Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Our stock-based compensation expense is associated with restricted stock units (“RSU”s) and stock options. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the award, which is generally the award vesting term. Stock options generally have a term of five to ten years and vest over periods ranging from three months to five years. RSUs generally vest over periods from three to four years. For awards with performance conditions, stock-based compensation expense is recognized on a straight-line basis based on management’s estimation of achievement of performance conditions. The estimated performance conditions primarily relate to achievement of sales and financing targets. In June 2023, the Company modified 550,000 of performance-based stock options that were issued in June 2022 and December 2022 by extending the period to meet certain performance conditions.

Stock-based compensation expense included in the unaudited condensed consolidated statements of operations and comprehensive loss was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Stock options	$	239	$	509	$	979	$	1,420
Restricted stock units	2,065		2,925		4,688		5,957
Total	$	2,304	$	3,434	$	5,667	$	7,377

The stock compensation expense has been recorded in cost of goods sold, research and development expenses, and selling, general and administrative expenses.

As of June 30, 2023, total unrecognized compensation expense was $9,495 of which $7,709 was attributable to unvested RSUs and $1,786 was attributable to unvested stock options. Compensation expense for these unvested awards is expected to be recognized over a weighted-average remaining vesting period of 0.7 years for stock options and 1.2 years for RSUs.