Income taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) before Income Taxes

Income (loss) before income taxes is as follows:

	Year ended December 31,
	2024		2023		2022
Swiss	$	(205,310)	$	(281,685)	$	(269,621)
Non-Swiss	74,148		89,945		187,775
Total income (loss) before income taxes	$	(131,162)	$	(191,740)	$	(81,846)

Schedule of Components of Income Tax Expense (Benefit)

The provision (benefit) for income taxes from continuing operations is comprised of:

	Year ended December 31,
	2024		2023		2022
Current:
Swiss	$	3,862	$	2,163	$	469
Non-Swiss	33,603		13,140		10,219
Total current	$	37,465	$	15,303	$	10,688
Deferred:
Swiss	$	—	—		$	—
Non-Swiss	—		—		—
Total deferred	—		—		—
Total income tax provision	$	37,465	$	15,303	$	10,688

Reconciliation of Provision for Income Taxes

A reconciliation of the provision for income taxes compared with the amounts at the Swiss rate was:

	Year ended December 31,
	2024			2023			2022
Income (loss) before income taxes	$	(131,162)		$	(191,740)		$	(81,846)
Swiss federal statutory tax rate	8.5		%	8.5		%	8.5		%
Income taxes at Swiss rate	$	(11,149)		$	(16,298)		$	(6,957)
Change in valuation allowance	1,261,855			13,427			(14,238)
Unamortized intangible assets	(1,240,745)			—			—
Foreign taxes rate differential	16,077			10,620			25,716
Share based compensation	13,551			2,332			5,318
Research and development credits	(3,130)			(6,483)			(4,898)
Effect of tax law change	647			6			5,681
Withholding Taxes	350			435			548
Return to provision true-ups	(31)			10,854			(1,020)
Other	40			410			538
Income tax expenses	$	37,465		$	15,303		$	10,688
Effective tax rate	(28.6)		%	(8.0)		%	(13.1)		%

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

	December 31,
	2024		2023
Deferred tax assets:
Unamortized intangible assets	$	1,394,195	$	153,450
Net operating loss carryforwards	$	127,881	$	99,743
Impact of revenue recognition	$	68,347	$	79,934
Share based compensation	$	35,470	$	32,639
Lease liabilities	$	6,518	$	8,128
Capitalized research and development	$	4,036	$	2,783
Research and development credits	$	1,613	$	1,615
Other temporary differences	$	7,823	$	7,809
Total gross deferred tax assets	$	1,645,883	$	386,101
Less: valuation allowance	(1,636,833)		(375,375)
Total deferred tax assets	9,050		10,726
Deferred tax liabilities:
Right of use assets	6,287		7,962
Fixed assets	2,692		1,914
Other liabilities	71		850
Total gross deferred tax liabilities	$	9,050	$	10,726
Net deferred taxes assets (liability)	$	—	$	—

(1)    The Company recorded an increase in the deferred tax asset related to unamortized intangible assets in the amount of $1,240,745. As of December 31, 2024, the balance of this deferred tax asset was offset by a full valuation allowance.

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of uncertain tax benefits is as follows:

	December 31,
	2024		2023		2022
Balance at beginning of the year	$	18	$	76	$	154
Additions (reductions) for taxes positions related to prior years	—		(58)		(78)
Balance at the end of the year	$	18	$	18	$	76