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Equity Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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 year ended December 31, 2024:
|  | Number of Shares |  |  | Weighted Average Exercise Price |
Time-vested options outstanding at January 1, 2024 |  |  | 14,680,109 |  |  | $ | 7.83 |
Granted |  |  | 8,871,107 |  |  |  | 1.87 |
Exercised |  |  | (86,842 | ) |  |  | 1.61 |
Forfeited |  |  | (3,685,704 | ) |  |  | 6.41 |
Time-vested options outstanding at December 31, 2024 |  |  | 19,778,670 |  |  | $ | 5.45 |
Time-vested options exercisable at December 31, 2024 |  |  | 5,506,641 |  |  | $ | 7.92 |
Weighted average remaining contractual life |  | 8.2 years |  |  |  |
Time-vested options vested and expected to vest at December 31, 2024 |  |  | 19,778,670 |  |  | $ | 5.45 |
Weighted average remaining contractual life |  | 8.5 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 year ended December 31, 2024:
|  | Number of Shares |  |  | Weighted Average Exercise Price |
Performance-based options outstanding at January 1, 2024 |  |  | 1,000,000 |  |  | $ | 1.69 |
Granted |  |  | 671,250 |  |  |  | 1.52 |
Performance-based options outstanding at December 31, 2024 |  |  | 1,671,250 |  |  | $ | 1.62 |
Performance-based options exercisable at December 31, 2024 |  |  | 250,000 |  |  | $ | 1.69 |
Weighted average remaining contractual life |  | 8.9 years |  |  |  |
Performance-based options vested and expected to vest at December 31, 2024 |  |  | 1,671,250 |  |  | $ | 1.62 |
Weighted average remaining contractual life |  | 9.0 years |  |  |  |
Summary of Profits Interest awards, Activity | The following table summarizes the activity related to the Company’s Profits Interest awards for the year ended December 31, 2024:
|  | Number of Shares |  |  | Weighted Average Grant Date Fair Value |
Unvested awards outstanding at January 1, 2024 |  |  | 3,565,753 |  |  | $ | 7.23 |
Vested |  |  | (1,336,572 | ) |  |  | 6.89 |
Forfeited |  |  | (473,495 | ) |  |  | 7.64 |
Unvested awards outstanding at December 31, 2024 |  |  | 1,755,686 |  |  | $ | 7.37 |
Summary of assumptions of the valuation scenarios | The following reflects the key assumptions used in each of the valuation scenarios:
|  | 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 |
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):
| Years Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Research and development | $ | 12,504 |  |  | $ | 15,864 |  |  | $ | 23,711 |
General and administrative |  | 16,868 |  |  |  | 14,982 |  |  |  | 50,758 |
Total equity-based compensation expense | $ | 29,372 |  |  | $ | 30,846 |  |  | $ | 74,469 |
| Years Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Time-vested stock options | $ | 20,785 |  |  | $ | 23,560 |  |  | $ | 2,309 |
Performance-based stock options |  | 1,136 |  |  |  | – |  |  |  | – |
Market-vested stock options |  | – |  |  |  | (2,172 | ) |  |  | 2,172 |
Legacy restricted stock units |  | – |  |  |  | – |  |  |  | 396 |
Legacy profits interests |  | 7,451 |  |  |  | 9,458 |  |  |  | 69,592 |
Total equity-based compensation expense | $ | 29,372 |  |  | $ | 30,846 |  |  | $ | 74,469 |
Market-Vested Awards |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Summary of assumptions of the valuation in stock option activity | Due to the market condition included in this grant, the Company used the Geometric Brownian Motion/Monte Carlo model to value these awards. The model used the following inputs:
Expected volatility |  | 96%
Suboptimal exercise multiple |  | 2.80
Risk-free interest rate |  | 4.2%
Expected dividend yield |  | 0.0%
Time-Vested Awards |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
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 years ended December 31, 2024 and 2023:
|  | Years Ended December 31,
|  | 2024 |  | 2023
Expected volatility |  | 82.9% - 85.5% |  | 81.5% - 84.0%
Expected life of options, in years |  | 5.2 - 6.1 |  | 5.2 - 6.1
Risk-free interest rate |  | 3.6% - 4.6% |  | 3.5% - 4.3%
Expected dividend yield |  | 0.0% |  | 0.0%

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