0000950170-24-121460 | 10-Q | XBRL Viewer | Treace Medical Concepts INC

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Balance Sheet Components

9 Months Ended

Sep. 30, 2024

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):


	September 30,		December 31,
	2024		2023
Cash	$	4,335	$	9,822
Cash equivalents:
Money market funds		7,775		3,160
Total cash and cash equivalents	$	12,110	$	12,982

Marketable Securities

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


	September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities - short-term
U.S. treasury and government agencies	$	11,621	$	14	$	—	$	11,635
Corporate debt		39,074		126		—		39,200
Asset-backed securities		16,647		51		—		16,698
Yankee CD		3,156		—		—		3,156
Total marketable securities - short-term	$	70,498	$	191	$	—	$	70,689


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities - short-term
U.S. treasury and government agencies	$	29,377	$	8	$	(16	)	$	29,369
Commercial paper		2,893		2		—			2,895
Corporate debt		46,467		123		(4	)		46,586
Asset-backed securities		24,712		56		(12	)		24,756
Yankee CD		6,604		7		(1	)		6,610
Total marketable securities - short-term	$	110,053	$	196	$	(33	)	$	110,216

As of September 30, 2024, there were no available-for-sale securities with unrealized losses greater than 12 months. There was not an allowance for credit losses required for available-for-sale securities as of September 30, 2024 and December 31, 2023.

As of September 30, 2024, the Company had no plans to sell securities with unrealized losses, and believes it is more likely than not that it would not be required to sell such securities before recovery of their amortized cost. For the three and nine months ended September 30, 2024 and 2023, there were no material gains or losses from sales of available-for-sale securities.

As of September 30, 2024 and December 31, 2023, accrued interest of $0.6 million and $1.1 million, respectively, is excluded from the amortized cost basis of available-for-sale securities in the tables above and is recorded in prepaid expenses and other current assets on the Condensed Balance Sheets.

As of September 30, 2024, all marketable securities mature within two years, except for asset-backed securities. Asset-backed securities are not due at a single maturity date. As such, these securities were not included.

Property and equipment, net

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


	September 30,			December 31,
	2024			2023
Furniture and fixtures	$	2,565		$	2,494
Construction in progress		686			1,115
Machinery and equipment		3,052			2,423
Capitalized surgical equipment1		20,878			14,253
Computer equipment		1,115			1,020
Leasehold improvements		10,244			9,425
Software and website development		682			316
Total property and equipment		39,222			31,046
Less: accumulated depreciation and amortization		(14,054	)		(8,748	)
Property and equipment, net	$	25,168		$	22,298

1 Capitalized surgical equipment includes $16.6 million and $12.2 million that is ready for its intended use and have started depreciating and $4.3 million and $2.1 million that is not ready for its intended use and have not started depreciation as of September 30, 2024 and December 31, 2023, respectively.

Depreciation and amortization expense on property and equipment was $1.9 million and $1.4 million for the three months ended September 30, 2024 and 2023, respectively. Depreciation and amortization expense on property and equipment was $5.5 million and $3.4 million for the nine months ended September 30, 2024 and 2023, respectively.

The Company did not record impairment charges for its property and equipment, net for the nine months ended September 30, 2024 and 2023.

Accrued liabilities

Accrued liabilities consist of the following (in thousands):


	September 30,		December 31,
	2024		2023
Accrued royalties expense	$	1,568	$	2,305
Accrued interest		403		417
Accrued professional services		945		424
Accrued compensation expense for RPM-3D earn-out		2,125		3,340
Other accrued expense		3,057		3,972
Total accrued liabilities	$	8,098	$	10,458

Other liabilities

Other liabilities consist of the following (in thousands):


	September 30,		December 31,
	2024		2023
Current portion of operating lease liabilities	$	403	$	1,404
Contingent consideration		—		2,977
Other		168		51
Total other liabilities	$	571	$	4,432

Due to renegotiated terms, the Company is no longer classifying the technological advancements milestone as contingent consideration. See discussion of RPM-3D renegotiation in Note 4, "Fair Value Measurements" of the Notes to Condensed Financial Statements.

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of goods sold	$	91	$	63	$	272	$	192
Sales and marketing expense		1,764		1,202		5,052		3,087
Research and development expense		1,152		642		3,174		1,274
General and administrative expense		4,893		3,285		13,550		6,927
Total	$	7,900	$	5,192	$	22,048	$	11,480

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

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

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 September 30, 2024 and December 31, 2023 (in thousands):


	September 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	7,775	$	—	$	—	$	7,775
Short-term marketable securities at fair value
U.S. treasury and government agencies		10,635		1,000		—		11,635
Corporate debt		—		39,200		—		39,200
Asset-backed securities		—		16,698		—		16,698
Yankee CD		—		3,156		—		3,156
Total assets	$	18,410	$	60,054	$	—	$	78,464


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents
Money market funds	$	3,160	$	—	$	—	$	3,160
Short-term marketable securities at fair value
U.S. treasury and government agencies		14,005		15,364		—		29,369
Commercial paper		—		2,895		—		2,895
Corporate debt		—		46,586		—		46,586
Asset-backed securities		—		24,756		—		24,756
Yankee CD		—		6,610		—		6,610
Total assets	$	17,165	$	96,211	$	—	$	113,376

Liabilities:
Contingent consideration	$	—	$	—	$	2,977	$	2,977
Total liabilities	$	—	$	—	$	2,977	$	2,977

Summary of the Changes in the Fair Value


Fair value as of December 31, 2023	$	2,977
Change in fair value prior to contract modification		53
Reclassification of contingent consideration due to contract modification		(3,030	)
Fair value as of September 30, 2024	$	-

Balance Sheet Components - Summary of Available-For-Sale Marketable Securities (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized Cost	$ 70,498	$ 110,053
Gross Unrealized Gains	191	196
Gross Unrealized Losses	0	(33)
Fair Value	70,689	110,216
U.S. Treasury and Government Agencies [Member]
Marketable Securities [Line Items]
Amortized Cost	11,621	29,377
Gross Unrealized Gains	14	8
Gross Unrealized Losses	0	(16)
Fair Value	11,635	29,369
Commercial Paper [Member]
Marketable Securities [Line Items]
Amortized Cost		2,893
Gross Unrealized Gains		2
Gross Unrealized Losses		0
Fair Value		2,895
Corporate Debt [Member]
Marketable Securities [Line Items]
Amortized Cost	39,074	46,467
Gross Unrealized Gains	126	123
Gross Unrealized Losses	0	(4)
Fair Value	39,200	46,586
Asset-Backed Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	16,647	24,712
Gross Unrealized Gains	51	56
Gross Unrealized Losses	0	(12)
Fair Value	16,698	24,756
Yankee CD [Member]
Marketable Securities [Line Items]
Amortized Cost	3,156	6,604
Gross Unrealized Gains	0	7
Gross Unrealized Losses	0	(1)
Fair Value	$ 3,156	$ 6,610

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Stock Options

During the nine months ended September 30, 2024 and 2023, the Company granted stock options to employees to purchase 852,220 and 877,910 shares of the Company’s common stock, respectively. The weighted-average grant-date fair value of the employee stock options granted during the nine months ended September 30, 2024 and 2023 was $4.96 and $10.42 per share, respectively.

Restricted Stock Units

During the nine months ended September 30, 2024 and 2023, the Company granted 3,370,462 and 870,326 restricted stock units ("RSUs"), respectively. The weighted average grant-date fair value of RSUs granted during the nine months ended September 30, 2024 and 2023 was $9.09 and $22.84, respectively.

Performance Share Units

The Company granted performance-based restricted stock unit ("PSU") awards in the first quarter of 2024 subject to market and service vesting conditions to certain executives under the Company's 2021 Incentive Award Plan. The actual number of PSUs that will vest at the end of the measurement period is determined based on the Company's total stockholder return ("TSR") ranking relative to the TSR of a published index of the Company's peers. The measurement period is three years. The grant date value of each target PSU award was determined using a Monte Carlo valuation model. Over the full three-year performance period, if the service vesting conditions are met, the actual number of PSUs earned may vary from zero, if performance thresholds are not met, to as much as 200% of target PSUs.

During the nine months ended September 30, 2024 and 2023, the Company granted performance stock units ("PSUs") for 453,375 and 509,600 shares, respectively, at target performance levels. The weighted average grant-date fair value of the PSUs granted during the nine months ended September 30, 2024 and 2023 was $18.89 and $30.90, 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of goods sold	$	91	$	63	$	272	$	192
Sales and marketing expense		1,764		1,202		5,052		3,087
Research and development expense		1,152		642		3,174		1,274
General and administrative expense		4,893		3,285		13,550		6,927
Total	$	7,900	$	5,192	$	22,048	$	11,480

- Definition

The entire disclosure for equity.

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+ Details

Long Term Debt - Summary of Long-term Debt Instruments (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total term loans	$ 54,000	$ 54,000
Less: Unamortized debt discount and debt issuance costs	(769)	(992)
Total long-term debt, net	53,231	53,008
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

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

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

+ References + Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

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.


	September 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	7,775	$	—	$	—	$	7,775
Short-term marketable securities at fair value
U.S. treasury and government agencies		10,635		1,000		—		11,635
Corporate debt		—		39,200		—		39,200
Asset-backed securities		—		16,698		—		16,698
Yankee CD		—		3,156		—		3,156
Total assets	$	18,410	$	60,054	$	—	$	78,464


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents
Money market funds	$	3,160	$	—	$	—	$	3,160
Short-term marketable securities at fair value
U.S. treasury and government agencies		14,005		15,364		—		29,369
Commercial paper		—		2,895		—		2,895
Corporate debt		—		46,586		—		46,586
Asset-backed securities		—		24,756		—		24,756
Yankee CD		—		6,610		—		6,610
Total assets	$	17,165	$	96,211	$	—	$	113,376

Liabilities:
Contingent consideration	$	—	$	—	$	2,977	$	2,977
Total liabilities	$	—	$	—	$	2,977	$	2,977

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 debt approximates fair value.

The Company's available-for-sale securities portfolio may consist 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 and dealer quotes, as well as other relevant economic measures. The Level 3 contingent consideration was recorded at fair value on the date of the acquisition and thereafter based on the consideration expected to be transferred on the projected payment date estimated as the probability weighted future cash flows, discounted back to the present value. This calculation uses unobservable inputs that reflect the Company's own assumptions as to the ability of the acquired business to meet the targeted benchmarks and the discount rate used in the determination of fair value.


Fair value as of December 31, 2023	$	2,977
Change in fair value prior to contract modification		53
Reclassification of contingent consideration due to contract modification		(3,030	)
Fair value as of September 30, 2024	$	-

Contingent consideration is included in other liabilities on the Condensed Balance Sheets. As of December 31, 2023, the balance was classified as current due to the timing of the expected payment. The change in fair value for the contingent consideration related to the technological advancements milestone payment was classified as research and development expense within the Condensed Statements of Operations and Comprehensive Loss.

During the first quarter of 2024, the Company renegotiated with RPM-3D the terms for payment of the technological advancements milestone that was initially accounted for as contingent consideration. The renegotiated contract specifies that the technological advancements milestone payment will not be paid unless the transition services milestone is achieved. The technological advancements milestone payment is now tied to the continued service of key individuals from the date of the new contract until the transition services milestone determination date (which is the first anniversary date of the acquisition). Therefore, the Company is no longer accounting for the technological advancements milestone payment as contingent consideration at fair value, but rather as research and development expense over the remaining service period. The Company expects to pay the full amount for the technological advancements milestone of $3.5 million, of which $2.5 million was paid on July 15, 2024 and the remaining $1.0 million will be paid on January 15, 2025. See Note 1, "Formation and Business of the Company" of the Notes to Condensed Financial Statements for additional information on the acquisition of RPM-3D.

There were no assets or liabilities measured at fair value on a nonrecurring basis as of September 30, 2024 and December 31, 2023.

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Millions				9 Months Ended
	Jan. 15, 2025	Jul. 15, 2024	Jun. 12, 2023	Sep. 30, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Additional payments of milestones		$ 6.0
Technological Advancement Milestones [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Additional payments of milestones	$ 1.0	$ 2.5	$ 3.5	$ 3.5

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Summary Of Significant Accounting Policies [Line Items]
Accrued contingent liabilities	$ 0		$ 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%

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (15,360)	$ (21,206)	$ (18,676)	$ (17,521)	$ (12,271)	$ (13,454)	$ (55,242)	$ (43,246)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-Paragraph 11
-Subparagraph (a)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/exampleRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Stockholders' Equity - Additional Information (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted	3,370,462	870,326
Weighted average grant-date fair value	$ 9.09	$ 22.84
Employee Stock Option
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options, weighted-average grant date fair value	$ 4.96	$ 10.42
Employees stock options, shares granted	852,220	877,910
Performance Share Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted	453,375	509,600
Vesting period	3 years
Weighted average grant-date fair value	$ 18.89	$ 30.9
Performance Share Units [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting rights percentage of PSU	200.00%
Performance Share Units [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting rights percentage of PSU	0.00%

Balance Sheet Components - Summary of Property and Equipment, Net (Detail) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Property, Plant and Equipment [Line Items]

Total property and equipment

$ 39,222

$ 31,046

Less: accumulated depreciation and amortization

(14,054)

(8,748)

Property and equipment, net

25,168

22,298

Furniture And Fixtures [Member]

Property, Plant and Equipment [Line Items]

Total property and equipment

2,565

2,494

Construction in Progress [Member]

Property, Plant and Equipment [Line Items]

Total property and equipment

686

1,115

Machinery and Equipment [Member]

Property, Plant and Equipment [Line Items]

Total property and equipment

3,052

2,423

Capitalized Surgical Equipment [Member]

Property, Plant and Equipment [Line Items]

Total property and equipment

^[1]

20,878

14,253

Computer Equipment [Member]

Property, Plant and Equipment [Line Items]

Total property and equipment

1,115

1,020

Leasehold Improvements [Member]

Property, Plant and Equipment [Line Items]

Total property and equipment

10,244

9,425

Software and Website Development [Member]

Property, Plant and Equipment [Line Items]

Total property and equipment

$ 682

$ 316

[1]

Long Term Debt - Summary of Maturities of Long-term Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
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	(769)	(992)
Total long-term debt, net	$ 53,231	$ 53,008

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

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

+ References + Details

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Fair Value	$ 70,689	$ 110,216
U.S. Treasury and Government Agencies [Member]
Assets:
Fair Value	11,635	29,369
Commercial Paper [Member]
Assets:
Fair Value		2,895
Corporate Debt [Member]
Assets:
Fair Value	39,200	46,586
Asset-Backed Securities [Member]
Assets:
Fair Value	16,698	24,756
Yankee CD [Member]
Assets:
Fair Value	3,156	6,610
Fair Value, Recurring [Member]
Assets:
Total assets	78,464	113,376
Liabilities:
Contingent consideration		2,977
Total		2,977
Fair Value, Recurring [Member] \| Money Market Funds [Member]
Assets:
Cash and cash equivalents	7,775	3,160
Fair Value, Recurring [Member] \| U.S. Treasury and Government Agencies [Member]
Assets:
Fair Value	11,635	29,369
Fair Value, Recurring [Member] \| Commercial Paper [Member]
Assets:
Fair Value		2,895
Fair Value, Recurring [Member] \| Corporate Debt [Member]
Assets:
Fair Value	39,200	46,586
Fair Value, Recurring [Member] \| Asset-Backed Securities [Member]
Assets:
Fair Value	16,698	24,756
Fair Value, Recurring [Member] \| Yankee CD [Member]
Assets:
Fair Value	3,156	6,610
Fair Value, Recurring [Member] \| Level 1 [Member]
Assets:
Total assets	18,410	17,165
Fair Value, Recurring [Member] \| Level 1 [Member] \| Money Market Funds [Member]
Assets:
Cash and cash equivalents	7,775	3,160
Fair Value, Recurring [Member] \| Level 1 [Member] \| U.S. Treasury and Government Agencies [Member]
Assets:
Fair Value	10,635	14,005
Fair Value, Recurring [Member] \| Level 2 [Member]
Assets:
Total assets	60,054	96,211
Fair Value, Recurring [Member] \| Level 2 [Member] \| U.S. Treasury and Government Agencies [Member]
Assets:
Fair Value	1,000	15,364
Fair Value, Recurring [Member] \| Level 2 [Member] \| Commercial Paper [Member]
Assets:
Fair Value		2,895
Fair Value, Recurring [Member] \| Level 2 [Member] \| Corporate Debt [Member]
Assets:
Fair Value	39,200	46,586
Fair Value, Recurring [Member] \| Level 2 [Member] \| Asset-Backed Securities [Member]
Assets:
Fair Value	16,698	24,756
Fair Value, Recurring [Member] \| Level 2 [Member] \| Yankee CD [Member]
Assets:
Fair Value	$ 3,156	6,610
Fair Value, Recurring [Member] \| Level 3 [Member]
Liabilities:
Contingent consideration		2,977
Total		$ 2,977

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

The Company 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 ("SEC") 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, 2023, filed with the SEC on

February 27, 2024. The 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 nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for future quarters or for the fiscal year ending December 31, 2024.

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 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 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 valuation of intangible assets and goodwill, reserves and write-downs related to accounts receivable, inventories, the recoverability of long-term assets, deferred tax assets and related valuation allowances, contingencies, and stock-based compensation. The Company had no accrued contingent liabilities as of September 30, 2024 and December 31, 2023.

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 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.

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. On September 30, 2024 and December 31, 2023, no customer accounted for more than 10% of accounts receivable. For the nine months ended September 30, 2024 and 2023, there were no customers that represented 10% or more of revenue.

Business Combination - Schedule of Acquisition-Date Fair Value Of Consideration Transferred (Details) $ in Millions	Jun. 12, 2023 USD ($)
MIOS Marketing, LLC [Member]
Asset Acquisition [Line Items]
Cash	$ 20.0

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2024

Balance Sheet Related Disclosures [Abstract]

Summary of Cash and Cash Equivalents

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


	September 30,		December 31,
	2024		2023
Cash	$	4,335	$	9,822
Cash equivalents:
Money market funds		7,775		3,160
Total cash and cash equivalents	$	12,110	$	12,982

Summary of Available-For-Sale Marketable Securities

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


	September 30, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Marketable securities - short-term
U.S. treasury and government agencies	$	11,621	$	14	$	—	$	11,635
Corporate debt		39,074		126		—		39,200
Asset-backed securities		16,647		51		—		16,698
Yankee CD		3,156		—		—		3,156
Total marketable securities - short-term	$	70,498	$	191	$	—	$	70,689


	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Marketable securities - short-term
U.S. treasury and government agencies	$	29,377	$	8	$	(16	)	$	29,369
Commercial paper		2,893		2		—			2,895
Corporate debt		46,467		123		(4	)		46,586
Asset-backed securities		24,712		56		(12	)		24,756
Yankee CD		6,604		7		(1	)		6,610
Total marketable securities - short-term	$	110,053	$	196	$	(33	)	$	110,216

Summary of Property and Equipment, Net

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


	September 30,			December 31,
	2024			2023
Furniture and fixtures	$	2,565		$	2,494
Construction in progress		686			1,115
Machinery and equipment		3,052			2,423
Capitalized surgical equipment1		20,878			14,253
Computer equipment		1,115			1,020
Leasehold improvements		10,244			9,425
Software and website development		682			316
Total property and equipment		39,222			31,046
Less: accumulated depreciation and amortization		(14,054	)		(8,748	)
Property and equipment, net	$	25,168		$	22,298

Summary of Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	September 30,		December 31,
	2024		2023
Accrued royalties expense	$	1,568	$	2,305
Accrued interest		403		417
Accrued professional services		945		424
Accrued compensation expense for RPM-3D earn-out		2,125		3,340
Other accrued expense		3,057		3,972
Total accrued liabilities	$	8,098	$	10,458

Schedule of Other Liabilities

Other liabilities consist of the following (in thousands):


	September 30,		December 31,
	2024		2023
Current portion of operating lease liabilities	$	403	$	1,404
Contingent consideration		—		2,977
Other		168		51
Total other liabilities	$	571	$	4,432

Condensed Balance Sheets (Parenthetical) (unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Allowance for credit losses current	$ 743	$ 980
Intangible assets, accumulated amortization	1,188	475
Long term debt unamortized debt discount and issuance costs	$ 769	$ 992
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	62,294,975	61,749,654
Common stock share outstanding	62,275,371	61,749,654
Treasury stock (in shares)	19,604	1,218

Condensed Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 45,086	$ 40,758	$ 140,649	$ 124,906
Cost of goods sold	8,954	7,998	27,862	23,712
Gross profit	36,132	32,760	112,787	101,194
Operating expenses
Sales and marketing	32,775	33,542	110,784	100,970
Research and development	4,963	4,350	15,379	11,288
General and administrative	13,528	12,686	42,108	33,582
Total operating expenses	51,266	50,578	168,271	145,840
Loss from operations	(15,134)	(17,818)	(55,484)	(44,646)
Interest income	1,067	1,570	3,978	5,017
Interest expense	(1,313)	(1,296)	(3,942)	(3,863)
Other income, net	20	23	206	246
Other non-operating income (expense), net	(226)	297	242	1,400
Net loss	(15,360)	(17,521)	(55,242)	(43,246)
Unrealized gain (loss) on marketable securities	217	71	28	(121)
Comprehensive loss	$ (15,143)	$ (17,450)	$ (55,214)	$ (43,367)
Net loss per share, basic	$ (0.25)	$ (0.28)	$ (0.89)	$ (0.71)
Net loss per share, diluted	$ (0.25)	$ (0.28)	$ (0.89)	$ (0.71)
Weighted-average shares used in computing net loss per share, basic	62,229,463	61,562,494	62,035,293	60,566,655
Weighted-average shares used in computing net loss per share, diluted	62,229,463	61,562,494	62,035,293	60,566,655

Net Loss Per Share Attributable to Common Stockholders - Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Weighted Average Shares Outstanding (Detail) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding	11,951,275	8,792,753
Common Stock Options Issued and Outstanding [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding	7,793,815	7,542,275
Unvested Full Value Awards [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Diluted weighted average shares outstanding	4,157,460	1,250,478

Business Combination - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 12,815	$ 12,815

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
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-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Balance Sheet Components - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Depreciation and amortization expense	$ 1,900,000	$ 1,400,000	$ 5,500,000	$ 3,400,000
Impairment, Long-Lived Asset, Held-for-Use, Total			0	$ 0
Prepaid Expenses And Other Current Assets [Member]
Cash and Cash Equivalents [Line Items]
Accrued Interest	$ 600,000		$ 600,000		$ 1,100,000

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Document 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	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	TMCI
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		62,297,078

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
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, 2023, filed with the SEC on February 27, 2024. The 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 nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for future quarters or for the fiscal year ending December 31, 2024. 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 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 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 valuation of intangible assets and goodwill, reserves and write-downs related to accounts receivable, inventories, the recoverability of long-term assets, deferred tax assets and related valuation allowances, contingencies, and stock-based compensation. The Company had no accrued contingent liabilities as of September 30, 2024 and December 31, 2023.
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 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. 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. On September 30, 2024 and December 31, 2023, no customer accounted for more than 10% of accounts receivable. For the nine months ended September 30, 2024 and 2023, there were no customers that represented 10% or more of revenue.

Long Term Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Long Term Debt

6. Long-Term Debt

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


	September 30,			December 31,
	2024			2023
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		(769	)		(992	)
Total long-term debt, net	$	53,231		$	53,008

As of September 30, 2024, future payments of long-term debt were as follows (in thousands):


Fiscal Year
2024	$	—
2025		—
2026		33,333
2027		20,667
Total principal payments		54,000
Less: Unamortized debt discount and debt issuance costs		(769	)
Total long-term debt, net	$	53,231

MidCap Loan and Revolving Loan Facility

On April 29, 2022, the Company entered into a five-year $150.0 million loan facility with entities affiliated with MidCap Financial Trust ("MidCap"), providing up to $120.0 million in a 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 term loan closing, the Company drew $50.0 million under tranche one. At September 30, 2024, there is one tranche available for $20.0 million, subject to the achievement of certain revenue targets.

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 September 30, 2024, the borrowing base allows a total of $16.7 million available to the Company under the revolving loan facility. The balance drawn as of September 30, 2024 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 September 30, 2024, 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 and the revolving loan facility are accruing interest as of September 30, 2024 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 September 30, 2024.

Long Term Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Summary of Long-term Debt Instruments

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


	September 30,			December 31,
	2024			2023
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		(769	)		(992	)
Total long-term debt, net	$	53,231		$	53,008

Summary of Maturities of Long-term Debt

As of September 30, 2024, future payments of long-term debt were as follows (in thousands):


Fiscal Year
2024	$	—
2025		—
2026		33,333
2027		20,667
Total principal payments		54,000
Less: Unamortized debt discount and debt issuance costs		(769	)
Total long-term debt, net	$	53,231

- 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

Condensed Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss	$ (55,242)	$ (43,246)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization expense	6,182	3,583
Provision for allowance for credit losses	2,381	79
Share-based compensation expense	22,048	11,480
Non-cash lease expense	607	1,868
Amortization of debt issuance costs	223	223
Accretion (amortization) of discount (premium) on marketable securities, net	(918)	(1,031)
Other, net	180	164
Net changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	11,505	4,121
Inventory	(14,366)	(9,915)
Prepaid expenses and other assets	838	(1,028)
Other non-current assets	(312)	0
Operating lease liabilities	(147)	497
Accounts payable	6,814	12
Accrued liabilities	(12,753)	(1,954)
Other, net	0	40
Net cash provided by (used in) operating activities	(32,960)	(35,107)
Cash flows from investing activities
Purchases of available-for-sale marketable securities	(52,890)	(140,075)
Sales and maturities of available-for-sale marketable securities	93,363	82,979
Purchases of property and equipment	(8,519)	(9,210)
Acquisition, net of cash acquired	0	(20,000)
Net cash provided by (used in) investing activities	31,954	(86,306)
Cash flows from financing activities
Proceeds from issuance of common stock from public offering, net of issuance costs and underwriting discount of $7.5 million	0	107,527
Proceeds from exercise of employee stock options	371	1,691
Taxes from withheld shares	(237)	0
Net cash provided by (used in) financing activities	134	109,218
Net increase (decrease) in cash and cash equivalents	(872)	(12,195)
Cash and cash equivalents at beginning of period	12,982	19,473
Cash and cash equivalents at end of period	12,110	7,278
Supplemental disclosure of cash flow information:
Cash paid for interest	3,732	3,863
Operating lease right-of-use asset and lease liability adjustment due to lease incentive	88	(22)
Noncash investing activities:
Unrealized (gains) losses, net on marketable securities	(28)	121
Unsettled marketable security purchase and payable to broker	0	(1,100)
Unsettled matured marketable security and receivable from broker	$ 0	$ 6,000

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Line Items
Stock-based compensation expense	$ 7,900	$ 5,192	$ 22,048	$ 11,480
Cost of goods sold [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Line Items
Stock-based compensation expense	91	63	272	192
Sales and marketing [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Line Items
Stock-based compensation expense	1,764	1,202	5,052	3,087
Research and development expense [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Line Items
Stock-based compensation expense	1,152	642	3,174	1,274
General and administrative expense [Member]
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Line Items
Stock-based compensation expense	$ 4,893	$ 3,285	$ 13,550	$ 6,927

Balance Sheet Components - Summary of Property and Equipment, Net (Parenthetical) (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 39,222	$ 31,046
Capitalized Surgical Equipment, Ready For Use [Member]
Property, Plant and Equipment [Line Items]
Capitalized Surgical Equipment	16,600	12,200
Capitalized Surgical Equipment, Not Ready For Use [Member]
Property, Plant and Equipment [Line Items]
Capitalized Surgical Equipment	$ 4,300	$ 2,100

Balance Sheet Components - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	$ 12,110	$ 12,982
Cash [Member]
Cash and Cash Equivalents [Line Items]
Cash	4,335	9,822
Money Market Funds [Member]
Cash and Cash Equivalents [Line Items]
Cash equivalents	$ 7,775	$ 3,160

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

Condensed Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 12,110	$ 12,982
Marketable securities, short-term	70,689	110,216
Accounts receivable, net of allowance for credit losses of $743 and $980 as of September 30, 2024 and December 31, 2023, respectively	24,177	38,063
Inventories	43,611	29,245
Prepaid expenses and other current assets	7,015	7,853
Total current assets	157,602	198,359
Property and equipment, net	25,168	22,298
Intangible assets, net of accumulated amortization of $1,188 and $475 as of September 30, 2024 and December 31, 2023, respectively	8,312	9,025
Goodwill	12,815	12,815
Operating lease right-of-use assets	8,569	9,264
Other non-current assets	458	146
Total assets	212,924	251,907
Current liabilities
Accounts payable	18,649	11,835
Accrued liabilities	8,098	10,458
Accrued commissions	5,347	10,759
Accrued compensation	5,598	7,549
Other liabilities	571	4,432
Total current liabilities	38,263	45,033
Long-term debt, net of discount of $769 and $992 as of September 30, 2024 and December 31, 2023, respectively	53,231	53,008
Operating lease liabilities, net of current portion	16,487	15,891
Other long-term liabilities	37	37
Total liabilities	108,018	113,969
Commitments and contingencies (Note 7)
Stockholders’ equity
Preferred stock, $0.001 par value, 5,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Common stock, $0.001 par value, 300,000,000 shares authorized; 62,294,975 and 61,749,654 issued, and 62,275,371 and 61,749,654 outstanding as of September 30, 2024 and December 31, 2023, respectively	62	62
Additional paid-in capital	294,392	271,973
Accumulated deficit	(189,489)	(134,247)
Accumulated other comprehensive (loss) income	191	163
Treasury stock, at cost; 19,604 and 1,218 shares as of September 30, 2024 and December 31, 2023, respectively	(250)	(13)
Total stockholders’ equity	104,906	137,938
Total liabilities and stockholders’ equity	$ 212,924	$ 251,907

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Other Commitments Line Items
Accrued contingent liabilities	$ 0		$ 0		$ 0
Royalty Agreement with Certain Members of the Surgeon Advisory Board [Member]
Other Commitments Line Items
Royalty expenses	$ 1,400,000	$ 1,500,000	$ 4,600,000	$ 4,700,000
Royalty as a percentage of net sales for the period	3.20%	3.80%	3.30%	3.80%

Balance Sheet Components - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Accrued royalty expense	$ 1,568	$ 2,305
Accrued interest	403	417
Accrued professional services	945	424
Accrued compensation expense for RPM-3D earn-out	2,125	3,340
Other accrued expense	3,057	3,972
Total accrued liabilities	$ 8,098	$ 10,458

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						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net Income (Loss)	$ (15,360)	$ (21,206)	$ (18,676)	$ (17,521)	$ (12,271)	$ (13,454)	$ (55,242)	$ (43,246)
Denominator
Weighted-average common stock outstanding, basic	62,229,463			61,562,494			62,035,293	60,566,655
Weighted-average common stock outstanding, diluted	62,229,463			61,562,494			62,035,293	60,566,655
Net loss per share attributable to common stockholders, basic	$ (0.25)			$ (0.28)			$ (0.89)	$ (0.71)
Net loss per share attributable to common stockholders, diluted	$ (0.25)			$ (0.28)			$ (0.89)	$ (0.71)

- Definition

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

+ References

+ Details

- 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.

+ References

+ Details

- Definition

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

+ References

+ Details

Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2024

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recent Accounting Pronouncements

3. Recent Accounting Pronouncements

Recent Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) ("ASC 280"). The update requires all public business entities to identify their reportable segments, including the basis of organization, types of products and services from which each reportable segment derives its revenues, and the title and position of the individual or the name of the group or committee identified as the chief operating decision maker ("CODM") and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Public entities shall disclose on an annual and interim basis for each reportable segment including entities that only have one reportable segment, certain significant expense categories and amounts that are regularly provided to the CODM and included in reported segment profit or loss. ASC 280 is applied retrospectively to all prior periods presented in the financial statements. This new guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on its financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) ("ASC 740"). The update requires all public business entities on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold and an explanation, if not otherwise evident, of the individual reconciling items disclosed, such as the nature, effect, and underlying causes of the reconciling items and the judgment used in categorizing the reconciling items. In addition, the update requires certain new disclosures of the amount of

income taxes paid (net of refunds received) disaggregated by federal, state, and foreign taxes and the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid is equal to or greater than five percent of total income taxes paid (net of refunds received). Other new disclosures required include income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and income tax expense (or benefit) from continuing operations disaggregated by federal, state, and foreign. The new guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The amendments are to be applied on a prospective basis, with retrospective application permitted. The Company is currently evaluating the impact of the new standard on its financial statements and related disclosures.

Formation and Business of the Company - Additional Information (Detail) $ in Millions						3 Months Ended	9 Months Ended
	Jan. 15, 2025 USD ($)	Jul. 15, 2024 USD ($)	Jun. 12, 2023 USD ($)	Feb. 10, 2023 USD ($)	Apr. 27, 2021 USD ($)	Mar. 31, 2024 USD ($) Milestones	Sep. 30, 2024 USD ($)
Formation And Business Of The Company [Line Items]
Company incorporation date of incorporation							Jul. 29, 2013
Additional payments of milestones		$ 6.0
Number of milestones \| Milestones						3
Forecast [Member]
Formation And Business Of The Company [Line Items]
Additional payments of milestones	$ 2.1
Transition Services [Member]
Formation And Business Of The Company [Line Items]
Additional payments of milestones		3.5	$ 3.5			$ 0.0
Transition Services [Member] \| Maximum [Member]
Formation And Business Of The Company [Line Items]
Reduction of payment on achievement of milestone						10.0
Transition Services [Member] \| Minimum [Member]
Formation And Business Of The Company [Line Items]
Reduction of payment on achievement of milestone						$ 8.1
Transition Services [Member] \| RPM-3D [Member]
Formation And Business Of The Company [Line Items]
Additional payments of milestones		6.0
Technological Advancement Milestones [Member]
Formation And Business Of The Company [Line Items]
Additional payments of milestones	1.0	$ 2.5	3.5				$ 3.5
Technological Advancement Milestones [Member] \| Forecast [Member]
Formation And Business Of The Company [Line Items]
Additional payments of milestones	1.0
Patent Claims [Member]
Formation And Business Of The Company [Line Items]
Additional payments of milestones			3.0
Patent Milestone [Member] \| Forecast [Member]
Formation And Business Of The Company [Line Items]
Additional payments of milestones	$ 1.1
MIOS Marketing, LLC [Member]
Formation And Business Of The Company [Line Items]
Cash			$ 20.0
IPO [Member]
Formation And Business Of The Company [Line Items]
Sale of stock net consideration received on the transaction					$ 107.6
Public Offering [Member]
Formation And Business Of The Company [Line Items]
Proceeds from sale of shares				$ 107.5

Balance Sheet Components - Schedule of Current Operating Lease Liability and Other Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating Lease, Liability [Abstract]
Current portion of operating lease liabilities	$ 403	$ 1,404
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total other liabilities	Total other liabilities
Contingent consideration	$ 0	$ 2,977
Other	168	51
Total other liabilities	$ 571	$ 4,432

- Definition

Amount of liabilities classified as other.

+ References + Details

Long Term Debt - Additional Information (Detail) - USD ($) $ in Millions		9 Months Ended
	Apr. 29, 2022	Sep. 30, 2024
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 and the revolving loan facility are accruing interest as of September 30, 2024 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%
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
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Borrowings	50.0
Remaining borrowing capacity	30.0
Increase in credit facility	$ 20.0
Debt instrument interest rate, percentage	0.10%
Debt instrument interest rate	4.00%
Capped interest rates		7.00%
Line of credit current borrowing capacity		$ 16.7
Current portion of long-term line of credit drawn		4.0
Debt instrument, face amount	$ 30.0
Early Repayment Year Two[Member]
Debt Instrument [Line Items]
Debt instrument repayment fee percentage for second year	2.00%
Tranche One [Member]
Debt Instrument [Line Items]
Borrowings	$ 50.0	$ 20.0
Tranche Four [Member]
Debt Instrument [Line Items]
Borrowings	$ 120.0
Interest Rate Floor [Member]
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt instrument variable interest rate spread percentage	1.00%
Interest Rate Cap [Member]
Debt Instrument [Line Items]
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt instrument variable interest rate spread percentage	3.00%
Term Loans [Member]
Debt Instrument [Line Items]
Debt instrument interest rate	6.00%
Capped interest rates		9.00%

Condensed Statements of Cash Flows (Parenthetical) (unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Issuance costs and underwriting fees, net	$ 7.5	$ 7.5

Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2024

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 nine months ended September 30, 2024 and 2023, 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 September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Numerator
Net loss	$	(15,360	)	$	(17,521	)	$	(55,242	)	$	(43,246	)
Denominator
Weighted-average common stock outstanding, basic and diluted		62,229,463			61,562,494			62,035,293			60,566,655
Net loss per share attributable to common stockholders, basic and diluted	$	(0.25	)	$	(0.28	)	$	(0.89	)	$	(0.71	)

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

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 September 30,
	2024		2023
Common stock options issued and outstanding		7,793,815		7,542,275
Unvested full value awards		4,157,460		1,250,478
Total		11,951,275		8,792,753

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2024

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 and nine months ended September 30, 2024 and 2023, 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 September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Numerator
Net loss	$	(15,360	)	$	(17,521	)	$	(55,242	)	$	(43,246	)
Denominator
Weighted-average common stock outstanding, basic and diluted		62,229,463			61,562,494			62,035,293			60,566,655
Net loss per share attributable to common stockholders, basic and diluted	$	(0.25	)	$	(0.28	)	$	(0.89	)	$	(0.71	)


	As of September 30,
	2024		2023
Common stock options issued and outstanding		7,793,815		7,542,275
Unvested full value awards		4,157,460		1,250,478
Total		11,951,275		8,792,753

Fair Value Measurements - Summary of the Changes in the Fair value (Detail) - Fair Value, Inputs, Level 3 [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value as of December 31, 2023	$ 2,977
Change in fair value prior to contract modification	53
Reclassification of contingent consideration due to contract modification	(3,030)
Fair value as of September 30, 2024	$ 0

Condensed Statement of Stockholders' Equity (unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]	Treasury stock [Member]
Balance at Beginning at Dec. 31, 2022	$ 60,529	$ 55	$ 145,221	$ (84,720)	$ (27)	$ 0
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 public offering, net of issuance costs and underwriting discount of $7.5 million	107,527	$ 6	107,521
Issuance of common stock from public offering, net of issuance costs and underwriting discount of $7.5 million, shares		5,476,190
Net Income (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)	0
Balance at Ending (in Shares) at Mar. 31, 2023		61,280,703
Balance at Beginning at Dec. 31, 2022	60,529	$ 55	145,221	(84,720)	(27)	0
Balance at Beginning (in Shares) at Dec. 31, 2022		55,628,208
Net Income (Loss)	(43,246)
Balance at Ending at Sep. 30, 2023	137,860	$ 62	265,912	(127,966)	(148)	0
Balance at Ending (in Shares) at Sep. 30, 2023		61,606,926
Balance at Beginning at Mar. 31, 2023	157,617	$ 61	255,786	(98,174)	(56)	0
Balance at Beginning (in Shares) at Mar. 31, 2023		61,280,703
Issuance of common stock upon exercise of stock options	1,180	$ 1	1,179
Issuance of common stock upon exercise of stock options, shares		205,244
Issuance of common stock for vesting of restricted stock units		42,462
Share-based compensation expense	3,596		3,596
Net Income (Loss)	(12,271)			(12,271)
Unrealized loss on available-for-sale marketable securities	(163)				(163)
Balance at Ending at Jun. 30, 2023	149,959	$ 62	260,561	(110,445)	(219)	0
Balance at Ending (in Shares) at Jun. 30, 2023		61,528,409
Issuance of common stock upon exercise of stock options	159		159
Issuance of common stock upon exercise of stock options, shares		46,001
Issuance of common stock for vesting of restricted stock units		32,516
Share-based compensation expense	5,192		5,192
Net Income (Loss)	(17,521)			(17,521)
Unrealized loss on available-for-sale marketable securities	71				71
Balance at Ending at Sep. 30, 2023	137,860	$ 62	265,912	(127,966)	(148)	0
Balance at Ending (in Shares) at Sep. 30, 2023		61,606,926
Balance at Beginning at Dec. 31, 2023	137,938	$ 62	271,973	(134,247)	163	(13)
Balance at Beginning (in Shares) at Dec. 31, 2023		61,749,654
Issuance of common stock upon exercise of stock options	52		52
Issuance of common stock upon exercise of stock options, shares		20,294
Issuance of common stock for vesting of restricted stock units		177,610
Share-based compensation expense	7,408		7,408
Net Income (Loss)	(18,676)			(18,676)
Unrealized loss on available-for-sale marketable securities	(94)				(94)
Shares Directly Withheld From Employees For Tax Payment	(237)					(237)
Shares directly withheld from employees for tax payment shares		(18,386)
Balance at Ending at Mar. 31, 2024	126,391	$ 62	279,433	(152,923)	69	(250)
Balance at Ending (in Shares) at Mar. 31, 2024		61,929,172
Balance at Beginning at Dec. 31, 2023	137,938	$ 62	271,973	(134,247)	163	(13)
Balance at Beginning (in Shares) at Dec. 31, 2023		61,749,654
Net Income (Loss)	(55,242)
Balance at Ending at Sep. 30, 2024	104,906	$ 62	294,392	(189,489)	191	(250)
Balance at Ending (in Shares) at Sep. 30, 2024		62,275,371
Balance at Beginning at Mar. 31, 2024	126,391	$ 62	279,433	(152,923)	69	(250)
Balance at Beginning (in Shares) at Mar. 31, 2024		61,929,172
Issuance of common stock upon exercise of stock options	311		311
Issuance of common stock upon exercise of stock options, shares		209,288
Issuance of common stock for vesting of restricted stock units		36,781
Share-based compensation expense	6,740		6,740
Net Income (Loss)	(21,206)			(21,206)
Unrealized loss on available-for-sale marketable securities	(95)				(95)
Balance at Ending at Jun. 30, 2024	112,141	$ 62	286,484	(174,129)	(26)	(250)
Balance at Ending (in Shares) at Jun. 30, 2024		62,175,241
Issuance of common stock upon exercise of stock options	8		8
Issuance of common stock upon exercise of stock options, shares		35,371
Issuance of common stock for vesting of restricted stock units		64,759
Share-based compensation expense	7,900		7,900
Net Income (Loss)	(15,360)			(15,360)
Unrealized loss on available-for-sale marketable securities	217				217
Balance at Ending at Sep. 30, 2024	$ 104,906	$ 62	$ 294,392	$ (189,489)	$ 191	$ (250)
Balance at Ending (in Shares) at Sep. 30, 2024		62,275,371

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

7. Commitments and Contingencies

License and Royalty Commitments

The Company has entered into product development and fee for service agreements with members of its Surgeon Advisory Board and other surgeon consultants that specify the terms under which the consultant is compensated for his or her consulting services and grants the Company rights to the intellectual property created by the consultant in the course of such services. As products are commercialized with the assistance of members of the Surgeon Advisory Board and other surgeon consultants, the Company may agree to enter into a royalty agreement if such consultant's contributions to the product are novel, significant and innovative. 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 September 30, 2024 and 2023, the Company has royalty agreements with certain surgeon consultants. The Company recognized royalty expense of $1.4 million and $1.5 million for the three months ended September 30, 2024 and 2023, respectively, and $4.6 million and $4.7 million for the nine months ended September 30, 2024 and 2023, respectively. For the three months ended September 30, 2024 and 2023, the aggregate royalty rate was 3.2% and 3.8%, respectively. For the nine months ended September 30, 2024 and 2023, the aggregate royalty rate was 3.3% and 3.8%, 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 September 30, 2024 and December 31, 2023.

Formation and Business of the Company

9 Months Ended

Sep. 30, 2024

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 advanced instrumentation and implants for use in other procedures performed in high frequency with bunion surgery. 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 offering that resulted in net proceeds of $107.5 million.

Acquisition of RedPoint Medical3D

On June 12, 2023 (the "closing date"), the Company acquired certain assets of MIOS Marketing, LLC d/b/a RedPoint Medical3D ("RPM-3D"), a medical technology company offering pre-operative planning and patient-specific guides designed to deliver accurate surgical correction of deformities tailored to the patient's unique foot anatomy. RPM-3D's 22 patent applications further expanded and reinforced the Company's global intellectual property portfolio covering technologies for the correction of bunion and related deformities.

The Company paid $20.0 million in exchange for certain assets used in providing pre-operative planning and patient-specific guides for the surgical correction of foot and ankle deformities and agreed to make additional payments upon completion of certain milestones. The original terms are as follows: $3.5 million upon completion of certain transition services at 12 months from the closing date, $3.5 million upon completion of certain technological advancements milestone within 12 months of the closing date, and, subject to prior completion of the transition services and the technological advancements milestone, up to $3.0 million upon the issuance of certain patent claims. Payments made for the transition services and patent claims require satisfaction of such milestones, as well as the continued service of key individuals.

In the first quarter of 2024, the Company and RPM-3D evaluated the status of the three milestones and amended the original terms associated with the milestone payments. The maximum amount to be paid upon the achievement of the milestone payments has been reduced from $10.0 million to $8.1 million and is subject to successful completion of the transition services milestone at the first anniversary date of the acquisition. Upon successful completion of the transition services milestone, the payments were scheduled as follows: $6.0 million on July 15, 2024 ($3.5 million for the transition services milestone and $2.5 million for the technological advancements milestone) and $2.1 million on January 15, 2025 ($1.0 million for the technological advancements milestone and $1.1 million for the patent milestone). No milestone payments would have been made if the transition services milestone was not achieved by the acquisition anniversary date. The Company paid RPM-3D $6.0 million on July 15, 2024 upon completion of the transition services milestone.