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At-the-Market Equity Offering | 3 Months Ended
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Mar. 31, 2023
At Market Equity Offerings [Abstract] |
At-the-Market Equity Offering | (10) At-the-Market Equity Offering On September 9, 2022, the Company entered into a Sales Agreement (the “2022 Sales Agreement”) with Cowen and Company LLC and BTIG, LLC, as agents (collectively, the “2022 Sales Agents”), pursuant to which the Company may issue and sell shares of its class A common stock having an aggregate offering price of up to $500.0 million from time to time through the 2022 Sales Agents. The Company agreed to pay the 2022 Sales Agents commissions for their services in acting as agents in the sale of the shares in the amount of up to 2.0% of gross proceeds from the sale of shares pursuant to the 2022 Sales Agreement. The Company also agreed to provide the 2022 Sales Agents with customary indemnification and contribution rights. During the three months ended March 31, 2023, the Company issued and sold 1,348,855 shares of class A common stock under the 2022 Sales Agreement, at an average gross price per share of approximately $252.85, for aggregate net proceeds (less $2.1 million in sales commissions and expenses) of approximately $339.0 million. As of March 31, 2023, the Company had issued and sold an aggregate of 1,567,430 shares of class A common stock under the 2022 Sales Agreement, at an average gross price per share of approximately $247.32, for aggregate net proceeds (less $2.5 million in sales commissions and expenses) of approximately $385.2 million. As of March 31, 2023, approximately $112.3 million of the Company’s class A common stock remained available for issuance and sale pursuant to the 2022 Sales Agreement The sales commissions and expenses related to the 2022 Sales Agreement are considered direct and incremental costs and are charged against “Additional paid-in capital” on the balance sheet in the period in which the related shares are issued and sold. As of March 31, 2023, direct and incremental costs totaling $0.1 million related to the 2022 Sales Agreement remain deferred on the balance sheet in “Prepaid expenses and other current assets” and will be charged against “Additional paid-in-capital” in future periods in which related shares are issued and sold.

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- Definition At-the-market equity offerings. + References No definition available. + Details
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- Definition At-the-Market equity offerings disclosure. + References No definition available. + Details
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