Equity Based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

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 six months ended June 30, 2025:

	Six Months Ended June 30,
	2025	2024
Expected volatility	99.0% - 103.5%	82.9% - 84.9%
Expected life of options, in years	5.5 - 6.1	5.5 - 6.1
Risk-free interest rate	3.9% - 4.4%	3.8% - 4.6%
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 six months ended June 30, 2025:

	Number of Shares			Weighted Average Exercise Price
Time-vested options outstanding at January 1, 2025		19,778,670		$	5.45
Granted		12,478,509			1.18
Forfeited		(3,146,681	)		3.50
Time-vested options outstanding at June 30, 2025		29,110,498		$	3.83
Time-vested options exercisable at June 30, 2025		9,274,222		$	6.26
Weighted average remaining contractual life	7.6 years
Time-vested options vested and expected to vest at June 30, 2025		29,110,498		$	3.83
Weighted average remaining contractual life	8.6 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 six months ended June 30, 2025:

	Number of Shares			Weighted Average Exercise Price
Performance-based options outstanding at January 1, 2025		1,671,250		$	1.62
Forfeited		(277,500	)		1.88
Performance-based options outstanding at June 30, 2025		1,393,750		$	1.57
Performance-based options exercisable at June 30, 2025		893,750		$	1.50
Weighted average remaining contractual life	8.5 years
Performance-based options vested and expected to vest at June 30, 2025		1,393,750		$	1.57
Weighted average remaining contractual life	8.5 years

Summary of Profits Interest awards, Activity

The following table summarizes the activity related to the Profits Interest awards for the six months ended June 30, 2025:

	Number of Shares			Weighted Average Grant Date Fair Value
Unvested awards outstanding at January 1, 2025		1,755,686		$	7.37
Vested		(959,764	)		7.37
Forfeited		(53,238	)		7.36
Unvested awards outstanding at June 30, 2025		742,684		$	7.38

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 June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Research and development	$	2,867	$	3,402	$	5,577	$	6,633
General and administrative		3,673		4,406		7,380		8,856
Total equity-based compensation expense	$	6,540	$	7,808	$	12,957	$	15,489

The following table summarizes our equity-based compensation by type of award (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Time-vested stock options	$	5,214	$	5,575	$	10,162	$	10,755
Performance-based stock options		–		310		5		569
Legacy profits interests		1,326		1,923		2,790		4,165
Total equity-based compensation expense	$	6,540	$	7,808	$	12,957	$	15,489