At-the-Market Equity Offerings

3 Months Ended

Mar. 31, 2024

At Market Equity Offerings [Abstract]

(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 are 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.