v3.24.3
Share-based Compensation (Tables)
9 Months Ended
Sep. 30, 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 nine months ended September 30, 2024, and September 30, 2023:
20242023
Annualized volatility77 %71 %
Risk-free interest rate4.08 %3.92 %
Expected life of options in years5.0 years5.0 years
Estimated forfeiture rate13.0 %12.7 %
Dividend rate0.0 %0.0%
Fair value per common share option$3.82 $5.94 
Schedule of Option Activity
The following table summarizes the option award activity for the nine months ended September 30, 2024:

September 30, 2024
Number of shares (in thousands)Weighted average exercise price $
Outstanding - December 31, 2023
11,556 $10.63 
Granted325 5.89 
Exercised(125)5.18 
Forfeited or cancelled
(2,006)12.81 
Outstanding - September 30, 2024
9,750 $10.09 
Schedule of Performance Shares Activity
The following table summarizes the RSU and PA activity for the nine months ended September 30, 2024:
September 30, 2024
Number of shares (in thousands)Weighted average fair value price $
Unvested balance, December 31, 2023
7,807 $9.29 
Granted4,663 6.89 
Vested(2,422)9.50 
Forfeited(1,673)8.99 
Unvested balance - September 30, 2024
8,375 $7.96 
Schedule of Allocation of Share-Based Payments
The Company recognized share-based compensation expense for the three and nine months ended September 30, 2024, and September 30, 2023, as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
(in thousands)2024202320242023
Research and development$306 $1,975 $(1,773)$5,679 
Selling, general and administrative7,812 9,560 23,427 26,969 
Capitalized under inventories209 273 996 895 
Share-based compensation expense$8,327 $11,808 $22,650 $33,543