Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

The components of our provision for income taxes were as follows:

	Year Ended December 31,
(in thousands)	2024		2023		2022
Current
State	$	266	$	47	$	8
Foreign	—		500		—
Total current	266		547		8
Deferred
Federal	—		—		—
Total deferred	—		—		—
Provision for income taxes	$	266	$	547	$	8

Schedule of Reconciliation of Effective Tax Rate

A reconciliation of the statutory federal income tax rate to our effective tax rate is as follows:

	Year Ended December 31,
	2024		2023		2022
Income tax at the federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	4.0		3.4		1.9
Tax credits	0.6		1.7		1.5
Stock based compensation	5.2		0.1		(2.3)
Foreign withholding tax	—		(0.8)		—
Executive compensation disallowed under IRC Sec 162(m)	(5.8)		(1.9)		(1.6)
Other	(0.6)		—		(0.8)
Change in valuation allowance	(25.0)		(24.3)		(19.7)
Effective tax rate	(0.6)	%	(0.8)	%	—	%

Schedule of Components of Deferred Tax Assets

Significant components of our deferred tax assets were as follows:

	December 31,
(in thousands)	2024		2023
Deferred tax assets
Amortization and depreciation	$	64,237	$	64,919
Net operating loss carryforwards	103,643		98,702
Tax credits	15,529		15,375
Stock-based compensation	11,226		6,946
Deferred royalty obligation	6,409		4,907
Other	8,122		6,707
Deferred tax assets	209,166		197,556
Valuation allowance	(208,568)		(196,197)
Deferred tax assets net of valuation allowance	598		1,359
Deferred tax liabilities
Right-of-use asset	(598)		(1,359)
Deferred tax liabilities	(598)		(1,359)
Net deferred taxes	$	—	$	—

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	December 31,
(in thousands)	2024		2023		2022
Balance at beginning of year	$	23,625	$	24,075	$	24,426
Additions based on tax positions related to current year	105		262		460
Additions based on tax positions related to prior year	—		99		—
Subtractions based on tax positions related to prior year	(811)		(811)		(811)
Balance at end of year	$	22,919	$	23,625	$	24,075