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Equity (Tables)
9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Assumptions Used to Determine Fair Value of Stock Options Granted
The fair value of the stock options granted during the nine months ended September 30, 2025 and 2024 was determined using the Black-Scholes option pricing model with the following assumptions:
 September 30,
2025
September 30,
2024
Expected volatility (1)
72.1 - 80.4%
72.8 - 75.6%
Expected term (years) (2)
5.5 - 5.7
5.4 - 5.5
Risk free interest rate (3)
3.7% - 4.4%
3.5% - 4.6%
Expected dividend yield%%
Exercise price
$6.61 - $17.70
$24.85 - $47.00
(1)    Expected volatility is calculated by utilizing the Company's historical volatility of its stock price over a period equal to the expected term.
(2)    Expected term is calculated based on the Company's historical experience.
(3)     Risk free interest rate is based on an interpolation of U.S. Treasury rates to reflect the expected term at the date of grant.
Schedule of Stock Option Activity
A summary of the stock option activity during the nine months ended September 30, 2025 is presented below. Included in the table are stock options granted to employees and directors under the 2018 Plan, as well
as options to purchase 255,611 shares of common stock granted to certain employees pursuant to the Nasdaq inducement grant exception in accordance with Nasdaq Listing Rule 5635(c)(4).
(dollars in millions,
except weighted average exercise price)
Options
Weighted Average
Exercise Price
Weighted Average
Remaining Contractual
Term (Years)
Aggregate Intrinsic Value
Outstanding as of December 31, 2024
7,892,330 $44.16 6.7$3.2 
Granted2,202,904 $12.46 
Cancelled / Forfeited(1,407,437)$46.85 
Outstanding as of September 30, 2025
8,687,797 $36.04 6.7$1.7 
Vested and exercisable
as of September 30, 2025
5,513,745 $44.35 5.5$— 
Vested and expected to vest
as of September 30, 2025
8,407,310 $36.64 6.7$1.5 
Schedule of Restricted Stock Grant Activity
A summary of RSU activity during the nine months ended September 30, 2025 is presented below. Included in the table are RSUs granted to employees and directors under the 2018 Plan, as well as RSUs representing 170,365 shares of common stock granted to certain employees pursuant to the Nasdaq inducement grant exception in accordance with Nasdaq Listing Rule 5635(c)(4).
Shares
Weighted Average
Grant Date
Fair Value Per
Share
Unvested RSUs as of December 31, 2024
2,311,291 $42.25 
Granted3,407,294 $13.93 
Vested(1,177,135)$41.78 
Cancelled / Forfeited(728,745)$26.00 
Unvested RSUs as of September 30, 2025
3,812,705 $20.27