Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
Domestic	$	(207,965)	$	(338,942)	$	(84,113)
Foreign	(2)		126		162
Loss before income tax expense	$	(207,967)	$	(338,816)	$	(83,951)

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,
	2024		2023		2022
Tax provision derived by applying the federal statutory rate to income before income taxes	$	(43,673)	$	(71,151)	$	(17,630)
Loss on forward contract valuation	—		17,541		—
Acquired IPR&D	—		27,340		—
Loss on CVR revaluation	4,290		3,987		—
Other permanent differences	1,865		4,472		1,042
Federal tax credits	(91)		(1)		(3,559)
State tax credits	—		—		(640)
Effect of tax rate on foreign jurisdiction	(2)		(53)		42
Other, net	191		—		—
Change in the valuation allowance	37,471		17,839		20,609
Income tax (benefit) expense	$	51	$	(26)	$	(136)

Components of Deferred Tax Assets and Liabilities

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

	December 31,
	2024		2023		2022
Deferred tax assets
Net operating loss carryforward	$	87,321	$	74,454	$	68,917
Capitalized 174 R&D costs	45,531		22,532		11,097
Intangible assets	2,117		47		52
Deferred revenue	—		—		566
Accrued expense	1,047		579		668
Stock-based compensation	7,114		4,246		3,293
Federal tax credits	18,196		21,914		21,914
State tax credits	1,631		1,631		1,631
Other	64		88		190
Total deferred tax assets	163,021		125,491		108,328
Deferred tax liabilities
Unrealized gain	(92)		—		—
Depreciable assets	—		—		(676)
Total deferred tax liabilities	(92)		—		(676)
Less: Valuation allowance	(162,929)		(125,491)		(107,652)
Deferred tax assets, net	$	—	$	—	$	—