Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

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


	For the years ended December 31,
	2023		2022
Stock options	$	2,468	$	3,002
Restricted stock units	11,589		10,792
Total	$	14,057	$	13,794

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

The following table summarizes stock option activity during the years ended December 31, 2023 and 2022:


	Units	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (years)
Options Outstanding at December 31, 2021	2,023,460	$	9.51	6.3
Granted	3,275,224	1.33
Cancelled/Forfeited	(953,872)	4.84
Options Outstanding at December 31, 2022	4,344,812	4.37		7.7
Granted	649,865	2.27
Cancelled/Forfeited	(504,550)	2.39
Exercised	(262,500)	1.35
Options Outstanding at December 31, 2023	4,227,627	4.47		5.2
Options Exercisable at December 31, 2023	3,590,262	4.86		5.3

A summary of restricted stock units (RSU) activity for the years ended December 31, 2023 and 2022 is as follows:


	Units	Weighted-Average Grant-Date Fair Value
RSUs Outstanding at December 31, 2021	2,194,756	$	16.36
Granted	2,557,263	2.87
Cancelled/Forfeited	(1,051,951)	8.55
Vested	(704,178)	15.02
RSUs Outstanding at December 31, 2022	2,995,890	7.89
Granted	4,804,057	3.42
Cancelled/Forfeited	(898,525)	4.86
Vested	(1,453,964)	7.39
RSUs Outstanding at December 31, 2023	5,447,458	4.58

In 2023, the Company reserved an additional 8,000,000 shares for the Amended and Restated 2020 Incentive Plan. As of December 31, 2023 and 2022, 5,015,893 and 994,108 shares remain for future issuance, respectively. Options generally have a term of five to ten years and vest over periods ranging from three months to two years. RSUs generally vest over periods from one to three years.

During the year ended December 31, 2023, the Company granted 40,000 RSUs and 0 options with performance and service conditions. Stock compensation is recognized on a straight-line basis over the requisite service period of the award, which is generally the award vesting term. For awards with performance conditions, compensation expense is recognized using an accelerated attribution method over the vesting period. The performance conditions primarily relate to achievement of sales and financing targets. In June 2023, the Company modified 550,000 performance-based stock options that were issued in June 2022 and December 2022 by extending the period to meet certain performance conditions. During the year ended December 31, 2023, all performance conditions were met for these 550,000 options, therefore accelerating the vesting and respective expense.

As of December 31, 2023, total unrecognized stock compensation expense was $15,314 of which $15,051 was attributable to unvested RSUs and $263 attributable to unvested stock options. Compensation expense for these unvested awards is expected to be recognized over a weighted-average remaining vesting period of 0.4 years for stock options and 2.3 years for RSUs.

The weighted average assumptions used to determine the fair value of stock options granted in 2023 and 2022 are as follows:


	2023		2022
Volatility	62.60	%	61.36	%
Risk free interest rate	4.07	%	3.27	%
Expected life (years)	3.00		4.67
Dividend yield	0	%	0	%

The weighted average grant date fair value of all stock options granted was $1.02 and $0.72 per option for the years ended December 31, 2023 and 2022, respectively.