Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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)	2024			2023
Federal	$	(57,118	)	$	(376,152	)
Foreign		(1,651	)		185,608
Loss before provision for income taxes	$	(58,769	)	$	(190,544	)

Schedule of Provision for Income Taxes

The provision for income taxes for the years ended December 31, 2024 and 2023 consisted of the following:

	Years Ended December 31,
(in thousands)	2024		2023
Current income tax (benefit) expense:
Federal	$ —		$	(136	)
State	—			10
Foreign	—			—
Total current income tax benefit		—		(126	)
Deferred income tax (benefit) expense:
Federal		—		—
State		—		—
Foreign		—		—
Total deferred income tax benefit		—		—
Total income tax benefit	$	—	$	(126	)

Schedule of Income Tax (Benefit) Expense Reconciliation

The Company’s income tax benefit for the years ended December 31, 2024 and 2023 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)	2024					2023
Benefit at the federal rate	$	(12,131	)	21.0	%	$	(40,015	)	21.0	%
Increase (decrease) resulting from:
Foreign tax rate differential		67		(0.1	)%		(15,783	)	8.3	%
State taxes, net of federal benefit		(6,255	)	10.8	%		(9,514	)	5.0	%
Change in valuation allowance		(24,396	)	42.2	%		98,714		(51.8	)%
Intercompany note impairment		4,588		(7.9	)%		(34,615	)	18.2	%
Tax credits		—		—			(5,928	)	3.1	%
Officer's compensation		—		—			177		(0.1	)%
Stock compensation		6,224		(10.8	)%		4,564		(2.4	)%
Impairment of intellectual property		22,207		(38.4	)%		3,003		(1.6	)%
Permanent differences		—		—			79		0.0	%
Change in state tax law		2,961		(5.1	)%		384		(0.2	)%
Transaction Costs		781		(1.4	)%		—		—
Return to Provision		5,954		(10.3	)%		—		—
Other		—		—			(1,192	)	0.6	%
Total income tax benefit	$	—		0.0	%	$	(126	)	0.1	%

Summary of Components of Deferred Income Taxes

Components of deferred income taxes consist of the following:

	December 31,
(in thousands)	2024			2023
Deferred tax assets:
Net operating loss carryforwards	$	100,464		$	54,081
Tax credit carryforwards		19,385			19,378
Intercompany note impairment	—				64,087
Operating lease liabilities	—				6,348
Non-qualified stock compensation		16,201			15,435
Restricted stock compensation	—				680
Capitalization of R&D expenses		21,344			20,758
Other		1,016			676
Total deferred tax assets		158,410			181,443
Valuation allowance		(156,546	)		(180,943	)
Net deferred tax assets	$	1,864		$	500
Deferred tax liabilities:
Operating lease right-of-use assets	—				(506	)
Depreciation		3			4
Restricted stock compensation		(682	)	—
Other		(1,185	)		2
Total deferred tax liabilities		(1,864	)		(500	)
Net deferred tax asset (liability)	$	—		$	—