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Equity (Tables)
3 Months Ended
Mar. 31, 2023
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, 2023 and 2022 was determined using the Black-Scholes option pricing model with the following assumptions:
 March 31,
2023
March 31,
2022
Expected volatility
72.6 - 74.2%
73.2 - 76.0%
Expected term (years)
5.6 - 7.0
5.6 - 7.0
Risk free interest rate
3.4% - 4.2%
1.5% - 2.0%
Expected dividend yield%%
Exercise price
$30.40 - $36.27
$64.19 - $78.91
Summary of Stock Option Activity
A summary of the stock option activity under the 2018 Plan during the three months ended March 31, 2023 is presented below. These amounts include stock options granted to employees and directors.
(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, 2022
6,814,634 $49.06 7.7$34.5 
Granted1,470,003 $34.27 
Exercised(46,982)$17.93 
Forfeited(41,416)$63.51 
Outstanding as of March 31, 2023
8,196,239 $46.51 7.9$19.1 
Exercisable as of March 31, 2023
4,114,735 $40.45 6.8$18.9 
Summary of Restricted Stock Grant Activity
A summary of RSU activity under the 2018 Plan during the three months ended March 31, 2023 is presented below. These amounts include RSUs granted to employees.
Shares
Weighted Average
Grant Date
Fair Value Per
Share
Unvested RSUs as of December 31, 2022
489,216 $51.37 
Granted702,206 $34.39 
Vested(81,223)$43.60 
Cancelled(2,925)$58.13 
Unvested RSUs as of March 31, 2023
1,107,274 $41.25