Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Schedule of Stock-based compensation expense

Stock-based compensation expense for the periods indicated is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Stock options	$	237,786	$	24,143	$	475,572	$	534,665
Restricted stock units		2,904,050		—		4,675,676		—
Total stock-based compensation expense	$	3,141,836	$	24,143	$	5,151,248	$	534,665

Schedule of Stock Option Activity

The following table summarizes stock option activity for the six months ended June 30, 2022:

	Options Outstanding			Weighted- Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (1)
Outstanding as of January 1, 2022		9,699,656		$	5.28		6.22	$	12.3
Granted		—			-
Exercised		(179,055	)		1.36
Cancelled/forfeited		—			-
Outstanding as of June 30, 2022		9,520,601			5.35		5.58		3.6
Vested and expected to vest as of June 30, 2022		9,520,601		$	5.35		5.58	$	3.6
Exercisable as of June 30, 2022		1,690,381		$	2.71		2.42	$	3.6

(1) Aggregate intrinsic value is presented in millions of U.S. dollars and 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.

Schedule Of Stock Options Outstanding

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

	Three Months Ended June 30,			Six Months Ended June 30,
	2022		2021	2022		2021
Weighted-average grant date fair value of stock options granted (1)	N/A		N/A	N/A		N/A
Grant date fair value of stock options vested (1)(2)	N/A		N/A	N/A		N/A
Intrinsic value of stock options exercised (3)	$	8,133	N/A	$	857,460	N/A

(1) The three and six months ended June 30, 2021 excludes 1,959,335 stock options issued in exchange for outstanding stock options of Onegevity, in connection with the merger. The stock option exchange was determined to be materially a “like-for-like” transaction and 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.

(2) During the three and six months ended June 30, 2022 and 2021, there were no stock options that vested.

(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. There were no stock option exercises prior to the IPO date.

Schedule of Non Vested Restricted Stock Shares Activity

The following table summarizes RSU activity for the six months ended June 30, 2022:

	Number of Shares			Weighted- Average Grant-Date Fair Value
Outstanding as of January 1, 2022		3,406,760		$	9.82
Granted		2,217,248			6.91
Released		—			—
Cancelled/forfeited		(5,000	)		8.40
Outstanding as of June 30, 2022		5,619,008		$	8.67
Vested and expected to vest as of June 30, 2022		5,619,008		$	8.67

Schedule of RSUs

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

	Three Months Ended June 30,			Six Months Ended June 30,
	2022		2021	2022		2021
Weighted-average grant date fair value of RSUs granted (1)	$	6.91	N/A	$	6.91	N/A
Grant date fair value of RSUs vested (1)(2)	N/A		N/A	N/A		N/A
Intrinsic value of RSUs released (1)(2)	N/A		N/A	N/A		N/A

(1) The three and six months ended June 30, 2021 excludes 472,590 RSUs issued in exchange for outstanding profits interest units held by employees of Onegevity, in connection with the merger. The RSU exchange was determined to be materially a “like-for-like” transaction and 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.

(2) During the three and six months ended June 30, 2022 and 2021, there were no RSUs that vested or released.