Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Geographical Breakdown of Income (Loss) before Income Taxes

For the years ended December 31, 2024, 2023, and 2022, the geographical breakdown of our income (loss) before income taxes is as follows:

	Year ended December 31,
	2024		2023		2022
	(in thousands)
Domestic income (loss)	$	(493,371)	$	(92,627)	$	(162,330)
Foreign income (loss)	8,164		5,604		4,402
Income (loss) before income taxes	$	(485,207)	$	(87,023)	$	(157,928)

Schedule of Components of Income Tax Expense (Benefit)

For the years ended December 31, 2024, 2023, and 2022, income tax expense (benefit) consisted of the following:

	Year ended December 31,
	2024		2023		2022
	(in thousands)
Current income tax expense (benefit):
Federal	$	(141)	$	1,290	$	859
State	474		1,133		610
Foreign	851		1,468		1,231
Total current income tax expense (benefit)	1,184		3,891		2,700
Deferred income tax expense (benefit):
Federal	(237)		—		(1,767)
Foreign	(1,878)		(90)		(311)
Total deferred income tax expense (benefit)	(2,115)		(90)		(2,078)
Total income tax expense (benefit)	$	(931)	$	3,801	$	622

Reconciliation of Effective Tax Rate From Statutory Federal Rate

Our effective tax rate, as a percentage of pre-tax income (loss), differs from the statutory federal rate as follows:

	Year ended December 31,
	2024		2023		2022
Statutory federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	5.3		1.2		2.3
Non-deductible compensation	(14.0)		—		—
Stock-based compensation	44.4		3.9		0.6
Research and development credits	14.6		13.5		14.1
Change in valuation allowance	(71.0)		(41.1)		(37.4)
Other	(0.2)		(2.9)		(1.0)
Effective tax rate	0.1	%	(4.4)	%	(0.4)	%

Schedule of Major Components of Deferred Tax Assets and Liabilities

The major components of deferred tax assets and liabilities were as follows:

	December 31, 2024		December 31, 2023
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	149,735	$	56,938
Stock-based compensation	28,586		21,364
Lease liability	6,206		5,819
Capitalized research and development costs	268,232		98,267
Research and development credits	124,116		53,946
Other	13,351		4,216
Gross deferred tax assets	590,226		240,550
Valuation allowance	(572,894)		(228,001)
Total deferred tax assets, net of valuation allowance	17,332		12,549
Deferred tax liabilities:
Right-of-use asset	(5,436)		(5,426)
Acquired intangibles	(9,727)		(6,895)
Total deferred tax liabilities	(15,163)		(12,321)
Net deferred tax assets (liabilities)	$	2,169	$	228

Summary of Activity Related to Gross Unrecognized Tax Benefits

The following table summarizes the activity related to our gross unrecognized tax benefits during the years ended December 31, 2024, 2023, and 2022:

	Year ended December 31,
	2024		2023		2022
	(in thousands)
Beginning balance of unrecognized tax benefits	$	19,236	$	16,428	$	8,982
Increases/(decreases) related to prior year tax positions	1,444		(1,750)		1,925
Increases/(decreases) related to current year tax positions	23,181		4,558		5,521
Ending balance of unrecognized tax benefits	$	43,861	$	19,236	$	16,428