Equity Based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| 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, 2026:
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2026 |
|
2025 |
Expected volatility |
|
124.6% - 129.5% |
|
99.0% - 103.5% |
Expected life of options, in years |
|
5.5 - 6.1 |
|
5.5 - 6.1 |
Risk-free interest rate |
|
3.6% - 4.3% |
|
3.9% - 4.4% |
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, 2026:
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Weighted Average Exercise Price |
|
Time-vested options outstanding at January 1, 2026 |
|
|
27,455,514 |
|
|
$ |
3.84 |
|
Granted |
|
|
13,369,129 |
|
|
|
2.15 |
|
Exercised |
|
|
(506,398 |
) |
|
|
1.50 |
|
Forfeited |
|
|
(1,772,803 |
) |
|
|
5.04 |
|
Time-vested options outstanding at June 30, 2026 |
|
|
38,545,442 |
|
|
$ |
3.23 |
|
Time-vested options exercisable at June 30, 2026 |
|
|
15,369,857 |
|
|
$ |
4.80 |
|
Weighted average remaining contractual life |
|
7.6 years |
|
|
|
|
Time-vested options vested and expected to vest at June 30, 2026 |
|
|
38,545,442 |
|
|
$ |
3.23 |
|
Weighted average remaining contractual life |
|
8.5 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, 2026:
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Weighted Average Exercise Price |
|
Performance-based options outstanding at January 1, 2026 |
|
|
1,281,250 |
|
|
$ |
1.60 |
|
Performance-based options outstanding at June 30, 2026 |
|
|
1,281,250 |
|
|
$ |
1.60 |
|
Performance-based options exercisable at June 30, 2026 |
|
|
781,250 |
|
|
$ |
1.54 |
|
Weighted average remaining contractual life |
|
7.5 years |
|
|
|
|
Performance-based options vested and expected to vest at June 30, 2026 |
|
|
1,281,250 |
|
|
$ |
1.60 |
|
Weighted average remaining contractual life |
|
7.5 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, 2026:
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Weighted Average Grant Date Fair Value |
|
Unvested awards outstanding at January 1, 2026 |
|
|
733,252 |
|
|
$ |
7.38 |
|
Vested |
|
|
(733,252 |
) |
|
|
7.38 |
|
Unvested awards outstanding at June 30, 2026 |
|
|
— |
|
|
|
|
|
| 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, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Research and development |
$ |
2,518 |
|
|
$ |
2,867 |
|
|
$ |
4,925 |
|
|
$ |
5,577 |
|
General and administrative |
|
3,076 |
|
|
|
3,673 |
|
|
|
5,614 |
|
|
|
7,380 |
|
Total equity-based compensation expense |
$ |
5,594 |
|
|
$ |
6,540 |
|
|
$ |
10,539 |
|
|
$ |
12,957 |
|
The following table summarizes our equity-based compensation by type of award (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Time-vested stock options |
$ |
5,587 |
|
|
$ |
5,214 |
|
|
$ |
10,261 |
|
|
$ |
10,162 |
|
Performance-based stock options |
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
5 |
|
Legacy profits interests |
|
7 |
|
|
|
1,326 |
|
|
|
278 |
|
|
|
2,790 |
|
Total equity-based compensation expense |
$ |
5,594 |
|
|
$ |
6,540 |
|
|
$ |
10,539 |
|
|
$ |
12,957 |
|
|