long-term Debt, Maturity Date					Aug. 03, 2024
Payment of debt issuance costs				$ 300,000
Loan and Security Agreement [Member] \| Term Loans [Member] \| Tranche One And Two [Member]
Debt Instrument [Line Items]
Long term debt instrument variable interest rate percentage					7.50%
Loan and Security Agreement [Member] \| Term Loans [Member] \| Prime Rate [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage					2.25%
First Amendment [Member] \| Term Loans [Member]
Debt Instrument [Line Items]
Borrowings					$ 10,000,000.0
Second Amendment [Member] \| Term Loans [Member]
Debt Instrument [Line Items]
Borrowings					$ 10,000,000.0
Third Amendment, SVB Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit current borrowing capacity							$ 10,000,000.0
Third Amendment, SVB Credit Facility [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Borrowings	$ 10,000,000.0
Debt instrument variable interest rate spread percentage	1.00%
Long term debt instrument variable interest rate percentage	5.00%
Debt instrument termination fee percentage	1.00%

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Liabilities:
Derivative liability	$ 200
Fair Value, Recurring [Member]
Assets:
Money market funds	119,425	$ 17,577
Total	119,425	17,577
Liabilities:
Derivative liability	245	245
Total	245	245
Fair Value, Recurring [Member] \| Level 1 [Member]
Assets:
Money market funds	119,425	17,577
Total	119,425	17,577
Fair Value, Recurring [Member] \| Level 3 [Member]
Liabilities:
Derivative liability	245	245
Total	$ 245	$ 245

Condensed Statements of Cash Flows (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)
Statement Of Cash Flows [Abstract]
Issuance costs and underwriting fees, net	$ 10.6

Long Term Debt

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Long Term Debt

6. Long Term Debt

Silicon Valley Bank

The Company entered into a Loan and Security Agreement dated April 18, 2018 (the “LSA”) with Silicon Valley Bank (“SVB”) as amended by a First Amendment to the Loan and Security (the “First Amendment”) dated February 14, 2019, a Second Amendment dated December 31, 2019 (the “Second Amendment”) and a Third Amendment dated August 3, 2020 (the “Third Amendment”). The LSA, as amended by the First Amendment, Second Amendment and Third Amendment (collectively the “SVB Credit Facility”) matures August 3, 2024.

The Company borrowed $10.0 million upon execution of the First Amendment and $10.0 million upon execution of the Second Amendment and repaid the term loans in August 2020 using the proceeds received from the CRG Term Loan Facility (described below). The term loans accrued interest, payable monthly in arrears, at a floating per annum rate equal to the greater of (i) prime rate plus 2.25% as published in the money rates section of the Wall Street Journal, or (ii) seven and one-half percent (7.5%) for tranche 1 and 2.

Under the Third Amendment, the SVB Credit Facility provides for up to $10.0 million in a revolving line of credit. Availability under the revolving line of credit is subject to a formula based on, among other things, eligible accounts receivable. Borrowings on the line of credit bear interest at a floating rate per annum equal to the greater of (a) 1.00% above the prime rate as published from time to time in the money rates section of the Wall Street Journal and (b) 5.00%, and includes a termination fee of 1.00% of the revolving line of credit if the termination occurs before August 3, 2022.

Under the terms of the SVB Credit Facility, the Company granted SVB first priority liens and security interests in substantially all of the Company’s assets (excluding its intellectual property but including any proceeds and rights to payments associated with our intellectual property) as collateral. The SVB Credit Facility also contains certain representations and warranties, indemnification provisions in favor of SVB, affirmative and negative covenants (including, among other things, requirements that the Company maintain a minimum amount of liquidity and achieve minimum revenue targets, limitations on other indebtedness, liens, acquisitions, investments and dividends and requirements relating to financial reporting, sales and leasebacks, insurance and protection of the Company’s intellectual property rights) and events of default (including payment defaults, breaches of covenants following any applicable cure period, investor abandonment, a material impairment in the perfection or priority of the lender’s security interest or in the collateral, and events relating to bankruptcy or insolvency).

The Company issued warrants in connection with the SVB Credit Facility that gave the lender the right to purchase up to 713,330 shares of the Company’s Class A common stock (see Note 9). The Company valued the warrants based upon the probability-weighted expected return method and option pricing model using the Black-Scholes option pricing model and accounted for the warrants as debt discount and additional paid in capital on the balance sheets. On April 28, 2021, the holders of the warrants exercised their warrants in a cashless net exercise using the closing price of the Company’s common stock on the prior business day of $31.27 as permitted by the warrant agreement. The exercise price of the warrants was $4.0224. Accordingly, the transaction resulted in 621,570 shares of the Company’s common stock being issued to the warrant holders. The Company paid issuance costs in connection with the SVB Credit Facility of $0.3 million which were recorded as a reduction of debt. The debt discount and debt issuance costs are amortized over the term of the debt using the effective interest method and included within interest expense on the statement of operations.

The Company did not have any balances outstanding under the revolving line of credit as of June 30, 2021 and December 31, 2020. As of June 30, 2021, the Company had $10.0 million in available borrowings on the line of credit and was in compliance with all covenants under the SVB Credit Facility.

CRG Term Loan Facility

On July 31, 2020, the Company entered into the CRG Term Loan Facility, to obtain up to $50.0 million in financing over three tranches to be advanced no later than December 31, 2021. Principal amounts totaling $30 million were borrowed through December 31, 2020 and are currently outstanding. The CRG Term Loan Facility matures on June 30, 2025, and the Company can elect to make quarterly interest-only payments or to pay interest in-kind through December 31, 2020. The Company is not required to make any principal payments until the maturity of the CRG Term Loan Facility and all outstanding principal and accrued interest are due upon the maturity of the CRG Term Loan Facility. Interest under the CRG Term Loan Facility is applied to outstanding principal and accrued interest at a rate of 13.00% per annum. In an event of

default occurs, interest under the CRG Term Loan Facility will increase by 4.00%. If the Company repays the CRG Term Loan Facility within one year of the borrowing date, the Company is required to pay a premium of 20.00% of the aggregated outstanding principal amount of the loans that is repaid. If the Company repays the CRG Term Loan Facility between one and two years from the borrowing date, it is required to pay a premium of 11.00% of the aggregated outstanding principal amount of the loans that is repaid. The CRG Term Loan Facility does not require a prepayment premium for loans being prepaid on the prepayment date that is longer than two years from the initial borrowing date.

Under the terms of the CRG Term Loan Facility, the Company granted first priority liens and security interests in substantially all of the Company’s assets as collateral (including the Company’s intellectual property), provided that the priority of such liens are subject to an intercreditor agreement between CRG and SVB. The CRG Term Loan Facility also contains certain representations and warranties, indemnification provisions in favor of CRG, affirmative and negative covenants (including, among other things, requirements that the Company maintain a minimum amount of liquidity and achieve minimum revenue targets, comply with limitations on other indebtedness, liens, acquisitions, investments and dividends and requirements relating to financial reporting, sales and leasebacks, insurance and protection of the Company’s intellectual property rights) and events of default (including payment defaults, breaches of covenants following any applicable cure period, investor abandonment, a material impairment in the perfection or priority of the lender’s security interest or in the collateral, and events relating to bankruptcy or insolvency).

The Company paid $0.5 million in fees to CRG and $0.2 million in fees to third parties in connection with the CRG Term Loan Facility. The fees were recorded as debt issuance costs and classified as contra-debt. In addition, the Company recognized $0.2 million as debt discount on borrowings under the CRG Term Loan Facility due to embedded features contained in the agreement which resulted in a derivative liability. Debt issuance costs and debt discount are amortized to interest expense using the effective interest method.

As of June 30, 2021 and December 31, 2020, the balance outstanding under the CRG Term Loan Facility, net of debt issuance costs and debt discount, was $29.3 million and $29.2 million, respectively.

PPP Loan

The Company applied for and received a $1.8 million loan (the “PPP Loan”) under the Paycheck Protection Program ( the “PPP”) under the Coronavirus Aid Relief, and Economic Security Act (“CARES Act”). The PPP Loan, which was in the form of a promissory note, dated April 22, 2020, between the Company and SVB as the lender, was scheduled to mature on April 22, 2022 and accrued interest at a fixed rate of 1% per annum, and was payable monthly. The Company repaid $1.8 million borrowed under the PPP Loan in March 2021.

The Company’s debt consisted of the following (in thousands):

	June 30,			December 31,
	2021			2020

Revolving line of credit
SVB Credit Facility	$	—		$	—
Term loans
CRG Term Loan Facility		30,000			30,000
PPP Loan		—			1,788
Total term loans		30,000			31,788
Less: debt discount and issuance costs		(723	)		(811	)
Total debt		29,277			30,977
Short-term debt		—			1,788
Long-term debt	$	29,277		$	29,189

As of June 30, 2021, future payments under term loan, including interest only payments and the final payment, were as follows (in thousands):

Fiscal Year
2021 (remaining)	$	—
2022		—
2023		—
2024		—
2025		30,000
Total principal payments		30,000
Less: Unamortized debt discount and debt issuance costs		(723	)
Total short-term and long-term debt	$	29,277

During the three months ended June 30, 2021 and 2020, the Company recorded $1.0 million and $0.4 million, respectively, in interest expense related to the borrowings under the SVB Credit Facility and CRG Credit Facility. During the three and six months ended June 30, 2021 and 2020, amortization of the debt discount was immaterial.

Stockholders' Equity - Summary of Company uses the Black-Scholes Option Pricing Model to Determine the Fair Value of Stock Options at the Grant (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)		2 years 8 months 1 day
Expected volatility		49.29%
Expected volatility (Minimum)	35.57%		35.57%	37.09%
Expected volatility (Maximum)	36.55%		55.60%	49.29%
Risk-free interest rate		0.23%
Risk-free interest rate (Minimum)	1.03%		0.07%	0.23%
Risk-free interest rate (Maximum)	1.07%		1.07%	1.53%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	5 years 3 months 7 days		1 year 11 months 19 days	2 years 8 months 1 day
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)	6 years 3 months		6 years 3 months	2 years 11 months 19 days

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation

Use of Estimates

Property and Equipment, Net

	Years
Furniture, fixtures and equipment		7
Machinery and equipment		3
Capitalized surgical instruments		3
Computer equipment		3
Leasehold improvements	5 or lease term, whichever is shorter
Software		3

Segments

Concentration of Credit Risk

Accounts Receivable and Allowances

Inventories

Deferred Offering Costs

- Definition

Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.

+ References + Details

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Balance Sheet Components - Summary of Accrued Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]
Accrued royalties expense	$ 898	$ 1,032
Accrued expense	534	565
Other	525	251
Total accrued liabilities	$ 1,957	$ 1,848

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2021

Stockholders Equity Note [Abstract]

Summary of the Company had Reserved Shares of Common Stock for Future Issuances

As of June 30, 2021 and December 31, 2020, the Company had reserved shares of common stock for future issuances as follows:

	June 30,		December 31,
	2021		2020
Series A convertible preferred stock outstanding		—		6,687,475
Warrants to purchase Class A common stock		—		713,330
Common stock options and restricted stock awards issued and outstanding		8,501,658		8,081,828
Estimated preferred share conversion for dividends in kind		—		334,316
Common stock available for future grants		238,742,361		—
Class A common stock available for future grants		—		13,691,186
Class B common stock available for future grants		—		1,000,000
Total		247,244,019		30,508,135

Summary of Activity under Stock Plans

Activity under the Stock Plans is set forth below:

	Outstanding Options
	Number of Shares			Weighted- Average Remaining Contractual Term (in Years)		Weighted- Average Exercise Price
Balance, December 31, 2020		8,081,828			6.86	$	1.82
Options granted		1,375,310				$	10.02
Options exercised		(962,633	)			$	0.81
Options canceled		(11,871	)			$	4.55
Balance, June 30, 2021		8,482,634			7.67	$	3.83
Options vested and expected to vest at June 30, 2021		7,873,245			7.01	$	3.60
Options vested and exercisable at June 30, 2021		4,420,030			5.71	$	1.13

Summary of Company uses the Black-Scholes Option Pricing Model to Determine the Fair Value of Stock Options at the Grant

	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
Expected term (in years)	5.27 - 6.25 years	2.67 years	1.97 - 6.25 years	2.67 - 2.97 years
Expected volatility	35.57% - 36.55%	49.29%	35.57% - 55.60%	37.09% - 49.29%
Risk-free interest rate	1.03% - 1.07%	0.23%	0.07% - 1.07%	0.23% - 1.53%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%

Summary of Stock-Based Compensation Expense is Reflected in the Statements of Operations and Comprehensive Loss

Stock-based compensation expense is reflected in the statements of operations and comprehensive loss as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Sales and marketing expense	$	370	$	86	$	517	$	181
Research and development expense		103		59		166		108
General and administrative expense		402		103		594		168
Total	$	875	$	248	$	1,277	$	457

Balance Sheet Components - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Cash	$ 196	$ 502
Money market funds	119,425	17,577
Total cash and cash equivalents	$ 119,621	$ 18,079	$ 10,305	$ 12,139

Summary of Property and Equipment Depreciation Estimated Useful Lives (Detail)	6 Months Ended
	Jun. 30, 2021
Furniture Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Capitalized Surgical Instruments [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, estimated useful lives	5 or lease term, whichever is shorter
Software [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Summary of Property and Equipment Depreciation Estimated Useful Lives

	Years
Furniture, fixtures and equipment		7
Machinery and equipment		3
Capitalized surgical instruments		3
Computer equipment		3
Leasehold improvements	5 or lease term, whichever is shorter
Software		3

Condensed Statement of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Revenue	$ 20,654	$ 7,739	$ 39,361	$ 18,995
Cost of goods sold	3,944	2,085	7,271	4,474
Gross profit	16,710	5,654	32,090	14,521
Operating expenses
Sales and marketing	14,010	4,789	26,158	12,127
Research and development	2,422	982	4,290	2,415
General and administrative	4,329	1,401	7,095	2,696
Total operating expenses	20,761	7,172	37,543	17,238
Loss from operations	(4,051)	(1,518)	(5,453)	(2,717)
Interest and other income, net	6	3	7	36
Interest expense	(1,038)	(458)	(2,069)	(899)
Other expense, net	(1,032)	(455)	(2,062)	(863)
Net loss and comprehensive loss	(5,083)	(1,973)	(7,515)	(3,580)
Convertible preferred stock cumulative and undeclared dividends	(39)	(159)	(196)	(318)
Net loss attributable to common stockholders	$ (5,122)	$ (2,132)	$ (7,711)	$ (3,898)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.10)	$ (0.06)	$ (0.18)	$ (0.11)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted	49,187,285	37,068,288	43,556,107	37,060,491

Stockholders' Equity - Summary of the Company had Reserved Shares of Common Stock for Future Issuances (Detail) - shares	Jun. 30, 2021	Dec. 31, 2020
Shares Reserved For Future Issuance [Line Items]
Common stock available for future issuance	247,244,019	30,508,135
Common stock available for future grants	238,742,361
Series A convertible preferred stock outstanding [Member]
Shares Reserved For Future Issuance [Line Items]
Series A convertible preferred stock outstanding		6,687,475
Warrants to purchase Class A common stock [Member]
Shares Reserved For Future Issuance [Line Items]
Common stock available for future issuance		713,330
Class A common stock available for future issuance [Member]
Shares Reserved For Future Issuance [Line Items]
Common stock available for future issuance		13,691,186
Class B common stock available for future issuance [Member]
Shares Reserved For Future Issuance [Line Items]
Common stock available for future issuance		1,000,000
Share-based Payment Arrangement, Option and Restricted Stock Awards [Member]
Shares Reserved For Future Issuance [Line Items]
Common stock available for future issuance	8,501,658	8,081,828
Estimated preferred share conversion for dividends in kind [Member]
Shares Reserved For Future Issuance [Line Items]
Series A convertible preferred stock outstanding		334,316

Commitments and Contingencies - Schedule of Future Minimum Rental Obligations Required Under Non-cancelable Leases including Amended Lease (Detail) $ in Thousands	Jun. 30, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2021 (remaining)	$ 439
2022	897
2023	722
2024	744
2025 & thereafter	925
Total minimum lease payments	$ 3,727

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 119,621	$ 18,079
Accounts receivable, net of allowance for doubtful accounts of $271 and $446 as of June 30, 2021 and December 31, 2020, respectively	10,047	14,486
Inventories	7,643	7,820
Prepaid expenses and other current assets	3,512	593
Total current assets	140,823	40,978
Property and equipment, net	1,475	829
Total assets	142,298	41,807
Current liabilities
Accounts payable	2,921	2,265
Accrued liabilities	1,957	1,848
Accrued commissions	2,553	3,513
Accrued compensation	2,434	2,183
Short-term debt		1,788
Total current liabilities	9,865	11,597
Derivative liability on term loan	245	245
Long-term debt, net of discount of $723 and $811 as of June 30, 2021 and December 31, 2020, respectively	29,277	29,189
Total liabilities	39,387	41,031
Commitments and contingencies (Note 7)
Stockholders’ equity
Additional paid-in capital	131,734	14,166
Accumulated deficit	(28,868)	(21,353)
Total stockholders’ equity	102,911	776
Total liabilities and stockholders’ equity	142,298	41,807
Series A Convertible Preferred Stock [Member]
Stockholders’ equity
Preferred stock, value		7,935
Preferred Stock [Member]
Stockholders’ equity
Preferred stock, value
Common Stock [Member]
Stockholders’ equity
Common stock, value	$ 45	$ 28

Long Term Debt - Summary of Maturities of Long-term Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2025	$ 30,000
Total principal payments	30,000	$ 31,788
Less: Unamortized debt discount and debt issuance costs	(723)	(811)
Total short-term and long-term debt	$ 29,277	$ 30,977

Condensed Statement of Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]
Balance at Beginning at Dec. 31, 2019	$ 3,161	$ 7,935	$ 28	$ 12,884	$ (17,686)
Balance at Beginning (in Shares) at Dec. 31, 2019		6,687,475	37,031,841
Issuance of common stock upon exercise of stock options	41			41
Issuance of common stock upon exercise of stock options, shares			36,447
Share-based compensation expense	457			457
Net loss	(3,580)				(3,580)
Balance at Ending at Jun. 30, 2020	79	$ 7,935	$ 28	13,382	(21,266)
Balance at Ending (in Shares) at Jun. 30, 2020		6,687,475	37,068,288
Balance at Beginning at Mar. 31, 2020	1,804	$ 7,935	$ 28	13,134	(19,293)
Balance at Beginning (in Shares) at Mar. 31, 2020		6,687,475	37,068,288
Share-based compensation expense	248			248
Net loss	(1,973)				(1,973)
Balance at Ending at Jun. 30, 2020	79	$ 7,935	$ 28	13,382	(21,266)
Balance at Ending (in Shares) at Jun. 30, 2020		6,687,475	37,068,288
Balance at Beginning at Dec. 31, 2020	776	$ 7,935	$ 28	14,166	(21,353)
Balance at Beginning (in Shares) at Dec. 31, 2020		6,687,475	37,366,865
Issuance of common stock upon exercise of stock options	$ 763		$ 2	761
Issuance of common stock upon exercise of stock options, shares	962,633		962,633
Vesting of restricted stock awards, shares			5,866
Share-based compensation expense	$ 1,277			1,277
Issuance of common stock from initial public offering, net of issuance costs and underwriting discount of $10.6 million	107,610		$ 7	107,603
Issuance of common stock from initial public offering, net of issuance costs and underwriting discount of $10.6 million, shares			6,953,125
Issuance of common stock upon net exercise of warrants			$ 1	(1)
Issuance of common stock upon net exercise of warrants, shares			621,570
Conversion of convertible preferred stock and accrued dividends on convertible preferred stock into common stock		$ (7,935)	$ 7	7,928
Conversion of convertible preferred stock and accrued dividends on convertible preferred stock into common stock, shares		(6,687,475)	6,845,922
Net loss	(7,515)				(7,515)
Balance at Ending at Jun. 30, 2021	102,911		$ 45	131,734	(28,868)
Balance at Ending (in Shares) at Jun. 30, 2021			52,755,981
Balance at Beginning at Mar. 31, 2021	(684)	$ 7,935	$ 30	15,136	(23,785)
Balance at Beginning (in Shares) at Mar. 31, 2021		6,687,475	38,057,416
Issuance of common stock upon exercise of stock options	193			193
Issuance of common stock upon exercise of stock options, shares			272,082
Vesting of restricted stock awards, shares			5,866
Share-based compensation expense	875			875
Issuance of common stock from initial public offering, net of issuance costs and underwriting discount of $10.6 million	107,610		$ 7	107,603
Issuance of common stock from initial public offering, net of issuance costs and underwriting discount of $10.6 million, shares			6,953,125
Issuance of common stock upon net exercise of warrants			$ 1	(1)
Issuance of common stock upon net exercise of warrants, shares			621,570
Conversion of convertible preferred stock and accrued dividends on convertible preferred stock into common stock		$ (7,935)	$ 7	7,928
Conversion of convertible preferred stock and accrued dividends on convertible preferred stock into common stock, shares		(6,687,475)	6,845,922
Net loss	(5,083)				(5,083)
Balance at Ending at Jun. 30, 2021	$ 102,911		$ 45	$ 131,734	$ (28,868)
Balance at Ending (in Shares) at Jun. 30, 2021			52,755,981

Stockholders' Equity - Summary of Stock-Based Compensation Expense is Reflected in the Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 875	$ 248	$ 1,277	$ 457
Sales and marketing expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	370	86	517	181
Research and development expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	103	59	166	108
General and administrative expenses [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 402	$ 103	$ 594	$ 168

Commitments and Contingencies

6 Months Ended

Jun. 30, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. Commitments and Contingencies

Operating Lease

The Company has commitments for future payments related to its lease of office space located in Ponte Vedra, Florida. The Company leases its office space under an operating lease agreement expiring in 2026. Lease payments comprise of the base rent stated in the lease plus operating costs which include taxes, insurance and common area maintenance.

In November 2019 the Company amended the lease agreement to include additional space of the second floor of their existing building. In March 2021, the Company again amended the lease agreement to further expand the Company’s office space and extend the lease expiration date to five years from the commencement of the Company’s leasing of the expanded premises. The amended lease has not commenced as of June 30, 2021.

Fiscal Year
2021 (remaining)	$	439
2022		897
2023		722
2024		744
2025 & thereafter		925
Total minimum lease payments	$	3,727

Total rent expense was $0.1 million and $0.1 million for the three months ended June 30, 2021 and 2020, respectively. Total rent expense was $0.3 million and $0.1 million for the six months ended June 30, 2021 and 2020, respectively.

License and Royalty Commitments

The Company has entered into product development and fee for service agreements with members of its Surgeon Advisory Board that specify the terms under which the member is compensated for his or her consulting services and grants the Company rights to the intellectual property created by the member in the course of such services. As products are commercialized with the assistance of members of the Surgeon Advisory Board, the Company may agree to enter into royalty agreement if the member’s contributions to the product are novel, significant and innovative.

As of June 30, 2021 and December 31, 2020, the Company has royalty agreements with certain members of its Surgeon Advisory Board providing for royalties based on each individual’s level of contribution. Each royalty agreement: (i) confirms the irrevocable transfer to the Company of all pertinent intellectual property rights; (ii) sets the applicable royalty rate; (iii) sets the period of time during which royalties are payable; (iv) is for a term of three years, renewable by the parties, and may be terminated by either party on 90 days’ notice for convenience (provided that if terminated by the Company for convenience the obligation to pay royalties is not affected); and (v) prohibits the payment of royalties on products sold to entities and/or individuals with whom the surgeon advisor or any other surgeon advisor entitled to royalties is affiliated. Each of the royalty agreements may be subsequently amended to add the license of additional intellectual property covering new products, and as a result, multiple royalty rates and duration of royalty payments may be included in one royalty agreement.

As of June 30, 2021 and December 31, 2020, the Company’s royalty agreements provide for (i) royalty payments for 10 years from first commercial sale of the relevant product and (ii) a royalty rate for each such agreement ranging from 0.4% to 3.0% of net sales for the particular product to which the surgeon contributed.

The Company recognized royalties’ expense of $0.9 million and $0.3 million for the three months ended June 30, 2021 and 2020, respectively, and $1.6 million and $0.8 million for the six months ended June 30, 2021 and 2020, respectively. For the three and six month periods ended June 30, 2021 and 2020, the aggregate royalty rate was 4.1% and 4.3%, respectively.

Contingencies

From time to time, the Company may be a party to various litigation claims in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with legal counsel, the need to record a liability for litigation and contingencies. Accrual estimates are recorded when and if it is determinable that such a liability for litigation and contingencies are both probable and reasonably estimable.

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Line Items]
Income tax provision	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Valuation allowance offsetting deferred tax assets	5.5		5.5		$ 5.5
Change in the deferred tax asset valuation allowance	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Operating loss carry forwards expiration year			2034
Stock ownership percentage			5.00%	50.00%
Number of years determining ownership change			3 years
Annual effective tax rate	25.50%	25.50%	25.50%	25.50%
Research Tax Credit Carryforward [Member]
Income Tax Disclosure [Line Items]
Research and development tax credit carry forwards	$ 0.4		$ 0.4		0.4
Research and development tax credit carry forwards expiration year			2037
Domestic Tax Authority [Member]
Income Tax Disclosure [Line Items]
Unused federal operating loss carryforwards	14.6		$ 14.6		14.6
State and Local Jurisdiction [Member]
Income Tax Disclosure [Line Items]
Unused federal operating loss carryforwards	$ 9.5		$ 9.5		$ 9.5

Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Balance Sheet Related Disclosures [Abstract]
Depreciation and amortization expense	$ 100	$ 400	$ 220	$ 667

Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

Assets and liabilities recorded at fair value in the condensed financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels which are directly related to the amount of subjectivity associated with the inputs to the valuation of these assets or liabilities are as follows:

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

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

Level 3—Unobservable inputs for the asset or liability only used when there is little, if any, market activity for the asset or liability at the measurement date. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value.

	June 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	119,425	$	—	$	—	$	119,425
Total	$	119,425	$	—	$	—	$	119,425
Liabilities:
Derivative liability	$	—	$	—	$	245	$	245
Total	$	—	$	—	$	245	$	245

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds(1)	$	17,577	$	—	$	—	$	17,577
Total	$	17,577	$	—	$	—	$	17,577
Liabilities:
Derivative liability	$	—	$	—	$	245	$	245
Total	$	—	$	—	$	245	$	245

(1)

Money market funds are included in cash and cash equivalents in the balance sheets as of June 30, 2021 and December 31, 2020.

As discussed in Note 6, in July 2020, the Company entered into a non-revolving term loan facility (the “CRG Term Loan Facility”) with CRG Servicing LLC (“CRG”) and accounted for embedded features in the agreement as a derivative liability with an initial fair value of $0.2 million. The derivative liability was accounted for at fair value using the income approach and inputs consisting of (a) the probability of events occurring that trigger an event of default of the Company’s term loans under the CRG Term Loan Facility, ranging from 1% to 2%, (b) the prepayment premium payable upon early redemption, and (c) additional interest payable upon an event of default. The Company recognized no adjustments to the fair value of the derivative liability in net loss for the three and six months ended June 30, 2021 and 2020.

There were no assets or liabilities measured at fair value on a nonrecurring basis as of June 30, 2021 and December 31, 2020.