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Stock-Based Compensation (Tables)
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]    
Schedule of Stock Option Activity
The following table includes the activity during the three months ended March 31, 2022 for all stock options granted under the 2021 Plan:
Number of
shares(2)
Weighted
average
exercise 
price		Weighted
average
remaining
contractual
life
Aggregate intrinsic value(1)
(In thousands)(In dollars)(In years)
Balances as of December 31, 2021
9,101 $3.78 6.35$35,014 
Granted
5,037 6.83 
Exercised
— — 
Forfeited options
(168)4.46 
Expired or cancelled options(39)3.81 
Balances as of March 31, 2022
13,931 $4.87 7.35$35,014 
 
Exercisable as of March 31, 2022
6,843 $3.92 5.36
_______________
(1)    Aggregate intrinsic value is calculated based on the difference between our closing stock price at year end and the exercise price, multiplied by the number of in-the-money options and represents the pre-tax amount that would have been received by the option holders, had they all exercised all their options on the fiscal year-end date.
(2)    Shares include time-based options and exclude the CEO milestone awards, totaling 1.6 million stock options described below.
The following table includes the activity for all stock options granted:
Number of
shares(2)
Weighted
average
exercise 
price		Weighted
average
remaining
contractual
life
Aggregate Intrinsic Value(1)
 (In thousands)(In dollars)(In years)
Balances as of December 31, 2020
10,293 $3.72 7.84$— 
Granted
1,538 4.17 
Exercised
(745)3.79 
Forfeited options
(651)3.48 
Expired or cancelled options(1,334)3.86 
Balances as of December 31, 2021
9,101 $3.78 6.35$35,014 
Exercisable as of December 31, 2021
6,324 $3.83 5.40
________________
(1)Aggregate intrinsic value is calculated based on the difference between our closing stock price at year end and the exercise price, multiplied by the number of in-the-money options and represents the pre-tax amount that would have been received by the option holders, had they all exercised all their options on the fiscal year-end date.
(2)Shares include time-based options and exclude the CEO milestone awards, totaling 1.6 million shares described below.
Share-based Compensation Expense
Stock-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2022 and 2021 consisted of the following:
Three Months Ended
March 31,
20222021
(In thousands)
Cost of revenue
$354 $51 
Research and development
299 268 
Selling, general and administrative
3,161 1,102 
 $3,814 $1,421 
Stock-based compensation expense recorded in the consolidated statements of operations and comprehensive loss during the years ended December 31, 2021 and 2020 consisted of the following:
Years Ended
December 31,
20212020
(In thousands)
Cost of revenue
$362 $— 
Research and development
541 1,413 
Selling, general and administrative
9,718 1,741 
$10,621 $3,154 
Schedule of Valuation Assumptions
The weighted average assumptions used to value the option grants for the three months ended March 31, 2022 are as follows:
2022
Expected life (in years)5.97
Volatility85.0%
Risk-free interest rate1.47%
Dividend yield—
The weighted average assumptions used to value the option grants for 2021 and 2020 are as follows:
20212020
Expected life (in years)5.00-6.125.92-6.12
Volatility60.0%60.0%
Risk-free interest rate0.60 %-1.85%0.39 %-1.63%
Dividend yield— —— —