A regular expression specifies a set of strings formed by single characters combined with concatenation, union, and Kleene star operators. Given a regular expression $R$ and a string $Q$, the regular expression matching problem is to decide if $Q$ matches any of the strings specified by $R$. Regular expressions are a fundamental concept in formal languages and regular expression matching is a basic primitive for searching and processing data. A standard textbook solution [Thompson, CACM 1968] constructs and simulates a nondeterministic finite automaton, leading to an $O(nm)$ time algorithm, where $n$ is the length of $Q$ and $m$ is the length of $R$. Despite considerable research efforts only polylogarithmic improvements of this bound are known. Recently, conditional lower bounds provided evidence for this lack of progress when Backurs and Indyk [FOCS 2016] proved that, assuming the strong exponential time hypothesis (SETH), regular expression matching cannot be solved in $O((nm)^{1-ε})$, for any constant $ε> 0$. Hence, the complexity of regular expression matching is essentially settled in terms of $n$ and $m$. In this paper, we take a new approach and introduce a \emph{density} parameter, $Δ$, that captures the amount of nondeterminism in the NFA simulation on $Q$. The density is at most $nm+1$ but can be significantly smaller. Our main result is a new algorithm that solves regular expression matching in $$O\left(Δ\log \log \frac{nm}Δ +n + m\right)$$ time. This essentially replaces $nm$ with $Δ$ in the complexity of regular expression matching. We complement our upper bound by a matching conditional lower bound that proves that we cannot solve regular expression matching in time $O(Δ^{1-ε})$ for any constant $ε> 0$ assuming SETH.