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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Schedule of Estimate of the Fair Value of Stock Option
The following assumptions were used to estimate the fair value of stock options for the three months ended March 31, 2022 and 2021:
Three Months Ended March 31,
20222021
(unaudited)
Risk-free interest rate
1.76%
0.76% - 1.28%
Expected dividend yield
Expected term in years
 6.0
7.0
Expected volatility
75%
60% - 75%
Summary of Stock Option Activity
The following table summarizes stock option activity during the three months ended March 31, 2022:
Stock
Options
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (in years)
Aggregate
Intrinsic
Value
(in thousands)
Outstanding as of December 31, 20213,781,636 $13.12 7.6$93 
Options granted562,250 2.41 
Options exercised(35,478)1.85 $310 
Options forfeited(287,049)8.30 
Outstanding as of March 31, 2022 (unaudited)4,021,359 $12.07 7.7$— 
Options vested and exercisable as of March 31, 2022 (unaudited)1,733,894 $12.55 6.5$— 
Schedule of PSU and RSU Activity
The Company’s PSU and RSU activity for the three months ended March 31, 2022 was as follows:
Number
of Shares
Weighted
Average
Grant Price
Unvested as of December 31, 2021995,091 $13.47 
Granted1,045,586 2.41 
Forfeited(128,771)8.94 
Vested(193,555)13.67 
Unvested as of March 31, 2022 (unaudited)1,718,351 $7.06 
Summary of the Total Stock-Based Compensation Expense for the Stock Options, PSUs and RSAs Recorded in the Condensed Consolidated Statements of Operations and Comprehensive Loss
The following table summarizes the total stock-based compensation expense for the stock options, PSUs, RSUs, RSAs and ESPP expense recorded in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021 (in thousands):
Three Months Ended March 31,
20222021
(unaudited)
Cost of products sold$226 $157 
Research and development514 442 
Selling, general and administrative2,292 2,311 
Total stock-based compensation$3,032 $2,910