Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Stock Option Activity

The following table summarizes all stock option activity for the year ended December 31, 2021:

	Options Outstanding			Weighted- Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (1)
Outstanding as of January 1, 2021		7,811,975		$	4.66		6.30	N/A
Granted (2)		1,959,335			7.65
Exercised		(39,614	)		1.91
Cancelled/forfeited		(32,040	)		5.12
Outstanding as of December 31, 2021		9,699,656			5.28		6.22	$	12.3
Vested and expected to vest after December 31, 2021		9,699,656		$	5.28		6.22	$	12.3
Exercisable, December 31, 2021		5,691,541		$	4.29		5.73	$	10.9

(1)Aggregate intrinsic value represents the difference between the closing fair value of the underlying common stock and the exercise price of outstanding, in-the-money options on the date of measurement.

(2)During the year ended December 31, 2021, the Company issued 1,959,335 stock options in exchange for outstanding stock options of Onegevity at the time of, and in conjunction with the merger agreement as further discussed in Note 4. As a result of the stock option exchange being determined to be materially a “like-for-like” transaction, there was no incremental stock compensation expense recorded by the Company. The Company compared the fair value of the stock options immediately before and after the exchange and determined that the exchange did not result in incremental compensation expense. These stock options contain an accelerated vesting provision whereby upon the completion of an IPO by the Company or qualified change-in-control, any related and unvested stock options would become fully vested. Upon the Company’s IPO on September 22, 2021, all 1,959,335 stock options issued in connection with the Onegevity merger fully vested.

Schedule Of Stock Options Outstanding

The following information summarizes the Company’s stock options outstanding for the periods presented:

	For the year ended December 31,
	2021		2020
Weighted-average grant date fair value of stock options granted (1)	N/A		N/A
Grant date fair value of stock options vested (2)	$	963,205	$	963,205
Intrinsic value of stock options exercised (3)	$	219,813	N/A

(1)During the years ended December 31, 2021 and 2020, there were no options granted by the Company. During the year ended December 31, 2021 and in connection with the Onegevity merger, the Company issued 1,959,335 options in exchange for outstanding stock options of Onegevity. As a result of the stock option exchange being determined to be materially a “like-for-like” transaction, there was no incremental stock compensation expense recorded by the Company. The Company compared the fair value of the stock options immediately before and after the exchange and determined that the exchange did not result in incremental compensation expense. These stock options issued in connection with the Onegevity merger have been excluded from the information presented for the year ended December 31, 2021.

(2)During the year ended December 31, 2021 and in connection with the Onegevity merger, the Company issued 1,959,335 options in exchange for outstanding stock options of Onegevity. These stock options contained an accelerated vesting provision whereby upon the completion of an IPO by the Company or qualified change-in-control, any related and unvested stock options would become fully vested. Upon the Company’s IPO on September 22, 2021, all 1,959,335 stock options issued in connection with the Onegevity merger fully vested. These vested stock options issued in connection with the Onegevity merger have been excluded from the information presented for the year ended December 31, 2021.

(3)Shares of the Company’s common stock, traded under the symbol “THRN,” have been publicly traded since September 23, 2021, when the Company’s common stock was listed and began trading on the Nasdaq Global Select Market (the “Nasdaq”). No market for the Company’s stock existed prior to September 23, 2021. Accordingly, the total intrinsic value of stock options exercised excludes options exercised for the year ended December 31, 2020, prior to the IPO date. There were no stock option exercises prior to the IPO date during the year ended December 31, 2021.

Schedule of Non Vested Restricted Stock Shares Activity

The following table summarizes all RSU activity for the year ended December 31, 2021:

	Number of Shares		Weighted- Average Grant-Date Fair Value
Outstanding as of December 31, 2020		—	$	—
Granted (1)		3,879,350		9.99
Released		472,590		11.17
Cancelled/forfeited		—		—
Outstanding as of December 31, 2021		3,406,760	$	9.82
Vested and expected to vest after December 31, 2021		3,406,760	$	9.82

(1)472,590 RSUs granted during the year ended December 31, 2021 were granted in exchange for profits interest units held by employees of Onegevity in conjunction with the merger agreement as further discussed in Note 4. As a result of the RSU exchange, there was no incremental stock compensation expense recorded by the Company. The Company compared the fair value of the RSUs immediately before and after the exchange and determined that the exchange resulted in no incremental compensation expense. These RSUs contain an accelerated vesting provision whereby upon the completion of an IPO by the Company or qualified change-in-control, any unvested shares would become fully vested. Upon the Company’s IPO on September 22, 2021, all restrictions on the 472,590 unvested RSUs were released.

Schedule of RSUs

The following table summarizes additional information related to RSUs for the periods presented:

	For the year ended December 31,
	2021		2020
Weighted-average grant date fair value of RSUs granted (1)(2)	$	9.99	N/A
Grant date fair value of RSUs vested (2)(3)	$	-	$	-
Intrinsic value of RSUs released (2)(4)	$	-	$	-

(1)During the year ended December 31, 2021, there were 875,760 RSUs issued prior to the Company’s IPO and an additional 2,531,000 RSUs issued after the IPO and prior to December 31, 2021. Shares of the Company’s common stock, traded under the symbol “THRN,” have been publicly traded since September 23, 2021, when the Company’s common stock was listed and began trading on the Nasdaq Global Select Market (Nasdaq). Accordingly, no market for the Company’s stock existed prior to September 23, 2021. Accordingly, the total intrinsic value of RSUs granted excludes the 875,760 RSUs granted prior to the IPO date. There were no RSUs granted during the year ended December 31, 2020.

(2)During the year ended December 31, 2021 and in connection with the Onegevity merger, the Company issued 472,590 RSUs in exchange for outstanding profits interest units held by employees of Onegevity. As a result of the RSU exchange being determined to be materially a “like-for-like” transaction, there was no incremental stock compensation expense recorded by the Company. The Company compared the fair value of the RSUs immediately before and after the exchange and determined that the exchange did not result in incremental compensation expense. These RSUs issued in connection with the Onegevity merger have been excluded from the information presented for the year ended December 31, 2021.

(3)During the years ended December 31, 2021 and 2020, there were no RSUs that vested.

(4)During the years ended December 31, 2021 and 2020, there were no RSUs that were released.