v3.23.1
Share-based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Share-based Compensation Expense
The Company and the Centessa Predecessor Group recorded share-based compensation expense in the following expense categories in the consolidated and combined statements of operations and comprehensive loss (amounts in thousands):
SuccessorPredecessor
Twelve Months Ended
December 31, 2022
Period from
January 30, 2021
through December 31, 2021
Period from January 1, 2021 through
January 29, 2021
Research and development$11,954 $5,896 $— 
General and administrative13,011 8,956 — 
$24,965 $14,852 $— 
Summary of Stock Option Activity
The following table summarizes stock option activity for the period from January 1, 2022 through December 31, 2022:
Number of SharesWeighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Term
(in years)
Aggregate
Intrinsic Value
(in million)
Balance at January 1, 202211,730,382 $8.07 9.2
Granted5,553,985 8.02 
Exercised(205,107)3.89 
Forfeited(2,390,264)9.44 
Balance at December 31, 2022
14,688,996 $7.88 8.5— 
Exercisable at December 31, 2022
5,002,044 $7.79 8.2— 
Vested and expected to vest at December 31, 2022
14,688,996 $7.88 8.5— 
Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards
During the twelve months ended December 31, 2022, the fair value of each option was estimated on the date of grant using the weighted average assumptions in the table below:
Expected term (in years)6.01
Expected stock price volatility76.4 %
Risk-free interest rate2.2 %
Expected dividend yield0%
Summary of Replacement Equity Award Activity
The following table summarizes ordinary share activity related to the restricted stock programs for the twelve months ended December 31, 2022:
Restricted Stock AwardsRestricted Stock Units
Number of SharesWeighted-Average Grant Date Fair Value Per ShareNumber of SharesWeighted-Average Grant Date Fair Value Per Share
Unvested at January 1, 2022982,944 — 
Granted— n/a2,458,950 $5.17 
Vested(383,523)(469,490)
Forfeited— (184,700)
Unvested at December 31, 2022
599,421 1,804,760 
Unrecognized compensation expense at December 31, 2022 ($ in thousands)$10,221 $9,331 
Expected weighted average recognition period (in years)2.42.0