Quarterly report pursuant to Section 13 or 15(d)

Share-based Compensation (Tables)

v3.22.2.2
Share-based Compensation (Tables)
9 Months Ended
Sep. 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 nine months ended September 30, 2022 and September 30, 2021:
2022 2021
Annualized volatility 70  % 66  %
Risk-free interest rate 2.01  % 0.38  %
Expected life of options in years 5.0 years 4.0 years
Estimated forfeiture rate 12.1  % 8.9  %
Dividend rate 0.0  % 0.0%
Fair value per common share option $ 6.60  $ 6.64 
Schedule of Option Activity
The following table summarizes the option award activity for the nine months ended September 30, 2022:

September 30, 2022
Number of shares (in thousands) Weighted average exercise price $
Outstanding - December 31, 2021 12,074  $ 12.84 
Granted 3,809  11.25 
Exercised (77) 6.47 
Forfeited (1,507) 14.63 
Outstanding - September 30, 2022 14,299  $ 12.26 
Schedule of Performance Shares Activity
The following table summarizes the PA and RSU activity for the nine months ended September 30, 2022:
September 30, 2022
Number of shares (in thousands) Weighted average exercise price $
Outstanding - December 31, 2021 347  $ 13.33 
Granted 2,311  11.26 
Vested (305) 14.17 
Forfeited (255) 12.39 
Outstanding - September 30, 2022 2,098  $ 11.04 
Allocation of Share-Based Payments
The Company recognized share-based compensation expense for the three and nine month periods ended September 30, 2022 and September 30, 2021 as follows:
Three months ended
September 30,
Nine Months Ended
September 30,
(in thousands) 2022 2021 2022 2021
Research and development $ 1,489  $ 1,038  $ 3,531  $ 3,201 
Selling, general and administrative 6,625  6,000  21,480  19,189 
Capitalized under inventories 206  54  387  276 
Share-based compensation expense $ 8,320  $ 7,092  $ 25,398  $ 22,666