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Equity Based Compensation (Tables)

6 Months Ended

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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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 changes in outstanding nonvested restricted stock units.

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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.

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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.

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Tabular disclosure of the number and weighted-average grant date fair value for outstanding performance shares.

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