Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Deferred Tax Liabilities
Unrealized gains on investments	$	117	$	117	$	—
Other deferred tax liabilities	100		—		—
Total Deferred Tax Liabilities	$	217	$	117	$	—
Deferred Tax Assets
Charitable contributions	$	37	$	37	$	45
Accrued expenses	8,082		3,857		2,398
Intangibles	401		503		589
Gross to net accruals	167		—		—
Stock compensation	16,342		33,976		27,226
Property, plant & equipment	172		95		106
Unrealized loss on investment	—		—		8
Net operating losses	214,427		121,552		68,305
Capitalized R&D	200,199		175,145		137,328
R&D credit	69,201		48,074		35,103
Total deferred tax assets before valuation allowance	509,028		383,239		271,108
Valuation allowance	(508,811)		(383,122)		(271,108)
Total deferred tax assets	217		117		—
Net deferred tax assets	$	—	$	—	$	—

Schedule of Effective Income Tax Rate Reconciliation

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

	For the years ended December 31,
	2024		2023		2022
Tax benefit at U.S. federal statutory rate	$	(97,837)	$	(78,462)	$	(62,023)
Stock based compensation	(9,954)		(8,287)		(7,844)
162M limitation	21,627		3,183		7,996
Other nondeductible expenses	835		53		16
State income taxes benefit before valuation allowance, net of federal benefit	(19,280)		(16,246)		13,090
Increase in domestic valuation allowance	125,689		112,606		59,466
Research and development credit	(17,679)		(12,971)		(10,712)
Other adjustments	(3,401)		124		11
Income tax expense (benefit)	$	—	$	—	$	—