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				Six Months Ended
	June 30,				June 30,
$ in thousands	2023		2022		2023		2022
Cost of services revenue	$	165	$	428	$	245	$	991
Selling, general and administrative	2,210		10,314		(7,543)		21,189
Research and development	441		836		915		2,380
Total share-based compensation expense	$	2,816	$	11,578	$	(6,383)	$	24,560


	Three Months Ended				Six Months Ended
	June 30,				June 30,
$ in thousands	2023		2022		2023		2022
Stock options	$	200	$	5,416	$	(12,055)	$	11,976
Restricted stock units	2,515		6,108		5,374		12,530
Employee stock purchase plan	101		—		191		—
Vendor Warrants	—		54		107		54
Total share-based compensation expense	$	2,816	$	11,578	$	(6,383)	$	24,560


$ 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	(8,876,564)	0.13
Forfeited	(10,578,223)	6.36
Expired	(121,150)	1.69
Outstanding balance as of June 30, 2023	11,627,108	$	2.41	5.29	$	511
Exercisable as of June 30, 2023	8,218,162	$	3.23	4.31	$	372

During the six months ended June 30, 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 in the first quarter of 2023. As of June 30, 2023, the unrecognized compensation cost related to stock options was $1.3 million which is expected to be recognized over a weighted-average period of 1.7 years.


	Number of Shares	Weighted Average Grant Date Fair Value ($)
Unvested as of December 31, 2022	11,451,776	$	4.37
Granted	8,630,896	0.29
Vested	(2,089,190)	4.83
Forfeited	(1,945,396)	3.09
Unvested as of June 30, 2023	16,048,086	$	2.23

During the six months ended June 30, 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 in the first quarter of 2023. As of June 30, 2023, the unrecognized compensation cost related to unvested RSU awards was $21.9 million which is expected to be recognized over a weighted-average period of 2.9 years.

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 June 30, 2023, 0.7 million shares have been issued under the 2021 ESPP.