v3.24.1.u1
Share-based Compensation (Tables)
 3 Months Ended
Mar. 31, 2024
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, 2024 and March 31, 2023:
20242023
Annualized volatility77 %71 %
Risk-free interest rate4.04 %4.08 %
Expected life of options in years5.0 years5.0 years
Estimated forfeiture rate13.1 %12.7 %
Dividend rate0.0 %0.0%
Fair value per common share option$4.62 $5.44 
Schedule of Option Activity
The following table summarizes the option award activity for the three months ended March 31, 2024:

March 31, 2024
Number of shares (in thousands)Weighted average exercise price $
Outstanding - December 31, 2023
11,556 $10.63 
Granted63 7.12 
Exercised(6)4.85 
Forfeited or cancelled
(532)11.62 
Outstanding - March 31, 2024
11,081 $10.57 
Schedule of Performance Shares Activity
The following table summarizes the RSU and PA activity for the three months ended March 31, 2024:
March 31, 2024
Number of shares (in thousands)Weighted average fair value price $
Unvested balance, December 31, 2023
7,807 $9.29 
Granted4,491 6.94 
Vested(2,225)9.48 
Forfeited(1,244)9.12 
Unvested balance, March 31, 2024
8,829 $8.07 
Allocation of Share-Based Payments
The Company recognized share-based compensation expense for the three months ended March 31, 2024 and March 31, 2023 as follows:
Three months ended
March 31,
(in thousands)20242023
Research and development$(2,166)$1,590 
Selling, general and administrative7,537 7,589 
Capitalized under inventories366 288 
Share-based compensation expense$5,737 $9,467