At-the-Market Equity Offerings

12 Months Ended

Dec. 31, 2024

At Market Equity Offerings [Abstract]

At-the-Market Equity Offerings

(13) 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, 2023, or 2022. 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.

	October 2024 Sales Agreement			August 2024 Sales Agreement			November 2023 Sales Agreement			August 2023 Sales Agreement			May 2023 Sales Agreement			2022 Sales Agreement
Agreement effective date	October 30, 2024			August 1, 2024			November 30, 2023			August 1, 2023			May 1, 2023			September 9, 2022
Maximum aggregate offering price	$	21,000,000		$	2,000,000		$	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	%		2.0	%		2.0	%
Date terminated	n/a			n/a			July 31, 2024			November 29, 2023			August 1, 2023			May 1, 2023
As of December 31, 2024:
Cumulative shares sold under such sales agreement		38,671,537			11,685,355			12,720,770			15,929,500			10,791,700			15,674,300
Cumulative net proceeds received from shares sold under such sales agreement	$	14,199,432		$	1,993,273		$	747,025		$	737,760		$	333,494		$	385,181
Maximum aggregate offering price remaining available for sale under such sales agreement	$	6,774,741		$	0		n/a			n/a			n/a			n/a

The following table summarizes the sales activity of each sales agreement that was active during 2024, 2023, or 2022 for the periods indicated. The net proceeds (less sales commissions and expenses) for each at-the-market equity offering program are reported in thousands.

	Years Ended December 31,
	2024		2023		2022
Number of shares sold under such sales agreement:
2022 Sales Agreement	n/a			13,488,550		2,185,750
May 2023 Sales Agreement	n/a			10,791,700	n/a
August 2023 Sales Agreement	n/a			15,929,500	n/a
November 2023 Sales Agreement		1,951,620		10,769,150	n/a
August 2024 Sales Agreement		11,685,355	n/a		n/a
October 2024 Sales Agreement		38,671,537	n/a		n/a
Total shares sold pursuant to at-the-market equity offering programs		52,308,512		50,978,900		2,185,750
Net proceeds received from shares sold under such sales agreement:
2022 Sales Agreement	n/a			338,962	$	46,219
May 2023 Sales Agreement	n/a			333,494	n/a
August 2023 Sales Agreement	n/a			737,760	n/a
November 2023 Sales Agreement		137,152		609,873	n/a
August 2024 Sales Agreement		1,993,273	n/a		n/a
October 2024 Sales Agreement		14,199,432	n/a		n/a
Total net proceeds received from shares sold pursuant to at-the-market equity offering programs	$	16,329,857	$	2,020,089	$	46,219

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.