Stock-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Stock-based compensation expense |
The following table sets forth the allocation of our stock-based compensation expense.
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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(in thousands) |
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2024 |
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2023 |
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2024 |
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2023 |
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Cost of revenue |
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$ |
3 |
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$ |
2 |
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$ |
10 |
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$ |
6 |
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Selling, general and administrative |
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647 |
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12,493 |
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1,529 |
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37,643 |
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Research and development |
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94 |
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1,829 |
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370 |
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5,284 |
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Total stock-based compensation |
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$ |
744 |
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$ |
14,324 |
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$ |
1,909 |
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$ |
42,933 |
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| Schedule of option award on the date of grant using the Black-Scholes option |
The following table summarizes our service-based restricted stock and RSU activity under our equity plan.
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Number of Shares |
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Weighted Average Grant-Date
Fair Value |
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Balance, December 31, 2023 |
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271,550 |
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$ |
4.40 |
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Granted |
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315,876 |
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$ |
1.49 |
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Vested |
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(34,364 |
) |
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$ |
5.86 |
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Balance, March 31, 2024 |
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553,062 |
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$ |
1.82 |
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Granted |
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8,242 |
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$ |
0.78 |
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Vested |
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(202,822 |
) |
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$ |
0.77 |
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Forfeited |
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(27,000 |
) |
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Balance, June 30, 2024 |
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331,482 |
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$ |
1.19 |
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Granted |
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886,959 |
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$ |
0.58 |
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Vested |
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(54,000 |
) |
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$ |
0.56 |
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Forfeited |
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(27,000 |
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Balance, September 30, 2024 |
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1,137,441 |
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$ |
0.76 |
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| Schedule of Performance-Based Restricted Stock Units |
The following table summarizes pertinent facts related to PRSU grants, with threshold and target dollar and production capacity figures given in millions.
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Grant Date |
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Grant-Date Fair Value |
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# Share-Settleable PRSUs |
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Metric |
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Threshold |
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Target |
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4/3/2024 |
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$ |
1.06 |
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498,604 |
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2026 PHA Revenue |
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$ |
135.0 |
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$ |
157.0 |
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4/3/2024 |
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$ |
1.06 |
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498,604 |
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2026 Adjusted EBITDA |
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$ |
17.2 |
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$ |
22.3 |
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2/28/2023 |
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$ |
2.58 |
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38,759 |
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2025 PHA Revenue |
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$ |
177.0 |
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$ |
202.0 |
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2/28/2023 |
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$ |
2.58 |
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38,760 |
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2025 Adjusted EBITDA |
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$ |
36.0 |
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$ |
44.0 |
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3/31/2022 |
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$ |
5.86 |
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15,075 |
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2024 PHA Revenue |
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$ |
151.0 |
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$ |
189.0 |
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3/31/2022 |
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$ |
5.86 |
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15,075 |
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2024 Adjusted EBITDA |
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$ |
9.2 |
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$ |
13.8 |
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3/31/2022 |
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$ |
5.86 |
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20,101 |
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2024 Neat PHA capacity (lbs.) |
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68.0 |
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81.0 |
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1,124,978 |
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| Schedule of stock option activity under our equity plans |
The following table summarizes share-settled stock option activity under our equity plans.
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Number of Options |
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Weighted Average Exercise Price |
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Weighted Average Remaining Contractual Term (Years) |
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Aggregate Intrinsic Value |
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Balance, December 31, 2023 |
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9,257,704 |
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$ |
11.27 |
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5.38 |
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$ |
- |
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Forfeited |
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(4,334 |
) |
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Balance, March 31, 2024 |
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9,253,370 |
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$ |
11.27 |
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5.13 |
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$ |
- |
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Forfeited |
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(23,199 |
) |
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Balance, June 30, 2024 |
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9,230,171 |
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$ |
11.28 |
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4.87 |
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$ |
- |
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Forfeited |
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(11,165 |
) |
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Balance, September 30, 2024 |
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9,219,006 |
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$ |
11.28 |
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4.62 |
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$ |
- |
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Exercisable |
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8,249,347 |
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$ |
12.16 |
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4.31 |
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$ |
- |
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Vested and expected to vest |
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9,219,006 |
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$ |
11.28 |
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4.62 |
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$ |
- |
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