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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes

For financial reporting purposes, income before income taxes includes the following components (in thousands):

 

Year ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

Domestic

 

$

(152,496

)

 

$

(149,540

)

 

$

(147,314

)

Foreign

 

 

406

 

 

 

207

 

 

 

9

 

Income (loss) before income taxes

 

$

(152,090

)

 

$

(149,333

)

 

$

(147,305

)

Schedule of Components of Tax Expense

The components of income tax expense are as follows (in thousands):

 

 

Year ended December 31,

 

 

2024

 

 

2023

 

Current:

 

 

 

 

 

 

Federal

 

$

 

 

$

 

State

 

 

 

 

 

 

Foreign

 

 

171

 

 

 

 

Total Current

 

 

171

 

 

 

 

Deferred:

 

 

 

 

 

 

Federal

 

 

 

 

 

 

State

 

 

 

 

 

 

Foreign

 

 

 

 

 

 

Total Deferred

 

$

 

 

$

 

 

Summary of Reconciliation Federal Income Tax Rate

Reconciliation between the effective tax rate on income from continuing operations and the statutory tax rate of 21% is as follows:

 

Year ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

U.S. federal provision at statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

Tax credits

 

 

2.6

%

 

 

3.0

%

 

 

2.7

%

Stock-based compensation

 

 

(2.2

)%

 

 

(2.7

)%

 

 

1.9

%

Section 162(m)

 

 

(0.7

)%

 

 

(0.1

)%

 

 

(0.6

)%

Change in valuation allowance

 

 

(20.2

)%

 

 

(19.6

)%

 

 

(25.1

)%

Other

 

 

(0.5

)%

 

 

(1.6

)%

 

 

0.1

%

Effective tax rate

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Schedule of Net Deferred Tax Assets and Liabilities

The Company’s deferred income tax assets and liabilities as of December 31, 2024 and 2023 were as follows (in thousands):

 

Year ended December 31,

 

 

2024

 

 

2023

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carry forward

 

$

79,991

 

 

$

62,346

 

Tax credits

 

 

24,293

 

 

 

18,261

 

Intangibles

 

 

3,535

 

 

 

3,499

 

Other

 

 

(1

)

 

 

28

 

Stock-based compensation

 

 

1,880

 

 

 

1,998

 

Lease liability

 

 

827

 

 

 

1,542

 

Research and development costs

 

 

47,018

 

 

 

33,341

 

Fixed assets

 

 

37

 

 

 

 

Accruals and reserves

 

 

1,384

 

 

 

1,364

 

Total deferred tax assets before valuation allowance

 

 

158,964

 

 

 

122,379

 

Valuation allowance

 

 

(158,121

)

 

 

(120,779

)

Total deferred tax assets

 

 

843

 

 

 

1,600

 

Deferred tax liabilities:

 

 

 

 

 

 

Right of use assets

 

 

(843

)

 

 

(1,528

)

Fixed assets

 

 

 

 

 

(72

)

Total deferred tax liabilities

 

 

(843

)

 

 

(1,600

)

Net deferred tax assets (liabilities)

 

$

 

 

$

 

Schedule of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):

 

Year ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

Unrecognized tax benefits as of the beginning of the year

 

$

13,809

 

 

$

8,872

 

 

$

4,702

 

Increase related to prior year tax provisions

 

 

111

 

 

 

 

 

 

(100

)

Decrease related to prior year tax provisions

 

 

 

 

 

 

 

 

 

Increase related to current year tax provisions

 

 

4,397

 

 

 

4,937

 

 

 

4,270

 

Statue lapse

 

 

 

 

 

 

 

 

 

Unrecognized tax benefits as of the end of the year

 

$

18,317

 

 

$

13,809

 

 

$

8,872