The National Institute of Standards and Technology (NIST) initiated a public standardization process to select one or more Authenticated Encryption with Associated Data (AEAD) and hashing schemes suitable for constrained environments. In February 2019, 57 candidates were submitted to NIST for consideration. Among these, 56 were accepted as firstround candidates in April 2019. After four months, NIST selected 32 of the candidates for the second round. In March 2021, NIST announced 10 finalists to move forward to the final round of the selection process. The finalists are ASCON, Elephant, GIFT-COFB, Grain-128AEAD, ISAP, PHOTON-Beetle, Romulus, SPARKLE, TinyJAMBU, and Xoodyak. This report describes the evaluation criteria and selection process, which is based on public feedback and internal review of the second-round candidates.