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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2023
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, 2023 and 2022:
Three Months Ended March 31,
20232022
(unaudited)
Risk-free interest rate4.27%1.76%
Expected dividend yield
Expected term in years5.66.0
Expected volatility75%75%
Summary of Stock Option Activity
The Company's stock option activity for the three months ended March 31, 2023 was as follows:

Stock
Options
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Life (in years)
Aggregate
Intrinsic
Value
(in thousands)
Outstanding as of December 31, 20222,898,821 $6.83 6.9$79 
Options granted592,500 1.41 
Options exercised(3,218)1.34 $
Options forfeited(35,224)2.10 
Outstanding as of March 31, 2023 (unaudited)3,452,879 $5.96 7.2$29 
Options vested and exercisable as of March 31, 2023 (unaudited)2,019,014$7.88 5.9$— 
Schedule of RSU Activity
The Company’s RSU activity for the three months ended March 31, 2023 was as follows:
Number
of Shares
Weighted
Average
Grant Price
Unvested as of December 31, 20221,659,898 $4.17 
Granted1,525,000 1.41 
Forfeited(77,720)5.53 
Vested(453,549)2.11 
Unvested as of March 31, 2023 (unaudited)2,653,629 $2.90 
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, 2023 and 2022 (in thousands):
Three Months Ended March 31,
20232022
(unaudited)
Cost of products sold$74 $226 
Research and development346 514 
Selling, general and administrative1,484 2,292 
Total stock-based compensation$1,904 $3,032