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7. SHARE-BASED COMPENSATION | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
7. SHARE-BASED COMPENSATION | 7. SHARE-BASED COMPENSATION Share-Based Compensation We issue share-based compensation to employees in the form of stock options, restricted stock units (RSUs), and performance stock units (PSUs). We account for the share-based awards by recognizing the fair value of share-based compensation expense on a straight-line basis over the service period of the award, net of estimated forfeitures. The fair value of stock options is estimated on the grant date using the Black-Scholes option pricing model. The fair value of RSUs and non-executive PSUs is based on the closing price of our common stock on the grant date. Executive PSUs are valued using a binomial option pricing model using the following inputs: stock price, volatility, and risk-free interest rates. Changes in estimated inputs or using other option valuation methods may result in materially different option values and share-based compensation expense. The following table summarizes the amount of share-based compensation expense by line item on the statements of operations: Share-based Compensation Expense by Line Item
Share-based compensation expense |  |  | Three Months Ended |  |  | Nine Months Ended
|  |  | September 30, |  |  | September 30,
(in thousands) |  |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020
Research and development expense |  | $ | 1,371 |  | $ | 291 |  | $ | 4,758 |  | $ | 433
Sales, marketing, general and administrative expense |  |  | 1,439 |  |  | 159 |  |  | 7,587 |  |  | 406
|  | $ | 2,810 |  | $ | 450 |  | $ | 12,345 |  | $ | 839
Options activity and positions The following table summarizes shares, weighted-average exercise price, weighted-average remaining contractual term and aggregate intrinsic value of options outstanding and options exercisable as of September 30, 2021: Option Positions
|  |  |  |  |  |  | Weighted- |  |  |
|  |  |  |  | Weighted- |  | Average |  |  |
|  |  |  |  | Average |  | Remaining |  |  | Aggregate
Options |  |  |  |  | Exercise |  | Contractual |  |  | Intrinsic
|  | Shares |  |  | Price |  | Term (years) |  |  | Value
Outstanding as of September 30, 2021 |  | 1,712,000 |  | $ | 1.31 |  | 6.5 |  | $ | 16,689,000
Exercisable as of September 30, 2021 |  | 1,351,000 |  | $ | 1.49 |  | 6.1 |  | $ | 12,942,000
As of September 30, 2021, our unrecognized share-based employee compensation related to stock options was $103,000 which we plan to expense over the next 0.8 years. Restricted stock activity and positions The following table summarizes activity and positions with respect to RSUs and PSUs for the nine months ended September 30, 2021: Restricted Stock Unit Activity
|  |  |  |  |  | Weighted-average
|  |  | Shares |  |  | price
Unvested as of December 31, 2020 |  |  | 1,983,000 |  | $ | 0.76
Granted |  |  | 3,937,000 |  |  | 13.21
Vested |  |  | (2,250,000) |  |  | 2.99
Forfeited |  |  | (1,117,000) |  |  | 12.16
Unvested as of September 30, 2021 |  |  | 2,553,000 |  | $ | 13.01
As of September 30, 2021, our unrecognized share-based compensation related to RSUs was $26.0 million which we plan to expense over the next 2.5 years and our unrecognized share-based compensation related to the non-executive PSUs was $1.2 million, which we plan to expense over the next 1.0 years.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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