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Equity Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
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 six months ended June 30, 2024:
|  | Six Months Ended June 30,
|  | 2024 |  | 2023
Expected volatility |  | 82.9% - 84.9% |  | 81.5% - 83.5%
Expected life of options, in years |  | 5.5 - 6.1 |  | 5.5 - 6.1
Risk-free interest rate |  | 3.8% - 4.6% |  | 3.5% - 4.2%
Expected dividend yield |  | 0.0% |  | 0.0%
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 six months ended June 30, 2024:
|  | Number of Shares |  |  | Weighted Average Exercise Price |
Time-vested options outstanding at January 1, 2024 |  |  | 14,680,109 |  |  | $ | 7.83 |
Granted |  |  | 7,832,922 |  |  |  | 1.84 |
Exercised |  |  | (281 | ) |  |  | 1.61 |
Forfeited |  |  | (2,102,879 | ) |  |  | 5.22 |
Time-vested options outstanding at June 30, 2024 |  |  | 20,409,871 |  |  | $ | 5.53 |
Time-vested options exercisable at June 30, 2024 |  |  | 3,150,017 |  |  | $ | 9.12 |
Weighted average remaining contractual life |  | 8.2 years |  |  |  |
Time-vested options vested and expected to vest at June 30, 2024 |  |  | 20,409,871 |  |  | $ | 5.53 |
Weighted average remaining contractual life |  | 9.0 years |  |  |  |
Summary of Performance-Based Stock Option Activity | The following table summarizes the activity related to the Company’s performance-based stock option awards granted under the 2022 Plan for the six months ended June 30, 2024:
|  | Number of Shares |  |  | Weighted Average Exercise Price |
Performance-based options outstanding at January 1, 2024 |  |  | 1,000,000 |  |  | $ | 1.69 |
Granted |  |  | 506,250 |  |  |  | 1.27 |
Performance-based options outstanding at June 30, 2024 |  |  | 1,506,250 |  |  | $ | 1.55 |
Performance-based options exercisable at June 30, 2024 |  |  | — |  |  | $ | — |
Performance-based options vested and expected to vest at June 30, 2024 |  |  | 1,506,250 |  |  | $ | 1.55 |
Weighted average remaining contractual life |  | 9.5 years |  |  |  |
Summary of Profits Interest awards, Activity | The following table summarizes the activity related to the Profits Interest awards for the six months ended June 30, 2024:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested awards outstanding at January 1, 2024 |  |  | 3,565,753 |  |  | $ | 7.23 |
Vested |  |  | (1,218,775 | ) |  |  | 7.43 |
Forfeited |  |  | (158,250 | ) |  |  | 7.43 |
Unvested awards outstanding at June 30, 2024 |  |  | 2,188,728 |  |  | $ | 7.05 |
Summary of Compensation Expense Related to Share-Based Awards | Compensation expense related to equity-based awards 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, |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Research and development | $ | 3,402 |  |  | $ | 3,284 |  |  | $ | 6,633 |  |  | $ | 8,443 |
General and administrative |  | 4,406 |  |  |  | 7,918 |  |  |  | 8,856 |  |  |  | 15,779 |
Total equity-based compensation expense | $ | 7,808 |  |  | $ | 11,202 |  |  | $ | 15,489 |  |  | $ | 24,222 |
The following table summarizes our equity based compensation by type of award (in thousands):
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Time-vested stock options | $ | 5,575 |  |  | $ | 4,665 |  |  | $ | 10,755 |  |  | $ | 11,595 |
Performance-based stock options |  | 310 |  |  |  | – |  |  |  | 569 |  |  |  | – |
Market-vested stock options |  | – |  |  |  | 2,794 |  |  |  | – |  |  |  | 5,558 |
Legacy profits interests |  | 1,923 |  |  |  | 3,743 |  |  |  | 4,165 |  |  |  | 7,069 |
Total equity-based compensation expense | $ | 7,808 |  |  | $ | 11,202 |  |  | $ | 15,489 |  |  | $ | 24,222 |

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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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