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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

The provision for income tax consisted of the following (dollars in thousands):


	2023		2022
Current:
Federal	$	—	$	—
State	2		2
Foreign	107		59
Total current	109		61

Deferred:
Federal	(48,499)		(79,319)
State	(22,277)		(37,128)
Foreign	6,577		11,056
Valuation allowance	64,199		105,391
Total deferred	—		—
Total provision	$	109	$	61

Schedule of Components of Losses Before Income Taxes, by Taxing Jurisdiction

The components of losses before income taxes, by taxing jurisdiction, were as follows for the years ended December 31 (dollars in thousands):


	2023		2022
U.S.	$	(411,790)	$	(560,897)
Foreign	(19,845)		(41,281)
Total	$	(431,635)	$	(602,178)

Schedule of Federal Income Tax Rate

The provision for income taxes for the years ended December 31, 2023 and 2022 differs from the amount computed by applying the statutory federal corporate income tax rate of 21% to losses before income taxes as a result of the following:


	2023		2022
Federal income tax expense	21.0	%	21.0	%
State income taxes (net of federal benefit)	4.1	%	4.7	%
Permanent differences	(0.7)	%	(0.9)	%
Fair value debt adjustments	(5.8)	%	(4.8)	%
Disallowed interest	(1.2)	%	(0.5)	%
Foreign tax rate difference	0.2	%	(0.1)	%
Prior year true-up on deferred taxes	(0.1)	%	—	%
Return-to-provision adjustment	—	%	0.3	%
Uncertain tax benefit	(1.0)	%	(0.6)	%
Expiration of tax attributes	(1.8)	%	(1.6)	%
Valuation allowance	(14.7)	%	(17.5)	%
Effective tax rate	0.0	%	0.0	%

Schedule of Deferred Tax Assets And Deferred Tax Liabilities

The tax effects of temporary differences for the years ended December 31, 2023 and 2022 that give rise to significant portions of the deferred tax assets and deferred tax liabilities are provided below (dollars in thousands):


	2023		2022
Deferred Tax Assets:
Net operating losses (“NOL”)	$	353,839	$	342,888
Research and development credits	4,239		4,239
Accrued liabilities	16,646		14,762
Capital loss	3,420		3,420
Amortization	9,921		11,284
Capitalized R&D expense	74,835		—
Stock-based compensation	418		3,385
Transaction costs	45		—
Other	594		1,278
Gross deferred tax assets	463,957		381,256
Valuation allowance	(426,003)		(361,804)
Deferred tax assets, net of valuation allowance	37,954		19,452
Deferred Tax Liabilities:
Depreciation	(14,113)		(290)
State taxes	(23,841)		(19,162)
Total deferred tax liabilities	(37,954)		(19,452)
Total net deferred tax assets (liabilities)	$	—	$	—

Schedule of Unrecognized Tax Benefits

The aggregate change in the balance of unrecognized tax benefits for the years ended December 31, 2023 and 2022 is as follows (dollars in thousands):


	2023		2022
Beginning balance	$	8,807	$	4,997
Increase related to current year tax positions	4,165		3,810
Ending balance	$	12,972	$	8,807

Summary of Valuation Allowance

The following table summarizes the valuation allowance (dollars in thousands):


	2023		2022
Beginning balance	$	361,804	$	256,413
Increase related to current year tax positions	64,199		105,391
Ending balance	$	426,003	$	361,804