Equity Based Compensation (Tables)

3 Months Ended

Mar. 31, 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 three months ended March 31, 2024:

	Three Months Ended March 31,
	2024	2023
Expected volatility	82.9% - 84.9%	81.8% - 82.3%
Expected life of options, in years	5.5 - 6.1	6.0 - 6.1
Risk-free interest rate	3.8% - 4.2%	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 three months ended March 31, 2024:

	Number of Shares			Weighted Average Exercise Price
Time-vested options outstanding at January 1, 2024		14,680,109		$	7.83
Granted		5,994,391			1.58
Forfeited		(335,423	)		8.47
Time-vested options outstanding at March 31, 2024		20,339,077		$	5.98
Time-vested options exercisable at March 31, 2024		3,138,842		$	9.64
Weighted average remaining contractual life	5.6 years
Time-vested options vested and expected to vest at March 31, 2024		20,339,077		$	5.98
Weighted average remaining contractual life	8.7 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 three months ended March 31, 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 March 31, 2024		1,506,250	$	1.55
Performance-based options exercisable at March 31, 2024		—	$	—
Performance-based options vested and expected to vest at March 31, 2024		1,506,250	$	1.55
Weighted average remaining contractual life	9.7 years

Summary of Profits Interest awards, Activity

The following table summarizes the activity related to the Profits Interest awards for the three months ended March 31, 2024:

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested awards outstanding at January 1, 2024		3,565,753		$	7.23
Vested		(1,108,020	)		7.39
Forfeited		(145,377	)		7.39
Unvested awards outstanding at March 31, 2024		2,312,356		$	7.10

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 March 31,
	2024		2023
Research and development	$	3,230	$	5,159
General and administrative		4,450		7,861
Total equity-based compensation expense	$	7,680	$	13,020