Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

(Loss) Income Before Income Tax Expense by Jurisdiction

The following table summarizes the (loss) income before income tax expense by jurisdiction for the periods indicated:

	Year Ended December 31,
	2023			2022			2021
Domestic	$	(338,942	)	$	(84,113	)	$	(65,940	)
Foreign		126			162			280
Loss before income tax expense	$	(338,816	)	$	(83,951	)	$	(65,660	)

Effective Income Tax Rate Reconciliation

The difference between the Company’s provision for income taxes and the amounts computed by applying the statutory federal income tax rate to income before income taxes is as follows (in thousands):

	Year Ended December 31,
	2023			2022			2021
Tax provision derived by applying the federal statutory rate to income before income taxes	$	(71,151	)	$	(17,630	)	$	(13,789	)
Loss on forward contract valuation		17,541			—			—
Acquired IPR&D		27,340			—			—
Loss on CVR revaluation		3,987			—			—
Other permanent differences		4,472			1,042			1,002
Federal tax credits		(1	)		(3,559	)		(3,815	)
State tax credits		—			(640	)		(152	)
Effect of tax rate on foreign jurisdiction		(53	)		42			(5	)
Change in the valuation allowance		17,839			20,609			16,900
Income tax (benefit) expense	$	(26	)	$	(136	)	$	141

Components of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities consist of the following (in thousands):

	December 31,
	2023			2022
Deferred tax assets
Net operating loss carryforward	$	74,454		$	68,917
Capitalized 174 R&D costs		22,532			11,097
Intangible assets		47			52
Deferred revenue		—			566
Accrued expense		579			668
Stock-based compensation		4,246			3,293
Federal tax credits		21,914			21,914
State tax credits		1,631			1,631
Other		88			190
Total deferred tax assets		125,491			108,328
Deferred tax liabilities
Depreciable assets		—			(676	)
Total deferred tax liabilities		—			(676	)
Less: Valuation allowance		(125,491	)		(107,652	)
Deferred tax assets, net	$	—		$	—