Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.23.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock Option Activity
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, 2021
 9,101  $ 3.78  6.35 $ 35,014 
Granted
 6,133  6.31 
Exercised
 (361) 3.73 
Forfeited options
 (1,290) 5.37 
Expired or cancelled options (1,544) 3.84 
Balances as of December 31, 2022
 12,039  $ 4.90  7.36 $ — 
 
Exercisable as of December 31, 2022
 5,918  $ 4.05  5.82
_______________
(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.
Schedule of Valuation Assumptions
The weighted average assumptions used to value the option grants for 2022 and 2021 are as follows:
2022 2021
Expected life (in years) 5.97 - 6.25 5.92 - 6.12
Volatility 85.0% 60.0%
Risk-free interest rate 1.47  % - 4.22% 0.60  % - 1.85%
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
 (5) — 
Forfeited
 (267) 4.00 
Balances as of December 31, 2022
 3,837  $ 4.01 
Schedule of Share-based Compensation Expense
The total stock-based compensation expense recorded in the consolidated statements of operations and comprehensive loss during the years ended December 31, 2022, 2021 and 2020 consisted of the following:
  Years Ended
December 31,
  2022 2021 2020
  (In thousands)
Cost of revenue
 $ 2,752  $ 362  $ — 
Research and development
 2,163  541  1,413 
Selling, general and administrative
 13,721  9,718  1,741 
  $ 18,636  $ 10,621  $ 3,154