Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Summary of Loss Before Income Taxes

Loss before income taxes is as follows (in thousands):

	Years Ended December 31,
	2024		2023		2022
U.S.	$	(74,203)	$	(139,038)	$	(223,465)
Non-U.S.	—		—		(32,785)
Total loss before taxes	$	(74,203)	$	(139,038)	$	(256,250)

Total Income Tax Expense

Total income tax expense for the years ended December 31, 2024, 2023 and 2022 is allocated as follows:

	Years Ended December 31,
	2024		2023		2022
Current	$	473	$	636	$	6
Deferred	(26,861)		(51,341)		(52,789)
Valuation allowance	26,861		51,341		52,789
Provision for income taxes	$	473	$	636	$	6

Reconciliation of Statutory Federal Income Tax Rate and the Effective Income Tax Rate

A reconciliation of the difference between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2024, 2023 and 2022 is as follows:

	Years Ended December 31,
	2024		2023		2022
Income tax at statutory federal rate	21.0	%	21.0	%	21.0	%
Executive and share-based compensation	3.8		(0.4)		1.9
Subpart F Inclusion	—		—		(3.4)
Foreign rate differential	—		—		(2.7)
Change in effective state tax rates	3.9		(1.6)		0.2
State income tax expense	9.1		4.8		3.6
Research and development credits	—		14.1		—
Meals & entertainment	(2.1)		(0.8)		—
Other permanent items	—		(0.7)		—
Change in valuation allowance	(36.3)		(36.9)		(20.6)
Provision for income taxes	(0.6)	%	(0.5)	%	—	%

Deferred Tax Assets and Liabilities

The following summarizes the significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023, respectively (in thousands):

	December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	130,066	$	138,685
Accrued expenditures	20,968		17,842
Research and development credit, net	31,109		31,109
Research and development expenditures	93,585		62,432
Share-based compensation	21,249		19,753
Other	408		—
Capital lease	4,361		4,198
Deferred tax liabilities:
Right of use asset—capital lease	(3,449)		(3,204)
Depreciation	(120)		(140)
Other	(728)		(86)
Net deferred tax asset before valuation allowance	297,449		270,589
Valuation allowance	(297,449)		(270,589)
Net deferred tax asset	$	—	$	—