Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of 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,
	2024		2023		2022
Statutory rate	21.0	%	21.0	%	21.0	%
Stock-based compensation	4.1	%	0.5	%	1.5	%
Credits	2.2	%	1.4	%	0.8	%
Change in valuation allowance	(23.3)	%	(21.8)	%	(21.3)	%
Section 162(m) limitation	(3.5)	%	(1.1)	%	(1.8)	%
Other	(0.5)	%	—	%	(0.2)	%
Total	0.0	%	0.0	%	0.0	%

Schedule of Components of Deferred Tax Assets

The following table presents significant components of our deferred tax assets and liabilities as of December 31, 2024 and 2023:

	As of December 31,
	2024		2023
	(in thousands)
Deferred tax assets:
Net operating losses	$	195,869	$	135,298
Fixed assets	—		660
Accrued and others	18,102		11,279
R&D Credits	26,709		12,870
Capitalized R&D expenditures	155,356		79,485
Accrued manufacturing expenses	6,909		10,819
Lease liability	21,228		8,739
Intangible assets	29,253		29,302
Stock compensation	14,652		8,981
Total deferred tax assets	468,078		297,433
Deferred tax liabilities:
ROU asset	(21,524)		(9,269)
Fixed Assets	(456)		—
Total deferred tax liabilities	(21,980)		(9,269)
Net deferred tax asset	446,098		288,165
Valuation allowance	(446,098)		(288,165)
Net deferred taxes	$	—	$	—

Schedule of Reconciliation of Unrecognized Tax Benefit

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

	December 31,
	2024		2023		2022
	(in thousands)
Balance at the beginning of the year	$	4,447	$	1,754	$	924
Additions based on tax positions related to current year	5,166		2,208		876
Additions/(deductions) based on tax positions related to prior years	(88)		485		(46)
Balance at end of year	$	9,525	$	4,447	$	1,754