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At-the-Market Equity Offerings | 3 Months Ended
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Mar. 31, 2024
At Market Equity Offerings [Abstract] |
At-the-Market Equity Offerings | (10) At-the-Market Equity Offerings From time to time, the Company has entered into sales agreements with agents pursuant to which the Company could issue and sell shares of its class A common stock through at-the-market equity offering programs. Pursuant to these agreements, the Company agreed to pay the sales agents commissions for their services in acting as agents with respect to the sale of shares through the at-the-market equity offering programs and also agreed to provide the sales agents with reimbursement for certain incurred expenses and customary indemnification and contribution rights. The following table summarizes the terms and provisions of each sales agreement, and pursuant to each at-the-market equity offering program that was active during 2024 or 2023. The maximum aggregate offering price and cumulative net proceeds (less sales commissions and expenses) for each at-the-market equity offering program in the following table are reported in thousands.
|  | November 2023 Sales Agreement |  |  | August 2023 Sales Agreement |  |  | May 2023 Sales Agreement |  |  | 2022 Sales Agreement |
Agreement effective date |  | November 30, 2023 |  |  | August 1, 2023 |  |  | May 1, 2023 |  |  | September 9, 2022 |
Sales agents |  | Cowen and Company, LLC, Canaccord Genuity LLC, and BTIG, LLC |  |  | Cowen and Company, LLC, Canaccord Genuity LLC, and Berenberg Capital Markets LLC |  |  | Cowen and Company, LLC and Canaccord Genuity LLC |  |  | Cowen and Company, LLC and BTIG, LLC |
Maximum aggregate offering price |  | $ | 750,000 |  |  | $ | 750,000 |  |  | $ | 625,000 |  |  | $ | 500,000 |
Maximum commissions payable to sales agents on gross proceeds from the sale of shares |  |  | 2.0 | % |  |  | 2.0 | % |  |  | 2.0 | % |  |  | 2.0 | %
Date terminated |  | n/a |  |  | November 29, 2023 |  |  | August 1, 2023 |  |  | May 1, 2023 |
As of March 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |
Cumulative shares sold under such sales agreement |  |  | 1,272,077 |  |  |  | 1,592,950 |  |  |  | 1,079,170 |  |  |  | 1,567,430 |
Cumulative net proceeds received from shares sold under such sales agreement |  | $ | 747,025 |  |  | $ | 737,760 |  |  | $ | 333,494 |  |  | $ | 385,181 |
As of March 31, 2024, the Company has substantially depleted the class A common stock available for issuance and sale pursuant to the sales agreement entered into in November 2023, and terminated each of the other sales agreements referenced above. The following table summarizes the sales activity of each sales agreement that was active during 2024 or 2023 for the periods indicated. The net proceeds (less sales commissions and expenses) for each at-the-market equity offering program in the following table are reported in thousands.
|  | Three Months Ended |
|  | March 31, |
|  | 2024 |  |  | 2023 |
Number of shares sold under such sales agreement: |  |  |  |  |  |
2022 Sales Agreement |  | n/a |  |  |  | 1,348,855 |
May 2023 Sales Agreement |  | n/a |  |  | n/a |
August 2023 Sales Agreement |  | n/a |  |  | n/a |
November 2023 Sales Agreement |  |  | 195,162 |  |  | n/a |
Total shares sold pursuant to at-the-market equity offering programs |  |  | 195,162 |  |  |  | 1,348,855 |
Net proceeds received from shares sold under such sales agreement: |  |  |  |  |  |
2022 Sales Agreement |  | n/a |  |  | $ | 338,962 |
May 2023 Sales Agreement |  | n/a |  |  | n/a |
August 2023 Sales Agreement |  | n/a |  |  | n/a |
November 2023 Sales Agreement |  |  | 137,152 |  |  | n/a |
Total net proceeds received from shares sold pursuant to at-the-market equity offering programs |  | $ | 137,152 |  |  | $ | 338,962 |
The sales commissions and expenses related to each of the above at-the-market equity offering programs ar e considered direct and incremental costs and are charged against “Additional paid-in capital” on the Consolidated Balance Sheet in the period in which the corresponding 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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