Shareholders' Equity |
9 Months Ended |
|---|---|
Sep. 30, 2025 | |
| Equity [Abstract] | |
| Shareholders' Equity | 12. Shareholders' Equity Common Stock—As of September 30, 2025, the Company had 500,000,000 shares of common stock authorized with a par value of $0.01 per share and 212,583,015 shares of common stock issued and outstanding. In addition, as of September 30, 2025, the Company had reserved 18,689,214 shares of common stock for issuance upon the exercise of outstanding stock options, and 3,887,249 shares of common stock for issuance upon the vesting of RSUs. In connection with the Business Acquisition, the Company reserved 9,406,112 shares of the Company’s common stock, subject to certain closing-related reductions. The shares of the Company’s common stock reserved in connection with the Motus acquisition were partly issued as acquisition consideration at closing and on the first, second and third anniversaries of the closing date of the acquisition, subject to certain reductions. During the third quarter of 2025, a development milestone in connection with the Motus acquisition was achieved resulting in the issuance of 364,566 shares of the Company's common stock in October 2025. Additional shares of the Company's common stock will also be issued upon the achievement of certain development and regulatory milestone events, subject to certain reductions. The shares of the Company’s common stock reserved in connection with the AlgaeneX acquisition will be issued upon the achievement of a development milestone event, subject to certain reductions. Of the 9,406,112 shares reserved, the Company issued a total of 3,420,149 shares of the Company's common stock in connection with the Business Acquisition (see Note 16 - Acquisitions), after certain closing-related deductions, and the subsequent anniversary share issuances. In the second quarter of 2025, in connection with the conversions of the 2028 Convertible Notes, the Company issued 17,922,626 shares of the Company's common stock. In June 2025, the Company completed an underwritten offering of 8,984,375 shares of the Company's common stock at a public offering price of $96.00 per share. 1,171,875 of the shares of common stock were issued pursuant to the exercise in full of the underwriters' option to purchase additional shares. The Company's net proceeds from the sale of the shares, after deducting the underwriting discounts and estimated offering expenses of $39.2 million, were $823.3 million. In May 2024, the Company completed an underwritten offering of 14,514,562 shares of the Company's common stock at a public offering price of $51.50 per share. 1,893,203 of the shares of common stock were issued pursuant to the exercise in full of the underwriters' option to purchase additional shares. The Company's net proceeds from the sale of the shares, after deducting the underwriting discounts and offering expenses of $34.3 million, were $713.2 million. In the first quarter of 2024, the Company entered into a sales agreement with Leerink Partners LLC (Leerink Partners) to sell shares of the Company's common stock, with aggregate gross sales proceeds of up to $500.0 million, from time to time, through an “at the market” equity offering program (the ATM program), under which Leerink Partners acted as sales agent. During the year ended December 31, 2024, the Company issued and sold an aggregate of 5,022,295 shares of common stock through the ATM program at a weighted-average public offering price of $75.64 per share and received net proceeds of $371.3 million. In November 2024, the Company terminated the sales agreement. Preferred Stock—As of September 30, 2025, the Company had 200,000,000 shares of preferred stock authorized with a par value of $0.01 per share and no shares of preferred stock were issued and outstanding.
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