Quarterly report pursuant to Section 13 or 15(d)

Share-based Compensation (Tables)

v3.22.2
Share-based Compensation (Tables)
6 Months Ended
Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-based Payment Award Valuation Assumptions
The following weighted average assumptions were used to estimate the fair value of the options granted during the six months ended June 30, 2022 and June 30, 2021:
2022 2021
Annualized volatility 70  % 66  %
Risk-free interest rate 1.83  % 0.35  %
Expected life of options in years 5.0 years 4.0 years
Estimated forfeiture rate 11.7  % 8.8  %
Dividend rate 0.0  % 0.0%
Fair value per common share option $ 7.00  $ 6.59 
Schedule of Option Activity
The following table summarizes the option award activity during the six months ended June 30, 2022:

June 30, 2022
Number of shares (in thousands) Weighted average exercise price $
Outstanding - Beginning of Period 12,074  $ 12.84 
Granted 3,061  11.96 
Exercised (77) 6.75 
Forfeited (703) 15.73 
Outstanding - End of Period 14,355  $ 12.54 
Schedule of Performance Shares Activity
The following table summarizes the PAs and RSU activity for the six months ended June 30, 2022:
June 30, 2022
Number of shares (in thousands) Weighted average exercise price $
Outstanding - Beginning of Period 347  $ 13.33 
Granted 1,863  12.01 
Vested (88) 13.56 
Forfeited (114) 13.99 
Outstanding - End of Period 2,008  $ 12.03 
Allocation of Share-Based Payments
The Company recognized share-based compensation expense for the three and six month periods ended June 30, 2022 and June 30, 2021 as follows:
Three months ended
June 30,
Six Months Ended
June 30,
(in thousands) 2022 2021 2022 2021
Research and development $ 1,066  $ 1,089  $ 2,042  $ 2,163 
Selling, general and administrative 8,883  6,548  14,855  13,189 
Capitalized under inventories 106  116  181  222 
Share-based compensation expense $ 10,055  $ 7,753  $ 17,078  $ 15,574