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Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of weighted-average assumptions

The assumptions used in the Company’s valuation are summarized as follows, presented on a weighted average basis:

						Year Ended December 31, 2023						Year Ended December 31, 2022
Risk-free interest rate						4.59		%				3.11		%
Expected term (in years)						4.8						5.9
Expected volatility						98.1		%				91.2		%
Expected annual dividends per share						—		%				—		%

Schedule of stock option activity

The following table summarizes the Company’s time-based stock option activity for the year ended December 31, 2023:     

						Number of share options						Weighted average exercise price						Weighted average remaining contractual term						Aggregate intrinsic value
Outstanding as of December 31, 2022						12,712,359						$	4.83					8.4 years						$	8,702
Granted						44,135,170						$	1.72
Forfeited						(2,433,943)						$	5.56
Exercised						(204,297)						$	2.20
Outstanding as of December 31, 2023						54,209,289						$	2.28					9.3 years						$	42,574
Outstanding as of December 31, 2023 - vested and expected to vest						49,407,492						$	2.31					9.3 years						$	38,406
Exercisable at December 31, 2023						5,716,319						$	4.89					7.2 years						$	892

The following table summarizes the Company’s performance and market-based stock option activity for the year ended December 31, 2023:

						Number of share options						Weighted average exercise price						Weighted average remaining contractual term						Aggregate intrinsic value
Outstanding as of December 31, 2022						6,764,000						$	1.15					9.6 years						$	20,955
Granted						40,835,220						$	1.69
Forfeited						(945,000)						$	1.20
Exercised						—						$	—
Outstanding as of December 31, 2023						46,654,220						$	1.62					9.6 years						$	46,237
Outstanding as of December 31, 2023 - vested and expected to vest						8,397,760						$	1.62					9.6 years						$	8,323
Exercisable at December 31, 2023						—						$	—					—						$	—

Schedule of stock-based compensation expense

Stock‑based compensation expense related to stock options is recorded within the consolidated statements of operations and comprehensive loss as follows:

						Year Ended December 31, 2023						Year Ended December 31, 2022
Research and development						$	4,408					$	4,303
General and administrative						9,700						$	7,645
Total stock-based compensation						$	14,108					$	11,948

The following table summarizes share-based compensation expense associated with each of our share-based compensation arrangements:

						Year Ended December 31, 2023						Year Ended December 31, 2022
Time-based stock options						$	12,606					$	11,630
Performance and market-based stock options						1,318						84
Employee stock purchase plan						184						234
Total stock-based compensation						$	14,108					$	11,948

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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