Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

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 three months ended March 31, 2022 and March 31, 2021:

	2022			2021
Annualized volatility	70		%	66		%
Risk-free interest rate	1.73		%	0.28		%
Expected life of options in years	5.0 years			4.0 years
Estimated forfeiture rate	11.6		%	8.9		%
Dividend rate	0.0		%	0.0%
Fair value per common share option	$	7.02		$	6.72

Schedule of Option Activity

The following table summarizes the option award activity during the three months ended March 31, 2022:

	March 31, 2022
	Number of shares (in thousands)	Weighted average exercise price $
Outstanding - Beginning of Period	12,074	12.84
Granted	2,800	12.00
Exercised	(54)	7.57
Forfeited	(171)	16.27
Outstanding - End of Period	14,649	12.66

Schedule of Performance Shares Activity

The following table summarizes the PAs and RSU activity for the three months ended March 31, 2022:

	March 31, 2022
	Number of shares (in thousands)	Weighted average exercise price $
Outstanding - Beginning of Period	347	13.33
Granted	1,708	12.01
Vested	(88)	13.56
Forfeited	(15)	13.85
Outstanding - End of Period	1,952	12.16

Allocation of Share-Based Payments

The Company recognized share-based compensation expense for the three months ended March 31, 2022 and March 31, 2021 as follows:

(in thousands)	2022		2021
Research and development	$	976	$	1,074
Selling, general and administrative	5,972		6,641
Capitalized under inventories	75		106
Share-based compensation expense	$	7,023	$	7,821