There's just an AC voltage with average DC level of zero at output.
Consider that the circuit dimensioning has to be adapted to transducer impedance. I doubt that C8 of 100 nF works with any 113 kHz transducer on the market.
Simple, it's A-Class Amplifier. Inductor acts as a Current Source, Coupling Capacitor acts as a Voltage Source.
So, Voltage Swing over Load in A-Class Amplifiers is almost 2xVdd.
Current Swing is also 2xIds(Q)
Note: 10 Ohm Resistor augment the Rise and Fall Time due to Cgsin your simulation
Attention !