Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 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 unaudited interim consolidated and combined statements of operations and comprehensive loss (amounts in thousands):

	Successor								Predecessor
	Three Months Ended September 30, 2022		Three Months Ended September 30, 2021		Nine Months Ended September 30, 2022		Period from January 30, 2021 through September 30, 2021		Period from January 1, 2021 through January 29, 2021
Research and development	$	3,213	$	1,572	$	8,700	$	3,613	$	—
General and administrative	3,814		2,561		9,648		6,480		—
	$	7,027	$	4,133	$	18,348	$	10,093	$	—

Summary of Stock Option Activity

The following table summarizes stock option activity for the nine months ended September 30, 2022:

	Number of Shares	Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Term
Balance at January 1, 2022	11,730,382	$	8.07	9.2 years
Granted	4,914,785	$	8.42
Exercised	(150,588)	$	4.57
Forfeited	(1,548,912)	$	10.48
Balance at September 30, 2022	14,945,667	$	7.92	8.4 years
Exercisable at September 30, 2022	4,551,327	$	7.17	7.4 years
Vested and expected to vest at September 30, 2022	14,945,667

Schedule of Assumptions Used to Estimate Fair Value of Stock Option Awards

During the nine months ended September 30, 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	6.0 years
Expected stock price volatility	76.2	%
Risk-free interest rate	2.1	%
Expected dividend yield	0	%

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

The following table summarizes ordinary share activity for the nine months ended September 30, 2022:

	Number of Shares
Unvested at January 1, 2022	982,944
Vested	(325,517)
Unvested at September 30, 2022	657,427

	Number of Units
Unvested at January 1, 2022	—
Granted	2,458,950
Vested	(168,895)
Forfeited	(20,000)
Unvested at September 30, 2022	2,270,055