Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Income (Loss) Before Provision for Income Taxes

Income (loss) before provision for income taxes consisted of the following:

	Years Ended December 31,
(in thousands)	2023			2022
Federal		(376,152	)		(113,389	)
Foreign		185,608			(55,586	)
Loss before provision for income taxes	$	(190,544	)	$	(168,975	)

Schedule of Provision for Income Taxes

The provision for income taxes for the years ended December 31, 2023 and 2022 consisted of the following:

	Years Ended December 31,
(in thousands)	2023			2022
Current income tax (benefit) expense:
Federal	$	(136	)		(246	)
State		10			(19	)
Foreign		—			—
Total current income tax benefit		(126	)		(265	)
Deferred income tax (benefit) expense:
Federal		—			—
State		—			—
Foreign		—			—
Total deferred income tax benefit		—			—
Total income tax benefit	$	(126	)	$	(265	)

Schedule of Income Tax (Benefit) Expense Reconciliation

The Company’s income tax benefit for the years ended December 31, 2023 and 2022 relating to federal, state and foreign tax jurisdictions differs from the amounts determined by applying the statutory federal income tax rate based on the following:

	Years Ended December 31,
(in thousands)	2023					2022
Benefit at the federal rate	$	(40,015	)	21.0	%	$	(35,472	)	21.0	%
Increase (decrease) resulting from:
Foreign tax rate differential		(15,783	)	8.3	%		2,177		(1.3	)%
State taxes, net of federal benefit		(9,514	)	5.0	%		(1,603	)	0.9	%
Change in valuation allowance		98,714		(51.8	)%		35,406		(21.0	)%
Intercompany note impairment		(34,615	)	18.2	%		—		—
Tax credits		(5,928	)	3.1	%		(6,992	)	4.1	%
Officer's compensation		177		(0.1	)%		695		(0.4	)%
Stock compensation		4,564		(2.4	)%		4,637		(2.7	)%
Impairment of intellectual property		3,003		(1.6	)%		—		—
Permanent differences		79		0.0	%		(182	)	0.1	%
Change in state tax law		384		(0.2	)%		—		—
Other		(1,192	)	0.6	%		1,069		(0.6	)%
Total income tax benefit	$	(126	)	0.1	%	$	(265	)	0.1	%

In 2021, the Company transferred intellectual property rights between tax jurisdictions, resulting in a deferred tax asset on the basis difference in the intangible assets. In addition, in connection with the transfer of the intellectual property the Company recorded intercompany notes between the parties. In December 2023, the Company determined that the intellectual property intangible assets and intercompany notes were impaired resulting in the recognition of income or loss in the respective jurisdiction.

Summary of Components of Deferred Income Taxes

Components of deferred income taxes consist of the following:

	December 31,
(in thousands)	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	54,081		$	9,374
Tax credit carryforwards		19,378			12,374
Intangible assets		—			25,537
Intercompany note impairment		64,087
Operating lease liabilities		6,348			8,074
Non-qualified stock compensation		15,435			12,017
Restricted stock compensation		680			235
Capitalization of R&D expenses		20,758			20,375
Other		676			1,661
Total deferred tax assets		181,443			89,647
Valuation allowance		(180,943	)		(82,228	)
Net deferred tax assets	$	500		$	7,419
Deferred tax liabilities:
Operating lease right-of-use assets		(506	)		(7,218	)
Depreciation		4			(186	)
Other		2			(15	)
Total deferred tax liabilities		(500	)		(7,419	)
Net deferred tax asset (liability)	$	—		$	—