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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

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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-Section 50
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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares.

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