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				Nine Months Ended
	September 30,				September 30,
$ in thousands	2023		2022		2023		2022
Cost of services revenue	$	197	$	330	$	442	$	1,321
Selling, general and administrative	199		7,641		(7,344)		28,830
Research and development	(91)		2,081		824		4,461
Total share-based compensation expense	$	305	$	10,052	$	(6,078)	$	34,612


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
$ in thousands	2023		2022		2023		2022
Stock options	$	172	$	4,251	$	(11,883)	$	16,227
Restricted stock units	75		5,721		5,449		18,251
Employee stock purchase plan	49		—		240		—
Vendor Warrants	9		80		116		134
Total share-based compensation expense	$	305	$	10,052	$	(6,078)	$	34,612


$ 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	891,509	$	107.85	7.62	$	10,725

Exercised	(254,139)	4.57
Forfeited	(312,046)	215.87
Expired	(85,900)	291.31
Outstanding balance as of September 30, 2023	239,424	$	12.65	6.34	$	31
Exercisable as of September 30, 2023	165,947	$	11.29	5.92	$	31

During the nine months ended September 30, 2023, we recognized a net reduction of $12.5 million in share-based compensation expense, included in SG&A, as a result of 279,589 stock options forfeited in connection with the termination of our former Chief Executive Officer in the first quarter of 2023. As of September 30, 2023, the unrecognized compensation cost related to stock options was $0.9 million which is expected to be recognized over a weighted-average period of 1.5 years.


	Number of Shares	Weighted Average Grant Date Fair Value ($)
Unvested as of December 31, 2022	327,141	$	153.12
Granted	341,242	9.88
Vested	(122,524)	114.77
Forfeited	(98,573)	112.81
Unvested as of September 30, 2023	447,286	$	61.87

As of September 30, 2023, the unrecognized compensation cost related to unvested RSU awards was $17.5 million which is expected to be recognized over a weighted-average period of 1.3 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 September 30, 2023, 19,284 shares have been issued under the 2021 ESPP.