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At-The-Market Offering
3 Months Ended
Mar. 31, 2025
At The Market Offering [Abstract]  
At-The-Market-Offering

10. AT-THE-MARKET OFFERING

In February 2025, in connection with the commencement of an "at the market" offering program, the Company entered into an Equity Distribution Agreement (the "Equity Distribution Agreement") with Morgan Stanley & Co. LLC and Needham & Company, LLC, as sales agents ("the Sales Agents"), pursuant to which the Company could offer and sell, from time to time, through or to the Sales Agents, shares of the Company's common stock, par value $0.0001 per share (the "Shares"), having an aggregate gross offering price of up to $500 million ("2025 ATM Offering Program"). The Sales Agents were entitled to a commission of up to 3.25% of the gross proceeds of all shares sold under the Equity Distribution Agreement. On March 10, 2025, the Company terminated the Equity Distribution Agreement, after which no further Shares could be sold through the 2025 ATM Offering Program.

During the three months ended March 31, 2025, the Company sold a total of 16,038,460 shares of common stock through the 2025 ATM Offering Program for an aggregate purchase prices of $358.3 million, net of issuance costs of $14.3 million.