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Equity Based Compensation (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2022 | Dec. 31, 2021
Share-Based Payment Arrangement [Abstract] |  |
Summary of key assumptions used in the OPM valuation | The following reflects the key assumptions used in each of the valuation scenarios:
|  | OPM |  |  | PWERM |
Total equity value (in thousands) |  | $ | 280,400 |  |  | $ | 1,750,000 |
Expected volatility of total equity |  |  | 95 | % |  |  | 60 | %
Discount for lack of market |  |  | 30 | % |  |  | 15 | %
Expected time to exit event |  |  | 3.7 years |  |  |  | 0.5 years |
| The following reflects the key assumptions used in the OPM valuation:
Total equity value (in thousands) |  | $ | 78,100 |
Expected volatility of total equity |  |  | 80 | %
Discount for lack of market |  |  | 30 | %
Expected time to exit event |  |  | 3 years |
Summary of Compensation Expense | Compensation expense related to the issuance and purchase of Class B and B-1 Units is included in research and development and general and administrative expense as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Research and development |  | $ | 17,367 |  |  | $ | — |
General and administrative |  |  | 35,319 |  |  |  | 175 |
Total equity-based compensation expense |  | $ | 52,686 |  |  | $ | 175 |
Summary of the activity related to the Company's Class B and B-1 Units granted | The following table summarizes the activity for the three months ended March 31, 2022, related to the Company’s Class B and B-1 Units granted as equity awards to its employees, board members and service providers:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested awards outstanding at January 1, 2022 |  |  | 2,460,617 |  |  | $ | 0.36 |
Granted |  |  | 8,498,488 |  |  |  | 6.03 |
Vested |  |  | (449,486 | ) |  |  | 0.36 |
Forfeited |  |  | (29,070 | ) |  |  | 6.03 |
Unvested awards outstanding at March 31, 2022 |  |  | 10,480,549 |  |  | $ | 4.94 |
| The following table summarizes the activity related to the Company’s Profits Interest awards for the year ended December 31, 2021:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Awards outstanding at December 31, 2020 |  |  | 4,402,398 |  |  | $ | 0.36 |
Vested |  |  | (1,941,781 | ) |  |  | 0.36 |
Awards outstanding at December 31, 2021 |  |  | 2,460,617 |  |  | $ | 0.36 |

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