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Equity Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of stock option awards granted, Activity | The following table summarizes the activity related to the Company’s time-vested stock option awards granted under the 2022 Plan for the three months ended March 31, 2023:
|  | Number of Shares |  |  | Weighted Average Exercise Price |
Time-vested options outstanding at January 1, 2023 |  |  | 5,865,108 |  |  | $ | 10.30 |
Granted |  |  | 5,344,700 |  |  |  | 8.99 |
Forfeited |  |  | (258,000 | ) |  |  | 8.49 |
Time-vested options outstanding at March 31, 2023 |  |  | 10,951,808 |  |  | $ | 9.70 |
Time-vested options exercisable at March 31, 2023 |  |  | 592,160 |  |  | $ | 9.87 |
Weighted average remaining contractual life |  | 9.1 years |  |  |  |
Time-vested options vested and expected to vest at March 31, 2023 |  |  | 10,951,808 |  |  | $ | 9.70 |
Weighted average remaining contractual life |  | 9.2 years |  |  |  |
Summary of Profits Interest awards, Activity | three months ended March 31, 2023:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested awards outstanding at January 1, 2023 |  |  | 8,369,795 |  |  | $ | 7.08 |
Vested |  |  | (1,866,541 | ) |  |  | 7.15 |
Forfeited |  |  | (327,713 | ) |  |  | 7.84 |
Awards outstanding at March 31, 2023 |  |  | 6,175,541 |  |  | $ | 7.02 |
Summary of assumptions of the valuation in stock option activity | The fair value of stock options granted was estimated using the following assumptions during the three months ended March 31, 2023:
|  | For the Three Months Ended March 31, 2023
Expected volatility |  | 81.8% - 82.3%
Expected life of options, in years |  | 6.0 - 6.1
Risk-free interest rate |  | 3.5% - 4.2%
Expected dividend yield |  | 0.0%
Summary of assumptions of the valuation scenarios | The following reflects the key assumptions used in each of the valuation scenarios for the awards granted during the three months ended March 31, 2022:
|  | 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 |
Schedule of Compensation expense related to share-based awards | Compensation expense related to share-based awards is included in research and development and general and administrative expense as follows (in thousands):
﻿ | Three Months Ended March 31, |  | ﻿
﻿ | 2023 |  | ﻿ | 2022 |  | ﻿
Research and development | $ | 5,159 |  | ﻿ | $ | 17,367 |  | ﻿
General and administrative |  | 7,861 |  | ﻿ |  | 35,319 |  | ﻿
Total equity-based compensation expense | $ | 13,020 |  | ﻿ | $ | 52,686 |  | ﻿

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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