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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity

The following table summarizes the status of the Company’s stock option activity granted under the Plans to employees, directors, and consultants (aggregate intrinsic value in thousands):

 

 

 

Stock
Options

 

 

Weighted-
Average
Exercise price

 

 

Weighted-
Average
Remaining
Contractual
Term

 

 

Aggregate
Intrinsic Value

 

Outstanding at December 31, 2021

 

 

12,662,070

 

 

$

8.96

 

 

 

4.88

 

 

$

 

Granted

 

 

171,500

 

 

 

0.60

 

 

 

 

 

 

 

Forfeited and expired

 

 

(647,365

)

 

 

7.84

 

 

 

 

 

 

 

Outstanding at June 30, 2022

 

 

12,186,205

 

 

$

8.90

 

 

 

4.45

 

 

$

 

Vested and exercisable at June 30, 2022

 

 

10,029,540

 

 

$

9.08

 

 

 

3.64

 

 

$

 

Schedule of Weighted-Average Assumptions Used as Inputs to Black-Scholes Option Pricing Model The following table summarizes the weighted-average assumptions used as inputs to the Black-Scholes model during the periods indicated:

 

 

 

Six Months
Ended June 30,

 

 

 

2022

 

 

2021

 

Weighted average grant date fair value

 

$

0.60

 

 

$

6.18

 

Expected dividend yield

 

 

%

 

 

%

Expected stock price volatility

 

 

66

%

 

 

68

%

Risk-free interest rate

 

 

2.72

%

 

 

1.45

%

Expected life of options (in years)

 

 

5.3

 

 

 

6.3

 

Schedule of Status of Restricted Stock Awards

The following table summarizes the status of the Company's restricted stock awards.

 

 

 

Shares of Restricted Stock

 

 

Weighted Average Fair Value

 

Nonvested at December 31, 2021

 

 

924,595

 

 

$

3.86

 

Granted

 

 

50,000

 

 

 

0.83

 

Forfeited

 

 

(151,540

)

 

 

3.64

 

Nonvested at June 30, 2022

 

 

823,055

 

 

$

3.52

 

Schedule of Stock-Based Compensation Cost

The components of stock-based compensation and the amounts recorded within cost of sales, research and development expenses and selling, general, and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss consisted of the following for the three and six months ended June 30, 2022 and 2021 (in thousands):

 

 

 

Three Months
Ended June 30,

 

 

Six Months
Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Stock options

 

$

1,321

 

 

$

2,341

 

 

$

2,924

 

 

$

4,500

 

Restricted stock expense

 

 

245

 

 

 

57

 

 

 

496

 

 

 

86

 

Employee stock purchase plan

 

 

37

 

 

 

46

 

 

 

57

 

 

 

92

 

Total stock-based compensation expense

 

$

1,603

 

 

$

2,444

 

 

$

3,477

 

 

$

4,678

 

Cost of sales

 

$

52

 

 

$

59

 

 

$

78

 

 

$

115

 

Research and development expenses

 

 

395

 

 

 

671

 

 

 

964

 

 

 

1,272

 

Selling, general, and administrative expenses

 

 

1,156

 

 

 

1,714

 

 

 

2,435

 

 

 

3,291

 

Total stock-based compensation expense

 

$

1,603

 

 

$

2,444

 

 

$

3,477

 

 

$

4,678