Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award Valuation Assumptions

The following weighted average assumptions were used to estimate the fair value of the options granted during the nine months ended September 30, 2023 and September 30, 2022:

	2023			2022
Annualized volatility	71		%	70		%
Risk-free interest rate	3.92		%	2.01		%
Expected life of options in years	5.0 years			5.0 years
Estimated forfeiture rate	12.7		%	12.1		%
Dividend rate	0.0		%	0.0%
Fair value per common share option	$	5.94		$	6.60

Schedule of Option Activity

The following table summarizes the option award activity for the nine months ended September 30, 2023:

	September 30, 2023
	Number of shares (in thousands)	Weighted average exercise price $
Outstanding - December 31, 2022	13,295	$	12.09
Granted	675	9.68
Exercised	(558)	5.27
Forfeited	(1,012)	14.11
Outstanding - September 30, 2023	12,400	$	12.10

Schedule of Performance Shares Activity

The following table summarizes the RSU and PA activity for the nine months ended September 30, 2023:

	September 30, 2023
	Number of shares (in thousands)	Weighted average fair value price $
Outstanding - December 31, 2022	1,980	$	10.84
Granted	6,775	9.04
Vested	(569)	11.71
Forfeited	(297)	9.31
Outstanding - September 30, 2023	7,889	$	9.29

Allocation of Share-Based Payments

The Company recognized share-based compensation expense for the three and nine months ended September 30, 2023 and September 30, 2022 as follows:

	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2023		2022		2023		2022
Research and development	$	1,975	$	1,489	$	5,679	$	3,531
Selling, general and administrative	9,560		6,625		26,969		21,480
Capitalized under inventories	273		206		895		387
Share-based compensation expense	$	11,808	$	8,320	$	33,543	$	25,398