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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
2022 LTIP [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Schedule of share options valuation assumptions |
|  | 2022 |
Expected term—years (1) |  | 2.5 – 5.1 |
Current share value |  |  | 1.23 |
Expected volatility (2) |  | 59.6% - 63.5% |
Risk-free interest rate (3) |  | 3.8% - 4.2% |
Dividend yield (4) |  |  | 0 | %
Schedule of share option activity | The Company’s share option activity for the year ended December 31, 2022 was as follows:
|  | Number of share options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual life (years) |  |  | Aggregate Intrinsic Value (In millions) |
Outstanding as of December 31, 2021 |  |  | — |  |  |  |  | — |  |  |  |  |  |  |
Issued |  |  | 15,750,000 |  |  | £ |  | 0.0001 |  |  |  |  |  |  |
Exercised |  |  | — |  |  |  |  | — |  |  |  |  |  |  |
Cancelled/Forfeited |  |  | — |  |  |  |  | — |  |  |  |  |  |  |
Outstanding as of December 31, 2022 |  |  | 15,750,000 |  |  | £ |  | 0.0001 |  |  |  | 6.5 |  |  | $ | 19.2 |
Vested and exercisable |  |  | 5,700,000 |  |  | £ |  | 0.0001 |  |  |  | 5 |  |  | $ | 7.0 |
Vested and expected to vest |  |  | 15,750,000 |  |  | £ |  | 0.0001 |  |  |  | 6.5 |  |  | $ | 19.2 |
2023 LTIP [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Schedule of share options valuation assumptions |
|  | 2023 |
Expected term—years (1) |  | 1 – 5.1 |
Current share value |  | $ | 0.10 |
Expected volatility (2) |  | 59.6% - 63.5% |
Risk-free interest rate (3) |  | 3.8% - 4.2% |
Dividend yield (4) |  |  | 0 | %
(1) The expected term is the length of time the grant is expected to be outstanding before it is exercised or terminated. This number is calculated as the midpoint between the end of the vesting term and the contractual period to exercise. (2) Volatility, or the standard deviation of annualized returns, was calculated based on comparable companies’ reported volatilities. (3) Risk free rate was obtained from US treasury notes for the expected terms noted as of the valuation date. The Company has assumed a dividend yield of zero as it has no plans to declare dividends in the foreseeable future.
Schedule of share option activity | The Company’s share option activity for the year ended December 31, 2023 was as follows:
|  | Number of share options |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual life (years) |  |  | Aggregate Intrinsic Value (In millions) |
Outstanding as of December 31, 2022 |  |  | 15,750,000 |  |  | £ |  | 0.0001 |  |  |  | 6.5 |  |  | $ | 19.2 |
Issued |  |  | 49,305,537 |  |  | £ |  | 0.0001 |  |  |  | 5.9 |  |  |  | 4.9 |
Exercised |  |  | — |  |  |  |  | — |  |  |  |  |  |  |
Cancelled/Forfeited |  |  | — |  |  |  |  | — |  |  |  |  |  |  |
Outstanding as of December 31, 2023 |  |  | 65,055,537 |  |  | £ |  | 0.0001 |  |  |  | 5.5 |  |  | $ | 24.1 |
Vested and exercisable |  |  | 11,600,000 |  |  | £ |  | 0.0001 |  |  |  | 5 |  |  | $ | 13.9 |
Vested and expected to vest |  |  | 65,055,537 |  |  | £ |  | 0.0001 |  |  |  | 6.5 |  |  | $ | 24.1 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Line items represent financial concepts included in a table. 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