Equity (Tables)

3 Months Ended

Mar. 31, 2026

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 three months ended March 31, 2026 and 2025 was determined using the Black-Scholes option pricing model with the following assumptions:


	March 31, 2026		March 31, 2025
Expected volatility (1)	77.5% - 77.5%		72.1% - 72.2%
Expected term (years) (2)	5.6 - 5.6		5.5 - 5.6
Risk free interest rate (3)	3.6% - 3.6%		4.0% - 4.4%
Expected dividend yield	0	%	0	%
Exercise price	$13.38 - $13.38		$16.23 - $17.70

(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 under the 2018 Plan during the three months ended March 31, 2026 is presented below. Included in the table are stock options granted to employees, directors and consultants 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, 2025	8,631,075	$	35.89	6.5	$	5.3
Granted	905,449	$	13.38

Cancelled / Forfeited	(144,146)	$	45.57

Outstanding as of March 31, 2026	9,392,378	$	33.57	6.6	$	3.9
Vested and exercisable as of March 31, 2026	6,202,436	$	43.09	5.3	$	—
Vested and expected to vest as of March 31, 2026	9,000,947	$	34.35	6.5	$	3.7

Schedule of Restricted Stock Grant Activity

A summary of RSU activity under the 2018 Plan during the three months ended March 31, 2026 is presented below. Included in the table are RSUs granted to employees, directors and consultants under the

2018 Plan, as well as RSUs representing 127,774 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, 2025	3,624,051	$	18.59
Granted	1,853,715	$	13.38
Vested	(979,308)	$	31.80
Cancelled / Forfeited	(88,961)	$	7.71
Unvested RSUs as of March 31, 2026	4,409,497	$	13.68