Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of effective tax rates differing from U.S. federal statutory rate

	December 31,
	2024				2023				2022
	(in thousands, except percentages)
U.S. federal taxes (benefit) at statutory rate	$	(39,844)	21.00	%	$	(91,251)	21.00	%	$	(114,832)	21.00	%
State tax expense		(21,613)	11.39	%		(13,492)	3.10	%		(21,676)	3.96	%
Research and development credits		(17,621)	9.29	%		(10,837)	2.49	%		(7,024)	1.28	%
Stock-based compensation		(62,969)	33.19	%		(6,422)	1.48	%		3,949	(0.72)	%
Foreign tax		(25)	0.01	%		(106)	0.02	%		332	(0.06)	%
Nondeductible officers' compensation		31,718	(16.72)	%		8,651	(1.99)	%		4,883	(0.89)	%
Acquisition costs		—	0.00	%		563	(0.13)	%		3,226	(0.59)	%
Nondeductible meals and other		2,870	(1.51)	%		(3,397)	0.79	%		1,964	(0.36)	%
Change in valuation allowance		108,179	(57.02)	%		116,562	(26.82)	%		130,156	(23.80)	%
Provision for income taxes	$	695	(0.37)	%	$	271	(0.06)	%	$	978	(0.18)	%

Schedule of tax effects of temporary differences that give rise to significant portions of the deferred tax assets

	December 31,
	2024		2023
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	395,139	$	399,287
Research and development tax credit carryforwards		90,759		67,035
Capitalized research costs		173,991		95,923
Reserves and accruals		23,928		34,898
Lease liabilities		26,649		19,339
Stock-based compensation		47,864		29,005
Intangible assets		8,846		3,809
Other		5,583		5,640
Total deferred tax assets before valuation allowance		772,759		654,936
Less: valuation allowance		(747,090)		(639,510)
Total deferred tax assets after valuation allowance		25,669		15,426
Deferred tax liabilities:
Fixed assets		(4,164)		(1,524)
Right-of-use lease assets		(21,505)		(13,902)
Total deferred tax liabilities		(25,669)		(15,426)
Net deferred tax assets	$	—	$	—

Schedule of reconciliation of the beginning and ending amount of gross unrecognized tax benefits

	December 31,
	2024		2023		2022
	(in thousands)
Balance at beginning of year	$	30,912	$	23,844	$	17,514
Additions based on tax positions related to the current year		13,648		7,034		6,301
Additions (reductions) for tax positions of prior years		(9,620)		34		29
Balance at end of year	$	34,940	$	30,912	$	23,844