Quarterly report pursuant to Section 13 or 15(d)

Share-based Compensation (Tables)

v3.23.1
Share-based Compensation (Tables)
3 Months Ended
Mar. 31, 2023
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 three months ended March 31, 2023 and March 31, 2022:
2023 2022
Annualized volatility 71  % 70  %
Risk-free interest rate 4.08  % 1.73  %
Expected life of options in years 5.0 years 5.0 years
Estimated forfeiture rate 12.7  % 11.6  %
Dividend rate 0.0  % 0.0%
Fair value per common share option $ 5.44  $ 7.02 
The increase of the risk-free interest rate during the three months ended March 31, 2023 was due to the increase of higher yields on government benchmark bonds.
Schedule of Option Activity
The following table summarizes the option award activity for the three months ended March 31, 2023:

March 31, 2023
Number of shares (in thousands) Weighted average exercise price $
Outstanding - December 31, 2022 13,295  $ 12.09 
Granted 232  8.84 
Exercised (319) 5.09 
Forfeited (530) 14.43 
Outstanding - March 31, 2023 12,678  $ 12.11 
Schedule of Performance Shares Activity
The following table summarizes the RSU and PA activity for the three months ended March 31, 2023:
March 31, 2023
Number of shares (in thousands) Weighted average fair value price $
Outstanding - December 31, 2022 1,980  $ 10.84 
Granted 6,468  8.99 
Vested (442) 12.01 
Forfeited (102) 9.73 
Outstanding - March 31, 2023 7,904  $ 9.27 
Allocation of Share-Based Payments
The Company recognized share-based compensation expense for the three month periods ended March 31, 2023 and March 31, 2022 as follows:
Three months ended
March 31,
(in thousands) 2023 2022
Research and development $ 1,590  $ 976 
Selling, general and administrative 7,589  5,972 
Capitalized under inventories 288  75 
Share-based compensation expense $ 9,467  $ 7,023