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Equity | 3 Months Ended
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Mar. 31, 2026
Share-Based Payment Arrangement [Abstract] |
Equity | Equity Equity Distribution Agreements In November 2023, the Company amended and restated the Equity Distribution Agreement with Piper Sandler & Company (“Piper Sandler”) and Cantor Fitzgerald & Co. (“Cantor”), as agents, pursuant to which the Company may offer and sell from time to time, through the agents, up to approximately $262.8 million of the common stock registered under a universal shelf registration statement pursuant to one or more “at-the-market” offerings. During the three mo nths ended March 31, 2026, no shares were issued under this agreement. Stock-based Compensation 2018 Employee Stock Purchase Plan In September 2018, the Company adopted the 2018 Employee Stock Purchase Plan (the “2018 ESPP”), with the first offering period under the 2018 ESPP commencing on January 1, 2020, by initially providing participating employees with the opportunity to purchase an aggregate of 311,850 shares of the Company’s common stock. The number of shares of the Company’s common stock reserved for issuance under the 2018 ESPP increased, pursuant to the terms of the 2018 ESPP, by additional shares equal to 1% of the Company’s then-outstanding common stock, effective as of January 1 of each year. As of March 31, 2026, 4,212,347 shares remained available for purchase. During the three months ended March 31, 2026 and 2025, no shares of common stock were issued under the 2018 ESPP. 2018 Stock Incentive Plan In September 2018, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2018 Stock Incentive Plan (the “2018 Plan”), which became effective upon the effectiveness of the registration statement on Form S-1 for the Company’s initial public offering. The number of shares of common stock initially available for issuance under the 2018 Plan equaled the sum of (1) 4,067,007 shares of common stock; plus (2) the number of shares of common stock (up to 1,277,181 shares) issued in respect of incentive units granted under the Fourth Amendment to the Company’s Incentive Share Plan, which was terminated in September 2018, that were subject to vesting immediately prior to the effectiveness of the registration statement that expire, terminate or are otherwise surrendered, canceled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right; plus (3) an annual increase on the first day of each fiscal year beginning with the fiscal year ended December 31, 2019 and continuing to, and including, the fiscal year ending December 31, 2028, equal to the lesser of 4,989,593 shares of the Company’s common stock, 4% of the number of shares of the Company’s common stock outstanding on the first day of the year or an amount determined by the Company’s board of directors. As of March 31, 2026, 2,981,638 shares remained available for issuance under the 2018 Plan. Shares of common stock subject to outstanding equity awards that expire or are terminated, surrendered or canceled without having been fully exercised or are forfeited in whole or in part are available for future grants of awards. Compensation Expense During the three months ended March 31, 2026 and 2025, the Company recognized compensation expense of $12.1 million and $15.0 million, respectively, related to the issuance of incentive awards, including $0.1 million and $0.2 million, respectively, related to the 2018 ESPP. As of March 31, 2026, there was $45.8 million of total unrecognized compensation expense that is expected to be amortized over a weighted average period of approximately 1.9 years. Stock Options 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. 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 |
The weighted-average grant date fair value per share of options granted during the three months ended March 31, 2026 and 2025 was $9.06 and $11.50, respectively. There were no options exercised during the three months ended March 31, 2026 and 2025. Restricted Stock Units ("RSUs") 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 |
The weighted-average grant date fair value per share of RSUs granted during the three months ended March 31, 2026 and 2025 was $13.38 and $17.66, respectively. The total intrinsic value of RSUs released during the three months ended March 31, 2026 and 2025 was $11.8 million and $14.1 million, respectively. The total fair value of RSUs vested during the three months ended March 31, 2026 and 2025 was $31.1 million and $36.5 million, respectively.

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