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Equity (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of assumptions used to determine fair value of stock options granted

The fair value of the stock options granted during each of the years ended December 31, 2022, 2021 and 2020 was determined using the Black-Scholes option pricing model at the grant date with the following range of assumptions:

			Year ended December 31,
			2022						2021						2020
Expected volatility			73% - 76%						74% - 78%						70% - 75%
Expected term (years)			5.5 - 7.0						5.3 - 7.0						5.3 - 7.0
Risk free interest rate			1.5% - 4.2%						0.5% - 1.3%						0.3% - 1.6%
Expected dividend yield			0		%				0		%				0		%
Exercise price			$36.79 - $78.91						$66.82 - $100.40						$22.70 - $50.00

Summary of stock option activity

A summary of the stock option activity under the 2018 Plan as of December 31, 2022 is presented below. These amounts include stock options granted to employees, directors and consultants.

(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, 2021						5,343,254						$	44.98
Granted						1,889,501						$	59.23
Exercised						(184,160)						$	19.49
Forfeited						(233,961)						$	61.29
Outstanding as of December 31, 2022						6,814,634						$	49.06					7.7						$	34.5
Exercisable as of December 31, 2022						3,601,334						$	37.22					6.8						$	33.0

Restricted stock awards

Summary of restricted stock award activity

A summary of the restricted stock award activity under the Incentive Plan as of December 31, 2022 is presented below. These amounts include restricted stock granted to employees, directors and consultants.

						Shares						Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock as of December 31, 2021						30,625						$	16.00
Vested						(29,305)						$	16.00
Forfeited						(1,320)						$	16.00
Unvested restricted stock as of December 31, 2022						—						$	16.00

Restricted stock units

Summary of restricted stock award activity

A summary of restricted stock unit activity under the 2018 Plan for the year ended December 31, 2022 is presented below. These amounts include restricted stock units granted to employees.

						Shares						Weighted Average Grant Date Fair Value Per Share
Unvested restricted stock units as of December 31, 2021						88,307						$	20.02
Granted						460,763						$	54.59
Exercised						(42,500)						$	20.04
Forfeited						(17,354)						$	53.91
Unvested restricted stock units as of December 31, 2022						489,216						$	51.37

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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