Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

Temporary differences that give rise to deferred tax assets and liabilities are as follows (in thousands):

	For the years ended December 31,
	2023		2022		2021
Deferred Tax Liabilities
Unrealized gains on investments	$	117	$	—	$	—
Total Deferred Tax Liabilities	$	117	$	—	$	—
Deferred Tax Assets
Charitable contributions	$	37	$	45	$	53
Accrued expenses	3,857		2,398		1,857
Intangibles	503		589		783
Stock compensation	33,976		27,226		24,335
Property, plant & equipment	95		106		80
Unrealized loss on investment	—		8		23
Net operating losses	121,552		68,305		47,864
Capitalized R&D	175,145		137,328		112,848
R&D credit	48,074		35,103		23,799
Total deferred tax assets before valuation allowance	383,239		271,108		211,642
Valuation allowance	(383,122)		(271,108)		(211,642)
Total deferred tax assets	117		—		—
Net deferred tax assets	$	—	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation

Differences between the effective income tax rate and the US statutory rate were as follows (in thousands):

	For the years ended December 31,
	2023		2022		2021
Tax benefit at U.S. federal statutory rate	$	(78,462)	$	(62,023)	$	(50,788)
Stock based compensation	(8,287)		(7,844)		—
162M limitation	3,183		7,996		22
Other nondeductible expenses	53		16		5
State income taxes benefit before valuation allowance, net of federal benefit	(16,246)		13,090		(19,622)
Increase in domestic valuation allowance	112,606		59,466		79,258
Research and development credit	(12,971)		(10,712)		(9,002)
Other adjustments	124		11		127
Income tax expense (benefit)	$	—	$	—	$	—