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Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Equity

6. Equity

In November 2025, the Company issued and sold 4,950,496 shares of its Class A common stock in an underwritten public offering at a public offering price of $101.00 per share (the “2025 Public Offering”). Upon the closing of the 2025 Public Offering, the Company received net proceeds of $471.8 million, after deducting equity issuance costs of $0.7 million in addition to underwriting discounts and commissions. In addition, the underwriters exercised their option in full to purchase an additional 742,574 shares of the Company’s Class A common stock (the “Additional Shares”) from Deerfield. The Company did not receive any proceeds from the sale of the Additional Shares by Deerfield.

In September 2024, the Company issued and sold 5,750,000 shares of its Class A common stock in an underwritten public offering, including the exercise in full by the underwriters of their option to purchase an additional 750,000 shares of the Company’s Class A common stock, at a public offering price of $100.00 per share (the “2024 Public Offering”). Upon the closing of the 2024 Public Offering, the Company received net proceeds of $540.0 million, after deducting equity issuance costs of $0.5 million in addition to underwriting discounts and commissions.

In October 2023, the Company issued and sold 6,160,714 shares of its Class A common stock in an underwritten public offering, including the exercise in full by the underwriters of their option to purchase an additional 803,571 shares of the Company’s Class A common stock, at a public offering price of $56.00 per share (the “2023 Public Offering”). Upon the closing of the 2023 Public Offering, the Company received net proceeds of $323.5 million, after deducting equity issuance costs of $0.8 million in addition to underwriting discounts and commissions.