Equity Based Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

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, 2023:

	Number of Shares			Weighted Average Exercise Price
Time-vested options outstanding at January 1, 2023		5,865,108		$	10.30
Granted		6,477,796			9.33
Forfeited		(263,579	)		8.55
Time-vested options outstanding at June 30, 2023		12,079,325		$	9.82
Time-vested options exercisable at June 30, 2023		1,227,215		$	9.83
Weighted average remaining contractual life	8.9 years
Time-vested options vested and expected to vest at June 30, 2023		12,079,325		$	9.82
Weighted average remaining contractual life	9.2 years

Summary of Profits Interest awards, Activity

six months ended June 30, 2023:

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested awards outstanding at January 1, 2023		8,369,795		$	7.08
Vested		(2,085,129	)		6.99
Forfeited		(332,378	)		7.84
Awards outstanding at June 30, 2023		5,952,288		$	7.06

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, 2023:

	For the Six Months Ended June 30, 2023
Expected volatility	81.5% - 83.5%
Expected life of options, in years	5.5 - 6.1
Risk-free interest rate	3.5% - 4.2%
Expected dividend yield	0.0%

Summary of assumptions of the valuation scenarios

The following reflects the key assumptions used in each of the valuation scenarios for the awards granted during the six months ended June 30, 2022:

	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):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	3,284	$	1,336	$	8,443	$	18,703
General and administrative		7,918		6,664		15,779		41,983
Total equity-based compensation expense	$	11,202	$	8,000	$	24,222	$	60,686