0000950170-23-019154 | 10-Q | XBRL Viewer | Treace Medical Concepts INC

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Treace Medical Concepts, Inc.
Entity File Number	001-40355
Entity Tax Identification Number	47-1052611
Entity Address, Address Line One	100 Palmetto Park Place
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		61,331,465

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 29,613	$ 19,473
Marketable securities, short-term	141,049	61,779
Accounts receivable	25,365	29,196
Inventories	22,519	19,330
Prepaid expenses and other current assets	4,587	3,624
Total current assets	223,133	133,402
Property and equipment, net	15,915	15,338
Operating lease right-of-use assets	9,907	10,138
Other non-current assets	215	146
Total assets	249,170	159,024
Current liabilities
Accounts payable	5,076	8,668
Accrued liabilities	7,971	6,216
Accrued commissions	5,891	7,356
Accrued compensation	3,300	7,666
Operating lease and other liabilities	1,058	339
Total current liabilities	23,296	30,245
Long-term debt	52,785	52,711
Operating lease liabilities, net of current portion	15,447	15,539
Other long-term liabilities	25	0
Total liabilities	91,553	98,495
Commitments and contingencies (Note 7)
Stockholders’ equity
Preferred stock, value	0	0
Common stock, value	61	55
Additional paid-in capital	255,786	145,221
Accumulated deficit	(98,174)	(84,720)
Accumulated other comprehensive (loss) income	(56)	(27)
Total stockholders’ equity	157,617	60,529
Total liabilities and stockholders’ equity	$ 249,170	$ 159,024

Condensed Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Allowance for doubtful accounts receivable current	$ 677	$ 735
Long term debt unamortized debt discount and issuance costs	$ 1,215	$ 1,289
Preferred stock, par or stated value per share	$ 0.001	$ 0.001
Preferred stock shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par or stated value per share	$ 0.001	$ 0.001
Common stock shares authorized	300,000,000	300,000,000
Common stock share issued	61,280,703	55,628,208
Common stock share outstanding	61,280,703	55,628,208

Condensed Statement of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 42,195	$ 29,047
Cost of goods sold	8,039	5,130
Gross profit	34,156	23,917
Operating expenses
Sales and marketing	33,655	22,299
Research and development	3,412	3,052
General and administrative	10,865	6,662
Total operating expenses	47,932	32,013
Loss from operations	(13,776)	(8,096)
Interest income	1,479	9
Interest expense	(1,285)	(951)
Other income, net	128	2
Other non-operating income (expense), net	322	(940)
Net loss	(13,454)	(9,036)
Unrealized losses on marketable securities	(29)	0
Comprehensive loss	$ (13,483)	$ (9,036)
Net loss per share attributable to common stockholders, basic	$ (0.23)	$ (0.16)
Net loss per share attributable to common stockholders, diluted	$ (0.23)	$ (0.16)
Weighted-average common stock outstanding, basic	58,723,760	54,827,665
Weighted-average common stock outstanding, diluted	58,723,760	54,827,665

Condensed Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]
Balance at Beginning at Dec. 31, 2021	$ 93,073	$ 45	$ 134,933	$ (41,905)	$ 0
Balance at Beginning (in Shares) at Dec. 31, 2021		54,181,082
Issuance of common stock upon exercise of stock options	1,372	$ 1	1,371
Issuance of common stock upon exercise of stock options, shares		1,097,860
Share-based compensation expense	1,409		1,409
Net loss	(9,036)			(9,036)
Balance at Ending at Mar. 31, 2022	86,818	$ 46	137,713	(50,941)	0
Balance at Ending (in Shares) at Mar. 31, 2022		55,278,942
Balance at Beginning at Dec. 31, 2022	60,529	$ 55	145,221	(84,720)	(27)
Balance at Beginning (in Shares) at Dec. 31, 2022		55,628,208
Issuance of common stock upon exercise of stock options	352		352
Issuance of common stock upon exercise of stock options, shares		125,890
Issuance of common stock for vesting of restricted stock units		50,415
Share-based compensation expense	2,692		2,692
Issuance of common stock from initial public offering, net of issuance costs and underwriting discount of $7.5 million	107,527	$ 6	107,521
Issuance of common stock from initial public offering, net of issuance costs and underwriting discount of $7.5 million, shares		5,476,190
Net loss	(13,454)			(13,454)
Unrealized loss on available-for-sale marketable securities	(29)				(29)
Balance at Ending at Mar. 31, 2023	$ 157,617	$ 61	$ 255,786	$ (98,174)	$ (56)
Balance at Ending (in Shares) at Mar. 31, 2023		61,280,703

Condensed Statement of Stockholders' Equity (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance cost and underwriting discount	$ 7.5

Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (13,454)	$ (9,036)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization expense	924	334
Provision for allowance for doubtful accounts	38	30
Share-based compensation expense	2,692	1,409
Non-Cash Lease Expense	626	336
Amortization of debt issuance costs	74	45
Recovery of loss reserve for surgical instruments	(23)	0
Gain on fair value adjustment to derivative liability	0	(90)
Accretion (amortization) of discount (premium) on marketable securities, net	(297)	0
Net changes in operating assets and liabilities:
Accounts Receivable	3,793	2,542
Inventory	(3,189)	(551)
Prepaid expenses and other assets	(963)	1,233
Other non-current assets	69	134
Payable to broker for unsettled marketable security purchases	710	0
Operating lease liabilities	(478)	(133)
Accounts payable	(3,592)	(607)
Accrued liabilities	(4,076)	(2,619)
Other, net	25	0
Net cash used in operating activities	(17,259)	(7,241)
Cash flows from investing activities
Purchases of available-for-sale marketable securities	(99,550)	0
Maturities of available-for-sale marketable securities	20,548	0
Purchases of property and equipment	(1,478)	(1,481)
Net cash used in investing activities	(80,480)	(1,481)
Cash flows from financing activities
Proceeds from issuance of common stock upon initial public offering, net of issuance costs and underwriting fees of $0.6 million	107,527	0
Proceeds from exercise of employee stock options	352	1,372
Net cash provided by financing activities	107,879	1,372
Net (decrease) increase in cash and cash equivalents	10,140	(7,350)
Cash and cash equivalents at beginning of period	19,473	105,833
Cash and cash equivalents at end of period	29,613	98,483
Supplemental disclosure of cash flow information:
Cash paid for interest	1,285	951
Operating lease right-of-use assets obtained in exchange for new lease liabilities	0	15,300
Operating lease right-of-use asset and lease liability adjustment due to lease incentive	(35)	0
Unrealized losses on marketable securities	$ 29	$ 0

Condensed Statements of Cash Flows (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Issuance costs and underwriting fees, net	$ 7,500	$ 7,500

Formation and Business of the Company

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Formation and Business of the Company

1. Formation and Business of the Company

The Company

Treace Medical Concepts, LLC was formed on July 29, 2013, as a Florida limited liability company. Effective July 1, 2014, the entity converted to a Delaware corporation and changed its name to Treace Medical Concepts, Inc. (the "Company"). The Company is a medical technology company with the goal of advancing the standard of care for the surgical management of bunion and related midfoot deformities. The Company received 510(k) clearance for the Lapiplasty® System in March 2015 and began selling its surgical medical devices in September 2015. The Company has pioneered the proprietary Lapiplasty 3D Bunion Correction System – a combination of instruments, implants and surgical methods designed to surgically correct all three planes of the bunion deformity and secure the unstable joint, addressing the root cause of the bunion. 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. In 2021, the Company expanded its offerings with the Adductoplasty® Midfoot Correction System, designed for reproducible correction of the midfoot to provide further support to hallux valgus patients. The Company operates from its corporate headquarters located in Ponte Vedra, Florida.

Initial Public Offering and Follow-on Offering

On April 27, 2021, the Company completed its initial public offering ("IPO). The Company received net proceeds of $107.6 million from the IPO. On February 10, 2023, the Company completed a follow-on public offering of 5,476,190 shares of its common stock, which included the exercise in full of the underwriters' option to purchase additional shares, at a price to the public of $21.00 per share. The February 2023 offering resulted in net proceeds of $107.5 million after deducting underwriting discounts and commissions of $6.9 million and offering expenses payable by the Company of $0.6 million.

Liquidity and Capital Resources

The Company has incurred operating losses to date and has an accumulated deficit of $98.2 million as of March 31, 2023. During the three months ended March 31, 2023 and 2022, the Company used $17.3 million and $7.2 million of cash in its operating activities, respectively. As of March 31, 2023, the Company had cash and cash equivalents of $29.6 million and marketable securities available-for-sale of $141.0 million.

Management believes that the Company’s existing cash, cash equivalents, and marketable securities will allow the Company to continue its planned operations for at least the next 12 months from the date of the issuance of these interim condensed financial statements.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company prepared the unaudited interim condensed financial statements included in this report in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the rules and regulations of the Securities and Exchange Commission related to quarterly reports on Form 10-Q.

Basis of Presentation

The condensed financial statements have been prepared on the same basis as the Company’s annual financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 8, 2023, with the exception of the reclassification as discussed below. The unaudited condensed financial statements included herein reflect all adjustments, including normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for future quarters or for the fiscal year ending December 31, 2023.

An adjustment has been made to the Statement of Operations for the three months ended March 31, 2022 for $0.4 million to reclassify surgical instrument expense from cost of goods sold to sales and marketing expense, to conform with the current year's presentation. This reclassification had no effect on the Company's net loss.

Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Use of Estimates

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

Significant estimates and assumptions include reserves and write-downs related to accounts receivable, inventories, the recoverability of long-term assets, stock-based compensation, deferred tax assets and related valuation allowances and impact of contingencies. The Company had no accrued contingent liabilities as of March 31, 2023 and December 31, 2022.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash, cash equivalents, marketable securities and accounts receivable. The Company maintains its cash and cash equivalents balances with established financial institutions and, at times, such balances with any one financial institution may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limits. The Company's available for sale securities portfolio primarily consists of U.S. treasury and agency securities, money market funds, commercial paper, Yankee CDs, high credit quality asset-backed securities and corporate debt securities. The Company's investment policy requires its available for sale securities to meet certain criteria including investment type, credit ratings, and a maximum portfolio duration of one year. If any of the financial institutions where we hold deposits were to fail or be taken over by the FDIC, such as the recent takeover of Silicon Valley Bank, where we did hold cash as deposits, our access to these accounts could be temporarily unavailable or permanently lost for the amounts in excess of the FDIC insured limits. The Company did not have material cash deposits at Silicon Valley bank at the time of the FDIC takeover or as of March 31, 2023.

The Company earns revenue from the sale of its products to customers such as hospitals and ambulatory surgery centers. The Company’s accounts receivable is derived from revenue earned from customers. The Company performs ongoing credit evaluations of its customers’ financial condition. On March 31, 2023 and December 31, 2022, no customer accounted for more than 10% of accounts receivable. For the three months ended March 31, 2023 and 2022, there were no customers that represented 10% or more of revenue.

Recent Accounting Pronouncements

3 Months Ended

Mar. 31, 2023

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recent Accounting Pronouncements

3. Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses. This guidance requires financial instruments measured at amortized cost, and trade accounts receivable to be presented at the net amount expected to be collected. The model requires an entity to estimate credit losses based on historical information, current conditions and reasonable and supportable forecasts of future economic conditions. In November 2019, the FASB issued ASU 2019-10, which provides that this standard is effective for the Company for fiscal years beginning after December 15, 2022, and interim periods within that fiscal year. The Company adopted the new standard as of January 1, 2023. Adoption of the standard did not have a material impact on our financial position, results of operations, or our disclosures.

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. Fair Value Measurements

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

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

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

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

Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis – The following assets and liabilities are measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 (in thousands):


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	12,289	$	—	$	—	$	12,289
Commercial paper		—		998		—		998
Corporate debt		—		8,358		—		8,358
Yankee CD		—		4,502		—		4,502
Short-term marketable securities at fair value
U.S. treasury and government agencies		33,544		23,221		—		56,765
Commercial paper		—		2,550		—		2,550
Corporate debt		—		33,570		—		33,570
Asset-backed securities		—		29,845		—		29,845
Yankee CD		—		18,319		—		18,319
Total	$	45,833	$	121,363	$	—	$	167,196


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents
Money market funds	$	13,141	$	—	$	—	$	13,141
Commercial paper		—		323		—		323
Corporate debt		—		2,197		—		2,197
Yankee CD		—		550		—		550
Short-term marketable securities at fair value
U.S. treasury and government agencies		12,873		3,570		—		16,443
Corporate debt		—		23,372		—		23,372
Asset-backed securities		—		13,896		—		13,896
Yankee CD				8,068		—		8,068
Total	$	26,014	$	51,976	$	—	$	77,990

The carrying amounts of the Company’s money market funds classified as cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities, approximate their fair value due to the short-term nature of these assets and liabilities. Based on the borrowing rates currently available to the Company for debt with similar terms and consideration of default and credit risk, the carrying value of the term loan approximates fair value.

The Company's available for sale securities portfolio consists of investments in U.S. treasury and government agency securities, commercial paper, corporate debt securities, asset-backed securities, and Yankee CDs. Yankee CDs are certificates of deposit issued in the United States by a branch of a foreign bank and are denominated in U.S. dollars. The fair value of level 1 securities is determined on trade prices in active markets for identical assets. The fair value of level 2 securities is determined using valuation models using inputs that are observable either directly or indirectly, such as quoted prices for similar assets, interest rates, yield curves, credit spreads, default rates, loss severity, broker quotes, as well as other relevant economic measures.

There were no assets or liabilities measured at fair value on a nonrecurring basis as of March 31, 2023 and December 31, 2022.

Balance Sheet Components

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

5. Balance Sheet Components

Cash and Cash Equivalents

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


	March 31,		December 31,
	2023		2022
Cash	$	3,466	$	3,262
Cash equivalents:
Money market funds		12,289		13,141
Commercial paper		998		323
Corporate debt		8,358		2,197
Yankee CD		4,502		550
Total cash and cash equivalents	$	29,613	$	19,473

Included in cash as of December 31, 2022 is $0.9 million pledged to Silicon Valley Bank (“SVB”) as collateral for the Company's corporate credit card program and is restricted from use by the Company. There was no cash pledged to SVB as of March 31, 2023.

Marketable Securities

The Company's available-for-sale marketable securities consisted of the following (in thousands):


	March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities - short-term
U.S. treasury and government agencies	$	56,730	$	54	$	(19	)	$	56,765
Commercial paper		2,550		1		(1	)		2,550
Corporate debt		33,651		10		(91	)		33,570
Asset-backed securities		29,854		17		(26	)		29,845
Yankee CD		18,320		4		(5	)		18,319
Total marketable securities - short-term	$	141,105	$	86	$	(142	)	$	141,049


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities - short-term
U.S. treasury and government agencies	$	16,472	$	11	$	(40	)	$	16,443
Corporate debt		23,376		31		(35	)		23,372
Asset-backed securities		13,892		27		(23	)		13,896
Yankee cd		8,066		10		(8	)		8,068
Total marketable securities - short-term	$	61,806	$	79	$	(106	)	$	61,779

Property and equipment, net

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


	March 31,			December 31,
	2023			2022
Furniture and fixtures, and equipment	$	1,577		$	1,577
Construction in progress		671			705
Machinery and equipment		1,729			928
Capitalized surgical equipment		9,886			9,248
Computer equipment		639			571
Leasehold improvements		6,351			6,434
Software		138			138
Total property and equipment		20,991			19,601
Less: accumulated depreciation and amortization		(5,076	)		(4,263	)
Property and equipment, net	$	15,915		$	15,338

Depreciation and amortization expense on property and equipment were $0.9 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively.

Accrued liabilities

Accrued liabilities consist of the following (in thousands):


	March 31,		December 31,
	2023		2022
Accrued royalties expense	$	1,827	$	2,299
Accrued interest		412		412
Accrued professional services		2,083		1,727
Other accrued expense		3,649		1,778
Total accrued liabilities	$	7,971	$	6,216

Operating lease and other liabilities

The Company's current operating lease liability and other liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2023		2022
Current portion of operating lease liabilities	$	348	$	339
Payable to broker		710		—
Total operating lease and other liabilities	$	1,058	$	339

The Company's available for sale securities are accounted for on a trade date basis. Purchases of securities that have traded but not settled as of the balance sheet date are recorded as either cash and cash equivalents or marketable securities with a corresponding amount payable to broker as noted above. These investment transactions normally settle in one to three days.

Long Term Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Long Term Debt

6. Long-Term Debt

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


	March 31,			December 31,
	2023			2022
Revolving line of credit
MidCap revolving loan facility	$	4,000		$	4,000
Term loans
MidCap term loan facility		50,000			50,000
Total term and revolving loans		54,000			54,000
Less: debt discount and issuance costs		(1,215	)		(1,289	)
Total long-term debt, net	$	52,785		$	52,711

As of March 31, 2023, future payments of long-term debt were as follows (in thousands):


Fiscal Year
2023	$	—
2024		—
2025		—
2026		33,333
2027		20,667
Total principal payments		54,000
Less: Unamortized debt discount and debt issuance costs		(1,215	)
Total long-term debt, net	$	52,785

MidCap Loan and Revolving Loan Facility

On April 29, 2022, the Company entered into a new five-year $150.0 million loan facility with entities affiliated with MidCap Financial Trust (“MidCap”), providing up to $120.0 million in term loan facility and a $30.0 million revolving loan facility.

The term loan facility provides for a 60-month term loan up to $120.0 million in borrowing capacity to the Company, over four tranches. At loan closing, the Company drew $50.0 million under tranche one. The remaining tranches provide up to an additional $70.0 million in borrowing capacity in the aggregate, subject to the achievement of certain revenue targets for the third and fourth tranches.

The revolving loan facility provides up to $30.0 million in borrowing capacity to the Company based on the borrowing base. The borrowing base is calculated based on certain accounts receivable and inventory assets. On March 31, 2023, the borrowing base allows a total of $21.5 million available to the Company under the revolving loan facility. The balance drawn as of March 31, 2023 is $4.0 million under the revolving loan facility. The Company may request an increase in the revolving loan facility up to $20.0 million for a total commitment of up to $50.0 million. The Company is required to either (i) maintain a minimum drawn balance under the revolving loan facility or (ii) pay a minimum balance fee that is equal to the amount of the minimum balance deficit multiplied by the applicable interest rate during the period. If the outstanding balance under the revolving loan facility exceeds the lesser of (i) 50% of the revolving borrowing capacity or (ii) 50% of the borrowing base, or the Company is in default, MidCap will apply funds collected from the Company's lockbox account to reduce the outstanding balance of the revolving loan facility (“Lockbox Deductions”). As of March 31, 2023, the Company's borrowing level has not activated the Lockbox Deductions, nor is it expected to for the next 12 months; therefore, the Company has determined that the revolving loan balance is long-term debt.

The loans bear interest at an annual rate based on a 30-day forward looking secured overnight financing rate plus 0.10% (subject to a floor of 1.0% and a cap of 3.0% for both loan agreements) plus (i) 6.0% under the term loan agreement and (ii) 4.0% under the revolving loan facility. Interest is payable monthly in arrears on the first day of each month and on the maturity of the loan agreements. The term loan agreement and the revolving loan facility are accruing interest as of March 31, 2023 at the capped interest rates of 9% and 7%, respectively. The Company is obligated to pay interest only for the first 48 months and straight-line amortization for the remaining 12 months, subject to the Company’s election to extend the initial interest-only period by 12 months to 60 months total if the Company’s trailing twelve-month revenue is at or above certain levels. If the term loan is repaid before the maturity date or the revolving loan facility is terminated before the end of its term, the prepayment fees are 3.0% of the amount repaid in the first year, 2.0% in the second year and 1.0% in the third year and thereafter, and a final payment fee of 3.0% of the amount borrowed is due under the term loan. The revolving loan facility prepayment fees are based on the revolving loan commitment amount.

The loans are secured by substantially all of the Company’s assets, including intellectual property. The loan agreements and other ancillary documents contain customary representations and warranties and affirmative and negative covenants. Under the loan agreements, the Company is not required to meet any minimum level of revenue if liquidity (defined as unrestricted cash plus undrawn availability under the revolving loan agreement) is greater than the outstanding balance under the term loan. If liquidity falls below such outstanding balance, then the Company is subject to a minimum trailing twelve-month revenue covenant. The Company is not subject to this covenant on March 31, 2023.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. Commitments and Contingencies

License and Royalty Commitments

As of March 31, 2023 and December 31, 2022, the Company has royalty agreements with certain members of its surgeon advisory board. The Company recognized royalty expense under these agreements of $1.6 million and $1.4 million for the three months ended March 31, 2023 and 2022, respectively. For the three months ended March 31, 2023 and 2022, the aggregate royalty rates were 3.9% and 4.8% respectively.

Contingencies

From time to time, the Company may be a party to various litigation claims in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with legal counsel, the need to record a liability for litigation and contingencies. Accrual estimates are recorded when and if it is determinable that such a liability for litigation and contingencies are both probable and reasonably estimable. There were no accrued contingent liabilities as of March 31, 2023 and December 31, 2022.

Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Stock Option Plans

During the three months ended March 31, 2023 and 2022, the Company granted stock options to employees to purchase an aggregate of 727,650 and 963,800 shares of the Company’s common stock, respectively. The weighted-average grant-date fair value of the employee stock options granted during the three months ended March 31, 2023 and 2022 was $10.58 and $7.50 per share, respectively.

Restricted Stock Units

During the three months ended March 31, 2023 and 2022, the Company granted 571,565 and 201,580 restricted stock units (“RSUs”), respectively. The weighted average grant-date fair value of RSUs granted during the three months ended March 31, 2023 and 2022 was $24.07 and $20.13, respectively.

Share-Based Compensation Expense

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


	Three Months Ended March 31,
	2023		2022
Cost of goods sold	$	76	$	—
Sales and marketing expense		822		531
Research and development expense		257		150
General and administrative expense		1,537		728
Total	$	2,692	$	1,409

- Definition

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

+ References

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+ Details

Net Loss Per Share Attributable to Common Stockholders

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

9. Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders which is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding for the period. As the Company reported a net loss for the three months ended March 31, 2023 and 2022, basic net loss per share attributable to common stockholders was the same as diluted net loss per share attributable to common stockholders as the inclusion of potentially dilutive shares would have been antidilutive if included in the calculation (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2023			2022
Numerator
Net loss	$	(13,454	)	$	(9,036	)
Denominator
Weighted-average common stock outstanding, basic and diluted		58,723,760			54,827,665
Net loss per share attributable to common stockholders, basic and diluted	$	(0.23	)	$	(0.16	)

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


	As of March 31,
	2023		2022
Common stock options issued and outstanding		7,717,414		7,205,037
Unvested full value awards		1,086,697		211,580
Total		8,804,111		7,416,617

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The condensed financial statements have been prepared on the same basis as the Company’s annual financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on March 8, 2023, with the exception of the reclassification as discussed below. The unaudited condensed financial statements included herein reflect all adjustments, including normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for future quarters or for the fiscal year ending December 31, 2023. An adjustment has been made to the Statement of Operations for the three months ended March 31, 2022 for $0.4 million to reclassify surgical instrument expense from cost of goods sold to sales and marketing expense, to conform with the current year's presentation. This reclassification had no effect on the Company's net loss. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).
Use of Estimates	Use of Estimates The preparation of condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenues and expenses during the reporting periods. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions. Significant estimates and assumptions include reserves and write-downs related to accounts receivable, inventories, the recoverability of long-term assets, stock-based compensation, deferred tax assets and related valuation allowances and impact of contingencies. The Company had no accrued contingent liabilities as of March 31, 2023 and December 31, 2022.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash, cash equivalents, marketable securities and accounts receivable. The Company maintains its cash and cash equivalents balances with established financial institutions and, at times, such balances with any one financial institution may be in excess of the Federal Deposit Insurance Corporation (“FDIC”) insured limits. The Company's available for sale securities portfolio primarily consists of U.S. treasury and agency securities, money market funds, commercial paper, Yankee CDs, high credit quality asset-backed securities and corporate debt securities. The Company's investment policy requires its available for sale securities to meet certain criteria including investment type, credit ratings, and a maximum portfolio duration of one year. If any of the financial institutions where we hold deposits were to fail or be taken over by the FDIC, such as the recent takeover of Silicon Valley Bank, where we did hold cash as deposits, our access to these accounts could be temporarily unavailable or permanently lost for the amounts in excess of the FDIC insured limits. The Company did not have material cash deposits at Silicon Valley bank at the time of the FDIC takeover or as of March 31, 2023. The Company earns revenue from the sale of its products to customers such as hospitals and ambulatory surgery centers. The Company’s accounts receivable is derived from revenue earned from customers. The Company performs ongoing credit evaluations of its customers’ financial condition. On March 31, 2023 and December 31, 2022, no customer accounted for more than 10% of accounts receivable. For the three months ended March 31, 2023 and 2022, there were no customers that represented 10% or more of revenue.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

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


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	12,289	$	—	$	—	$	12,289
Commercial paper		—		998		—		998
Corporate debt		—		8,358		—		8,358
Yankee CD		—		4,502		—		4,502
Short-term marketable securities at fair value
U.S. treasury and government agencies		33,544		23,221		—		56,765
Commercial paper		—		2,550		—		2,550
Corporate debt		—		33,570		—		33,570
Asset-backed securities		—		29,845		—		29,845
Yankee CD		—		18,319		—		18,319
Total	$	45,833	$	121,363	$	—	$	167,196


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents
Money market funds	$	13,141	$	—	$	—	$	13,141
Commercial paper		—		323		—		323
Corporate debt		—		2,197		—		2,197
Yankee CD		—		550		—		550
Short-term marketable securities at fair value
U.S. treasury and government agencies		12,873		3,570		—		16,443
Corporate debt		—		23,372		—		23,372
Asset-backed securities		—		13,896		—		13,896
Yankee CD				8,068		—		8,068
Total	$	26,014	$	51,976	$	—	$	77,990

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2023

Balance Sheet Related Disclosures [Abstract]

Summary of Cash and Cash Equivalents

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


	March 31,		December 31,
	2023		2022
Cash	$	3,466	$	3,262
Cash equivalents:
Money market funds		12,289		13,141
Commercial paper		998		323
Corporate debt		8,358		2,197
Yankee CD		4,502		550
Total cash and cash equivalents	$	29,613	$	19,473

Summary of Property and Equipment, Net

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


	March 31,			December 31,
	2023			2022
Furniture and fixtures, and equipment	$	1,577		$	1,577
Construction in progress		671			705
Machinery and equipment		1,729			928
Capitalized surgical equipment		9,886			9,248
Computer equipment		639			571
Leasehold improvements		6,351			6,434
Software		138			138
Total property and equipment		20,991			19,601
Less: accumulated depreciation and amortization		(5,076	)		(4,263	)
Property and equipment, net	$	15,915		$	15,338

Summary of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	March 31,		December 31,
	2023		2022
Accrued royalties expense	$	1,827	$	2,299
Accrued interest		412		412
Accrued professional services		2,083		1,727
Other accrued expense		3,649		1,778
Total accrued liabilities	$	7,971	$	6,216

Schedule of Current Operating lease liability and Other liabilities

The Company's current operating lease liability and other liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2023		2022
Current portion of operating lease liabilities	$	348	$	339
Payable to broker		710		—
Total operating lease and other liabilities	$	1,058	$	339

Long Term Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Summary of Long-term Debt Instruments

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


	March 31,			December 31,
	2023			2022
Revolving line of credit
MidCap revolving loan facility	$	4,000		$	4,000
Term loans
MidCap term loan facility		50,000			50,000
Total term and revolving loans		54,000			54,000
Less: debt discount and issuance costs		(1,215	)		(1,289	)
Total long-term debt, net	$	52,785		$	52,711

Summary of Maturities of Long-term Debt

As of March 31, 2023, future payments of long-term debt were as follows (in thousands):


Fiscal Year
2023	$	—
2024		—
2025		—
2026		33,333
2027		20,667
Total principal payments		54,000
Less: Unamortized debt discount and debt issuance costs		(1,215	)
Total long-term debt, net	$	52,785

MidCap Loan and Revolving Loan Facility

- 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.

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+ Details

Operating Leases (Tables)

3 Months Ended

Mar. 31, 2023

Operating Lease, Liability [Abstract]

Summary of Available-For-Sale Marketable Securities

The Company's available-for-sale marketable securities consisted of the following (in thousands):


	March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities - short-term
U.S. treasury and government agencies	$	56,730	$	54	$	(19	)	$	56,765
Commercial paper		2,550		1		(1	)		2,550
Corporate debt		33,651		10		(91	)		33,570
Asset-backed securities		29,854		17		(26	)		29,845
Yankee CD		18,320		4		(5	)		18,319
Total marketable securities - short-term	$	141,105	$	86	$	(142	)	$	141,049


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities - short-term
U.S. treasury and government agencies	$	16,472	$	11	$	(40	)	$	16,443
Corporate debt		23,376		31		(35	)		23,372
Asset-backed securities		13,892		27		(23	)		13,896
Yankee cd		8,066		10		(8	)		8,068
Total marketable securities - short-term	$	61,806	$	79	$	(106	)	$	61,779

Balance Sheet Components

5. Balance Sheet Components

Cash and Cash Equivalents

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


	March 31,		December 31,
	2023		2022
Cash	$	3,466	$	3,262
Cash equivalents:
Money market funds		12,289		13,141
Commercial paper		998		323
Corporate debt		8,358		2,197
Yankee CD		4,502		550
Total cash and cash equivalents	$	29,613	$	19,473

Marketable Securities

The Company's available-for-sale marketable securities consisted of the following (in thousands):


	March 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities - short-term
U.S. treasury and government agencies	$	56,730	$	54	$	(19	)	$	56,765
Commercial paper		2,550		1		(1	)		2,550
Corporate debt		33,651		10		(91	)		33,570
Asset-backed securities		29,854		17		(26	)		29,845
Yankee CD		18,320		4		(5	)		18,319
Total marketable securities - short-term	$	141,105	$	86	$	(142	)	$	141,049


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities - short-term
U.S. treasury and government agencies	$	16,472	$	11	$	(40	)	$	16,443
Corporate debt		23,376		31		(35	)		23,372
Asset-backed securities		13,892		27		(23	)		13,896
Yankee cd		8,066		10		(8	)		8,068
Total marketable securities - short-term	$	61,806	$	79	$	(106	)	$	61,779

Property and equipment, net

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


	March 31,			December 31,
	2023			2022
Furniture and fixtures, and equipment	$	1,577		$	1,577
Construction in progress		671			705
Machinery and equipment		1,729			928
Capitalized surgical equipment		9,886			9,248
Computer equipment		639			571
Leasehold improvements		6,351			6,434
Software		138			138
Total property and equipment		20,991			19,601
Less: accumulated depreciation and amortization		(5,076	)		(4,263	)
Property and equipment, net	$	15,915		$	15,338

Depreciation and amortization expense on property and equipment were $0.9 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively.

Accrued liabilities

Accrued liabilities consist of the following (in thousands):


	March 31,		December 31,
	2023		2022
Accrued royalties expense	$	1,827	$	2,299
Accrued interest		412		412
Accrued professional services		2,083		1,727
Other accrued expense		3,649		1,778
Total accrued liabilities	$	7,971	$	6,216

Operating lease and other liabilities

The Company's current operating lease liability and other liabilities consisted of the following (in thousands):


	March 31,		December 31,
	2023		2022
Current portion of operating lease liabilities	$	348	$	339
Payable to broker		710		—
Total operating lease and other liabilities	$	1,058	$	339

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Summary of Share-Based Compensation Expense is Reflected in operating expense in the Condensed Statements of Operations and Comprehensive Loss

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


	Three Months Ended March 31,
	2023		2022
Cost of goods sold	$	76	$	—
Sales and marketing expense		822		531
Research and development expense		257		150
General and administrative expense		1,537		728
Total	$	2,692	$	1,409

Net Loss Per Share Attributable to Common Stockholders (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

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

As the Company reported a net loss for the three months ended March 31, 2023 and 2022, basic net loss per share attributable to common stockholders was the same as diluted net loss per share attributable to common stockholders as the inclusion of potentially dilutive shares would have been antidilutive if included in the calculation (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2023			2022
Numerator
Net loss	$	(13,454	)	$	(9,036	)
Denominator
Weighted-average common stock outstanding, basic and diluted		58,723,760			54,827,665
Net loss per share attributable to common stockholders, basic and diluted	$	(0.23	)	$	(0.16	)

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


	As of March 31,
	2023		2022
Common stock options issued and outstanding		7,717,414		7,205,037
Unvested full value awards		1,086,697		211,580
Total		8,804,111		7,416,617

Formation and Business of the Company - Additional Information (Detail) - USD ($)			3 Months Ended
	Feb. 10, 2023	Apr. 27, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Formation And Business Of The Company [Line Items]
Company incorporation date of incorporation			Jul. 29, 2013
Offering expenses			$ 7,500	$ 7,500
Accumulated deficit			(98,174,000)		$ (84,720,000)
Net cash used in operating activities			(17,259,000)	$ (7,241,000)
Cash and cash equivalents			29,613,000		19,473,000
Marketable securities available for sale			$ 141,049,000		$ 61,779,000
IPO [Member]
Formation And Business Of The Company [Line Items]
Sale of stock net consideration received on the transaction		$ 107,600,000
Public Offering [Member]
Formation And Business Of The Company [Line Items]
Stock issued during the period shares new issues	5,476,190
Share Price	$ 21.00
Proceeds from sale of shares	$ 107,500,000
Underwriting discounts and commissions	6,900,000
Offering expenses	$ 600,000

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Summary Of Significant Accounting Policies [Line Items]
Accrued contingent liabilities	$ 0		$ 0
Surgical instrument expense		$ 400,000
material cash deposits	$ 0
Minimum [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%	10.00%
Maximum [Member] \| Accounts Receivable [Member] \| Customer Concentration Risk [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration risk, percentage	10.00%		10.00%

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating lease right-of-use assets	$ 9,907	$ 10,138
Operating lease and other liabilities	$ 348	$ 339

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets:
Fair Value	$ 141,049	$ 61,779
Commercial Paper
Assets:
Fair Value	2,550
U.S. treasury and government agencies
Assets:
Fair Value	56,765	16,443
Corporate debt
Assets:
Fair Value	33,570	23,372
Asset-backed securities
Assets:
Fair Value	29,845	13,896
Yankee CD
Assets:
Fair Value	18,319	8,068
Fair Value, Recurring [Member]
Assets:
Total	167,196	77,990
Fair Value, Recurring [Member] \| Money Market Funds
Assets:
Cash equivalents	12,289	13,141
Fair Value, Recurring [Member] \| Commercial Paper
Assets:
Cash equivalents	998	323
Fair Value	2,550
Fair Value, Recurring [Member] \| U.S. treasury and government agencies
Assets:
Fair Value	56,765	16,443
Fair Value, Recurring [Member] \| Corporate debt
Assets:
Cash equivalents	8,358	2,197
Fair Value	33,570	23,372
Fair Value, Recurring [Member] \| Asset-backed securities
Assets:
Fair Value	29,845	13,896
Fair Value, Recurring [Member] \| Yankee CD
Assets:
Cash equivalents	4,502	550
Fair Value	18,319	8,068
Fair Value, Recurring [Member] \| Level 1 [Member]
Assets:
Total	45,833	26,014
Fair Value, Recurring [Member] \| Level 1 [Member] \| Money Market Funds
Assets:
Cash equivalents	12,289	13,141
Fair Value, Recurring [Member] \| Level 1 [Member] \| U.S. treasury and government agencies
Assets:
Fair Value	33,544	12,873
Fair Value, Recurring [Member] \| Level 2 [Member]
Assets:
Total	121,363	51,976
Fair Value, Recurring [Member] \| Level 2 [Member] \| Commercial Paper
Assets:
Cash equivalents	998	323
Fair Value	2,550
Fair Value, Recurring [Member] \| Level 2 [Member] \| U.S. treasury and government agencies
Assets:
Fair Value	23,221	3,570
Fair Value, Recurring [Member] \| Level 2 [Member] \| Corporate debt
Assets:
Cash equivalents	8,358	2,197
Fair Value	33,570	23,372
Fair Value, Recurring [Member] \| Level 2 [Member] \| Asset-backed securities
Assets:
Fair Value	29,845	13,896
Fair Value, Recurring [Member] \| Level 2 [Member] \| Yankee CD
Assets:
Cash equivalents	4,502	550
Fair Value	$ 18,319	$ 8,068

Balance Sheet Components - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash	$ 3,466	$ 3,262
Total cash and cash equivalents	29,613	19,473
Money Market Funds
Cash and Cash Equivalents [Line Items]
Cash equivalents	12,289	13,141
Commercial Paper
Cash and Cash Equivalents [Line Items]
Cash equivalents	998	323
Corporate debt
Cash and Cash Equivalents [Line Items]
Cash equivalents	8,358	2,197
Yankee CD
Cash and Cash Equivalents [Line Items]
Cash equivalents	$ 4,502	$ 550

Balance Sheet Components - Summary of Available-For-Sale Marketable Securities (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized Cost	$ 141,105	$ 61,806
Gross Unrealized Gains	86	79
Gross Unrealized Losses	(142)	(106)
Fair Value	141,049	61,779
U.S. treasury and government agencies
Marketable Securities [Line Items]
Amortized Cost	56,730	16,472
Gross Unrealized Gains	54	11
Gross Unrealized Losses	(19)	(40)
Fair Value	56,765	16,443
Commercial Paper
Marketable Securities [Line Items]
Amortized Cost	2,550
Gross Unrealized Gains	1
Gross Unrealized Losses	(1)
Fair Value	2,550
Corporate debt
Marketable Securities [Line Items]
Amortized Cost	33,651	23,376
Gross Unrealized Gains	10	31
Gross Unrealized Losses	(91)	(35)
Fair Value	33,570	23,372
Asset-backed securities
Marketable Securities [Line Items]
Amortized Cost	29,854	13,892
Gross Unrealized Gains	17	27
Gross Unrealized Losses	(26)	(23)
Fair Value	29,845	13,896
Yankee CD
Marketable Securities [Line Items]
Amortized Cost	18,320	8,066
Gross Unrealized Gains	4	10
Gross Unrealized Losses	(5)	(8)
Fair Value	$ 18,319	$ 8,068

Balance Sheet Components - Summary of Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 20,991	$ 19,601
Less: accumulated depreciation and amortization	(5,076)	(4,263)
Property and equipment, net	15,915	15,338
Furniture and Fixtures and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	1,577	1,577
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	671	705
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	1,729	928
Capitalized Surgical Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	9,886	9,248
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	639	571
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	6,351	6,434
Software [Member]
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 138	$ 138

Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Depreciation and amortization expense	$ 924	$ 334
Cash	3,466		$ 3,262
Silicon Valley Bank
Cash and Cash Equivalents [Line Items]
Cash	$ 0		$ 900

Balance Sheet Components - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Accrued royalty expense	$ 1,827	$ 2,299
Accrued interest	412	412
Accrued professional services	2,083	1,727
Other accrued expense	3,649	1,778
Total accrued liabilities	$ 7,971	$ 6,216

Balance Sheet Components - Schedule of Current Operating Lease Liability and Other Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Lease, Liability [Abstract]
Operating lease and other liabilities	$ 348	$ 339
Payable to broker	710	0
Total operating lease and other liabilities	$ 1,058	$ 339

Long Term Debt - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended
	Apr. 29, 2022	Mar. 31, 2023
Debt Instrument [Line Items]
Line Of Credit Facility, Borrowing Capacity Description	The Company is required to either (i) maintain a minimum drawn balance under the revolving loan facility or (ii) pay a minimum balance fee that is equal to the amount of the minimum balance deficit multiplied by the applicable interest rate during the period. If the outstanding balance under the revolving loan facility exceeds the lesser of (i) 50% of the revolving borrowing capacity or (ii) 50% of the borrowing base, or the Company is in default, MidCap will apply funds collected from the Company's lockbox account to reduce the outstanding balance of the revolving loan facility (“Lockbox Deductions”).
Revolving borrowing capacity percentage	50.00%
Line of credit, interest description	The loans bear interest at an annual rate based on a 30-day forward looking secured overnight financing rate plus 0.10% (subject to a floor of 1.0% and a cap of 3.0% for both loan agreements) plus (i) 6.0% under the term loan agreement and (ii) 4.0% under the revolving loan facility.
Term loan repayment term	Interest is payable monthly in arrears on the first day of each month and on the maturity of the loan agreements. The term loan agreement and the revolving loan facility are accruing interest as of March 31, 2023 at the capped interest rates of 9% and 7%, respectively. The Company is obligated to pay interest only for the first 48 months and straight-line amortization for the remaining 12 months, subject to the Company’s election to extend the initial interest-only period by 12 months to 60 months total if the Company’s trailing twelve-month revenue is at or above certain levels.
Debt instrument repayment fee percentage for first year	3.00%
Debt instrument repayment fee percentage for third year	1.00%
Debt instrument repayment fee percentage final	3.00%
SOFR [Member] \| Interest Rate Floor [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage	1.00%
SOFR [Member] \| Interest Rate Cap [Member]
Debt Instrument [Line Items]
Debt instrument variable interest rate spread percentage	3.00%
Tranche One [Member]
Debt Instrument [Line Items]
Borrowings	$ 50.0
Tranche Four [Member]
Debt Instrument [Line Items]
Borrowings	$ 120.0
MidCap Financial Trust [Member]
Debt Instrument [Line Items]
Term loan tenure	5 years
Line of credit	$ 150.0
Revolving borrowing capacity percentage	50.00%
Debt Instrument, Face Amount	$ 120.0
Early Repayment Year Two[Member]
Debt Instrument [Line Items]
Debt instrument repayment fee percentage for second year	2.00%
Term Loans [Member]
Debt Instrument [Line Items]
Remaining borrowing capacity	$ 70.0
Debt Instrument Interest Rate	6.00%
Capped interest rates		9.00%
Revolving Loan Facility [Member]
Debt Instrument [Line Items]
Current portion of long-term line of credit drawn		$ 4.0
Line of credit current borrowing capacity		$ 21.5
Borrowings	$ 50.0
Remaining borrowing capacity	30.0
Increase in credit facility	$ 20.0
Debt Instrument Interest Rate, Percentage	0.10%
Debt Instrument, Face Amount	$ 30.0
Debt Instrument Interest Rate	4.00%
Capped interest rates		7.00%

Long Term Debt - Summary of Long-term Debt Instruments (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total term loans	$ 54,000	$ 54,000
Less: Unamortized debt discount and debt issuance costs	(1,215)	(1,289)
Total long-term debt, net	52,785	52,711
Mid Cap Revolving Loan Facility
Debt Instrument [Line Items]
Total term loans	4,000	4,000
Term Loans [Member] \| MidCap Term loan facility
Debt Instrument [Line Items]
Total term loans	$ 50,000	$ 50,000

- Definition

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

+ References + Details

Long Term Debt - Summary of Maturities of Long-term Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023	$ 0
2024	0
2025	0
2026	33,333
2027	20,667
Total principal payments	54,000	$ 54,000
Less: Unamortized debt discount and debt issuance costs	(1,215)	(1,289)
Total long-term debt, net	$ 52,785	$ 52,711

- Definition

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

+ References + Details

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Other Commitments [Line Items]
Accrued contingent liabilities	$ 0		$ 0
Royalty Agreement With Certain Members Of The Surgeon Advisory Board [Member] \| Ten Years From The First Sale Of The Commercial Product Member [Member]
Other Commitments [Line Items]
Royalty expenses	$ 1,600,000	$ 1,400,000
Royalty as a percentage of net sales for the period	3.90%	4.80%

Operating Leases - Summary of Future Minimum Lease Payments and Maturity Analysis of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Less: Current portion of lease liability	$ 348	$ 339
Operating lease liabilities, net of current portion	$ 15,447	$ 15,539

Stockholders' Equity (Additional Information) (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Employees stock options, shares granted	727,650	963,800
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted	571,565	201,580
Weighted average grant-date fair value	$ 24.07	$ 20.13
Employee Stock Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options, weighted-average grant date fair value	$ 10.58	$ 7.50

Stockholders' Equity - Summary of Share-Based Compensation Expense is Reflected in Operating expenses in the Condensed Statements of Operations and Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,692	$ 1,409
Cost of goods sold [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	76	0
Sales and marketing [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	822	531
Research and development [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	257	150
General and administrative [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 1,537	$ 728

Net Loss Per Share Attributable to Common Stockholders - Schedule of Net Loss Per Share Attributable to Common Stockholders, Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator
Net loss	$ (13,454)	$ (9,036)
Denominator
Weighted Average Number of Shares Outstanding, Basic	58,723,760	54,827,665
Weighted Average Number of Shares Outstanding, Diluted	58,723,760	54,827,665
Net loss per share attributable to common stockholders, basic	$ (0.23)	$ (0.16)
Net loss per share attributable to common stockholders, diluted	$ (0.23)	$ (0.16)

- Definition

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

+ References

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- Definition

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

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+ Details

- Definition

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

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+ Details

Net Loss Per Share Attributable to Common Stockholders - Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Weighted Average Shares Outstanding (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding	8,804,111	7,416,617
Common Stock Options Issued and Outstanding [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding	7,717,414	7,205,037
Unvested Full Value Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding	1,086,697	211,580