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Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

A summary of stock option activity for the three months ended March 31, 2022 is as follows:

	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value
						(in years)
Outstanding at January 1, 2022		5,919		$	8.82		4.36	$	4,205
Granted		576			4.31
Exercised		(33	)		2.36
Forfeited		(68	)		9.35
Outstanding at March 31, 2022		6,394		$	8.44		4.60	$	1,708
Options exercisable at March 31, 2022		5,586		$	8.94		3.89	$	1,557
Vested or expected to vest at March 31, 2022		6,324		$	8.48		4.54	$	1,695

Assumptions of Estimated Fair Value of Option on the Date of Grant Using Black-Scholes Option Pricing Model

The fair value of each option is estimated on the date of grant using the Black-Scholes option-pricing model using the following assumptions:

	Three Months Ended March 31,
	2022	2021
Risk-free interest rate	1.7%–2.0%	0.4%
Expected term (in years)	6.1	6.1
Expected volatility	38.5%–38.7%	38.2%
Expected dividend yield	0.0%	0.0%

Summary of RSU Activity

A summary of RSU activity for the three months ended March 31, 2022 is as follows:

	Number of Shares			Weighted- Average Grant Date Fair Value		Aggregate Fair Value
Unvested balance at January 1, 2022		4,309		$	6.34
Granted		24			4.18
Vested		(922	)		6.58	$	4,339
Forfeited		(54	)		6.68
Unvested balance at March 31, 2022		3,357		$	6.26

Assumptions of Estimated Based on Monte Carlo Simulation Model

Compensation expense is based on the estimated value of the awards on the grant date, and is recognized over the period from the grant date through the expected vest dates of each vesting condition, both of which were estimated based on a Monte Carlo simulation model applying the following key assumptions:

		Three Months Ended March 31,
		2021
Risk-free interest rate		0.2%
Volatility		78.6%
Dividend yield		0.0%
Cost of equity		12.0%

Schedule of Stock-based Compensation Expense

Stock-based compensation expense related to stock options, RSUs, SARs and PSUs for the three months ended March 31, 2022 and 2021 was classified in the condensed consolidated statements of operations and comprehensive (loss) income as follows:

	Three Months Ended March 31,
	2022		2021
Cost of revenue	$	35	$	33
Research and development expenses		595		871
Selling, general and administrative expenses		1,998		2,549
Total stock-based compensation	$	2,628	$	3,453

The Company recognized stock-based compensation expense for the three months ended March 31, 2022 and 2021 in the condensed consolidated balance sheet as follows:

	Three Months Ended March 31,
	2022			2021
Change in fair value of SAR Liability	$	(103	)	$	348
Recognized as additional paid-in capital		2,731			3,105
Total stock-based compensation	$	2,628		$	3,453