Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Loss Before Income Taxes, Domestic and Foreign

The U.S. and non-U.S. components of loss before income taxes consist of the following (in thousands):

	Years Ended December 31,
	2024		2023		2022
United States	$	(83,550)	$	(23,655)	$	(58,059)
International	1,772		707		478
Loss before incomes taxes	$	(81,778)	$	(22,948)	$	(57,581)

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following (in thousands):

	Years Ended December 31,
	2024		2023		2022
Current
U.S. Federal	$	1,141	$	3,144	$	666
State	(8)		206		6
International	510		(41)		92
Total current tax expense	1,643		3,309		764
Deferred
U.S. Federal	—		—		—
State	—		—		—
International	—		—		—
Total deferred tax expense	—		—		—
Total income tax expense	$	1,643	$	3,309	$	764

Schedule of Effective Income Tax Rate

The effective tax rate differs from the U.S. federal statutory rate as follows:

	Years Ended December 31,
	2024		2023		2022
Federal statutory tax	21.0	%	21.0	%	21.0	%
State taxes	19.3		7.7		2.3
Change in valuation allowance	(157.2)		(78.9)		(17.2)
General business credits	46.2		13.0		2.6
Stock-based compensation (1)	61.4		19.3		(10.0)
Foreign-derived intangible income	6.8		—		—
Foreign taxes	0.9		—		—
Other	(0.4)		3.4		—
Effective tax rate	(2.0)	%	(14.5)	%	(1.3)	%

Schedule of Temporary Differences and Carryforwards Deferred Tax Assets and Liabilities

The tax effects of the temporary differences and carryforwards that give rise to deferred tax assets and liabilities consist of the following (in thousands):

	As of December 31,
	2024		2023
Deferred tax assets
Net operating losses	$	1,115	$	678
General business credits	48,512		4,291
Intangibles (2)	98,754		30,806
Stock-based compensation	14,874		2,727
Other	7,040		3,297
Total deferred tax assets before valuation allowance	170,295		41,799
Deferred tax liabilities
Stock-based compensation – Section 83(b) elections	(502)		(1,145)
ROU assets	(179)		(500)
Fixed assets	(1,206)		(831)
Others	(115)		—
Total deferred tax liabilities	(2,002)		(2,476)
Less: valuation allowance	(168,293)		(39,323)
Net deferred tax assets after valuation allowance	$	—	$	—

__________

(2) Primarily relates to capitalized R&D. Beginning January 1, 2022, the Tax Cuts and Jobs Act, (the “Tax Act”), eliminated the option to deduct research and development expenditures in the current year and requires taxpayers to capitalize such expenses pursuant to Internal Revenue Code Section 174. The capitalized expenses are amortized over a 5-year period for domestic expenses and a 15-year period for foreign expenses.

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of the Company’s unrecognized tax benefits is as follows (in thousands):

	Years Ended December 31,
	2024		2023		2022
Balance, beginning of period	$	3,993	$	3,162	$	2,005
Decreases related to prior year tax positions	—		(1,024)		(844)
Increases related to current year tax positions	18,608		1,855		2,001
Increases related to prior year tax positions	469		—		—
Balance, end of period	$	23,070	$	3,993	$	3,162