Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.22.2.2
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2022
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 $ — 
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.
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,
  2022 2021
  (In thousands)
Cost of revenue
 $ 354  $ 51 
Research and development
 299  268 
Selling, general and administrative
 3,161  1,102 
  $ 3,814  $ 1,421 
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
Volatility 85.0%
Risk-free interest rate 1.47%
Dividend yield —