The Heliogen, Inc. 2021 Equity Incentive Plan aims to incentivize employees, directors and consultants who render services to the Company through the granting of stock awards, including stock options, stock appreciation right awards, restricted stock awards, restricted stock unit (“RSU”) awards, performance awards, and other stock-based awards.

The following table summarizes our share-based compensation expense by the affected line on our consolidated statements of operations:


	Three Months Ended
	March 31,
$ in thousands		2023		2022
Cost of services revenue		$	80	$	563
Selling, general and administrative		(9,753)		10,875
Research and development		474		1,544
Total share-based compensation expense		$	(9,199)	$	12,982


	Three Months Ended
	March 31,
$ in thousands		2023		2022
Stock options		$	(12,255)	$	6,560
Restricted stock units		2,859		6,422
Employee stock purchase plan		90		—
Vendor Warrants		107		—
Total share-based compensation expense		$	(9,199)	$	12,982


$ in thousands, except share and per share data	Number of Shares	Weighted Average Exercise Price ($)		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value ($)





Outstanding balance as of December 31, 2022	31,203,045	$	3.10	7.62	$	10,725

Exercised	(1,588,277)	0.15
Forfeited	(10,021,087)	6.68
Expired	(60,313)	2.27
Outstanding balance as of March 31, 2023	19,533,368	$	1.50	3.51	$	1,334
Exercisable as of March 31, 2023	14,949,494	$	1.82	2.34	$	1,152

During the three months ended March 31, 2023, we recognized a net reduction of $12.5 million in share-based compensation expense, included in SG&A, as a result of 9.8 million stock options forfeited in connection with the termination of our former Chief Executive Officer. As of March 31, 2023, the unrecognized compensation cost related to stock options was $1.6 million which is expected to be recognized over a weighted-average period of 1.9 years.

During the three months ended March 31, 2023, we granted 2.3 million RSU awards at a weighted average grant date fair value per share of $0.40. During the three months ended March 31, 2023, we recognized a net reduction of $0.9 million in share-based compensation expense as a result of 0.7 million RSU awards forfeited in connection with the termination of certain employees.

Under the Heliogen, Inc. 2021 Employee Stock Purchase Plan (the “2021 ESPP”), eligible employees may elect to purchase the Company’s common stock at the end of each offering period, which will generally be six months, at a 15% discount to the market price of the Company’s common stock. As of March 31, 2023, no shares have been issued under the 2021 ESPP.