XML 40 R24.htm IDEA: XBRL DOCUMENT v3.22.4
Stock Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense

The following tables present the Company's stock-based compensation for stock-settled awards by type (i.e., stock options and RSUs granted under the Company's incentive plans, and rights to purchase shares of common stock issued under the Company's ESPP and financial statement lines included in the accompanying consolidated statement of operations and comprehensive loss for the years ended December 31, 2022 and 2021:

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Options

 

$

3,975

 

 

$

2,258

 

RSUs

 

 

3,407

 

 

114

 

ESPP

 

 

100

 

 

 

 

Total stock-based compensation expense

 

$

7,482

 

 

$

2,372

 

 

 

 

 

 

 

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Cost of sales

 

$

562

 

 

$

230

 

Selling, general and administrative

 

 

5,729

 

 

 

1,574

 

Research and development

 

 

1,191

 

 

568

 

Total stock-based compensation expense

 

$

7,482

 

 

$

2,372

 

 

Schedule of Unamortized Compensation Cost and Weighted Average Service Period of Unvested Outstanding Awards The following table presents the unamortized compensation cost and weighted average service period of all unvested outstanding awards as of December 31, 2022.

 

 

Unamortized Compensation Costs

 

 

Weighted Average Service Period

 

 

(in thousands)

 

 

(years)

Options

 

$

5,766

 

 

2.3

RSUs

 

 

10,336

 

 

3.1

Total unamortized compensation cost

 

$

16,102

 

 

 

Summary of Stock Option Activity under Incentive Plans

The following table summarizes stock option activity under the Company's incentive plans:

 

 

Number
of Shares

 

 

Weighted
Average
Exercise Price Per
Share

 

 

Weighted- Average Remaining Contractual Life

 

Aggregate Intrinsic Value

 

 

 

 

 

 

 

 

 

(in years)

 

(in thousands)

 

Options outstanding, December 31, 2020

 

 

2,247,136

 

 

$

5.13

 

 

 

 

 

 

Granted

 

 

1,130,249

 

 

$

11.98

 

 

 

 

 

 

Forfeited

 

 

(175,030

)

 

$

6.44

 

 

 

 

 

 

Exercised

 

 

(79,076

)

 

$

3.39

 

 

 

 

$

669

 

Expired

 

 

(3,286

)

 

$

0.73

 

 

 

 

 

 

Options outstanding, December 31, 2021

 

 

3,119,993

 

 

$

7.59

 

 

7.6

 

$

2,325

 

Granted

 

 

297,516

 

 

$

1.73

 

 

 

 

 

 

Forfeited

 

 

(327,720

)

 

$

9.45

 

 

 

 

 

 

Expired

 

 

(262,222

)

 

$

5.76

 

 

 

 

 

 

Exercised

 

 

(71,199

)

 

$

3.54

 

 

 

 

$

142

 

Options outstanding, December 31, 2022

 

 

2,756,368

 

 

$

2.83

 

 

6.9

 

$

1,510

 

Options vested and exercisable, December 31, 2022

 

 

1,638,280

 

 

$

2.75

 

 

5.7

 

$

829

 

Vested and expected to vest after December 31, 2022

 

 

2,627,362

 

 

$

2.83

 

 

6.8

 

$

1,432

 

Summary of Non Vested Stock Options

The following table summarizes the non-vested stock options as of December 31, 2022 and 2021:

 

 

Number of Shares

 

 

Weighted
Average
Grant Date Fair Value

 

Non-vested Options, December 31, 2021

 

 

1,632,852

 

 

$

7.09

 

Non-vested Options, December 31, 2022

 

 

1,118,088

 

 

$

6.23

 

Summary of RSU Activity under Incentive Plans

The following table summarizes RSU activity under the Company's incentive plans:

 

 

 

Number
of Shares

 

 

Weighted
Average
Grant Date Fair Value

 

RSUs outstanding, December 31, 2021

 

 

338,149

 

 

$

9.37

 

Granted

 

 

3,547,603

 

 

$

4.33

 

Vested

 

 

(440,952

)

 

$

5.72

 

Forfeited

 

 

(586,151

)

 

$

5.39

 

RSUs outstanding, December 31, 2022

 

 

2,858,649

 

 

$

4.49

 

Summary of Assumptions Used to Calculate Estimated Fair Value of Stock Option Awards

The fair value of the Company's stock options awards is estimated at the date of grant or modification, using the Black-Scholes option-pricing model with the following input assumptions during the years ended December 31, 2022 and 2021:

 

 

2022

 

2021

 

 

Range

 

Weighted Average

 

Range

 

Weighted Average

Expected volatility

 

78.37% - 85.14%

 

83.28%

 

80.49% - 83.14%

 

81.82%

Dividend yield

 

0.00%

 

0.00%

Risk-free interest rates

 

3.13% - 4.28%

 

3.75%

 

0.87% - 1.31%

 

1.19%

Expected term (in years)

 

2.25 - 5.91

 

4.46

 

5.49 - 6.64

 

6.05