Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Reconciliation of Effective Tax Rate

A reconciliation of our effective tax rate to the statutory U.S. federal rate is as follows:

	Year Ended December 31,
	2023			2022			2021
Statutory rate		21.0	%		21.0	%		21.0	%
Stock-based compensation		0.5	%		1.5	%		2.2	%
Credits		1.4	%		0.8	%		1.1	%
Change in valuation allowance		(21.8	)%		(21.3	)%		(23.0	)%
Section 162(m) limitation		(1.1	)%		(1.8	)%		(1.1	)%
Other		0.0	%		(0.2	)%		(0.2	)%
Total		0.0	%		0.0	%		0.0	%

Components of Deferred Tax Assets

The following table presents significant components of our deferred tax assets as of December 31, 2023 and 2022:

	As of December 31,
	2023			2022
	(in thousands)
Deferred tax assets:
Net operating losses		135,298			111,555
Fixed assets		660			1,062
Accrued and others		11,279			1,103
R&D Credits		12,870			5,436
Capitalized R&D expenditures		79,485			32,873
Accrued manufacturing expenses		10,819			2,063
Lease liability		8,739			5,358
Intangible assets		29,302			6,867
Stock compensation		8,981			4,474
Total deferred tax assets		297,434			170,791
Deferred tax liabilities:
ROU asset		(9,269	)		(6,357	)
Total deferred tax liabilities		(9,269	)		(6,357	)
Net deferred tax asset		288,165			164,433
Valuation allowance		(288,165	)		(164,433	)
Net deferred taxes	$	—		$	—

Reconciliation of Unrecognized Tax Benefit

A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows:

	December 31,
	2023		2022			2021
	(in thousands)
Balance at the beginning of the year	$	1,754	$	924		$	393
Additions based on tax positions related to current year		2,208		876			461
Additions based on tax positions related to prior years		485		(46	)		70
Balance at end of year	$	4,447	$	1,754		$	924