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Equity Based Compensation (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Share-Based Payment Arrangement [Abstract]

Summary of key assumptions used in the OPM valuation

The following table summarizes the activity for the six months ended June 30, 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			9,977,072				6.09
Vested			(1,073,973	)			1.28
Forfeited			(41,612	)			6.03
Awards outstanding at June 30, 2022			11,322,104			$	5.30

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 June 30,								Six Months Ended June 30,
		2022				2021				2022				2021
Research and development		$	1,336			$	—			$	18,703			$	—
General and administrative			6,664				175				41,983				350
Total equity-based compensation expense		$	8,001			$	175			$	60,686			$	350

Summary of the activity related to the Company's Class B and B-1 Units granted

The following reflects the key assumptions used in each of the valuation scenarios for awards granted during the six months ended June 30, 2022:​​​​​​​

		OPM				PWERM
Total equity value (in thousands)			$234,551 - $280,400				$1,750,000
Expected volatility of total equity			95%				60% - 90%
Discount for lack of market			30%				7% - 15%
Expected time to exit event			3.4 years - 3.7 years				0.1 years - 0.5 years

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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Tabular disclosure of share-based payment arrangement.

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-Section 50
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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 of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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