Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.22.2.2
Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2022
Share-based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
The following table includes the activity during the nine months ended September 30, 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) (In thousands)
Balances as of December 31, 2021
 9,101  $ 3.78  6.35 $ 35,014 
Granted
 5,680  6.61 
Exercised
 (394) 3.70 
Forfeited options
 (1,210) 5.34 
Expired or cancelled options (271) 3.84 
Balances as of September 30, 2022
 12,906  $ 4.91  7.49 $ — 
 
Exercisable as of September 30, 2022
 7,541  $ 3.98  6.40 $ — 
_______________
(1) Aggregate intrinsic value is calculated based on the difference between our closing stock price at period 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 at the period end date.
(2) Shares include time-based options and exclude the CEO milestone awards, totaling $1.6 million stock options described below.
Schedule of Share-based Compensation Expense
Stock-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss during the three and nine months ended September 30, 2022 and 2021 consisted of the following:
  Three Months Ended September 30, Nine Months Ended September 30,
  2022 2021 2022 2021
  (In thousands)
Cost of revenue
 $ 959  $ 118  $ 1,635  $ 299 
Research and development
 760  85  1,215  478 
Selling, general and administrative
 3,789  5,357  9,104  7,531 
  $ 5,508  $ 5,560  $ 11,954  $ 8,308 
Schedule of Valuation Assumptions
The weighted average assumptions used to value the option grants for the nine months ended September 30, 2022 are as follows:

2022
Expected life (in years) 5.99
Volatility 85  %
Risk-free interest rate 1.64  %
Dividend yield — 
Schedule of Restricted Stock Units The following table sets forth the summary of RSUs activity granted under the 2021 Plan (dollars in thousands except per share data):
Number of
shares		 Weighted
average
fair value
  (In thousands) (In dollars)
Balances as of December 31, 2021
 —  $ — 
Granted
 4,109  4.00 
Vested
 —  — 
Forfeited
 (34) 4.00 
Balances as of September 30, 2022
 4,075  $ 4.00