Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Provision For Income Taxes

The provision for income tax consisted of the following:

(in thousands)	2024		2023
Current:
Federal	$	—	$	—
State	(4)		2
Foreign	(263)		107
	(267)		109
Deferred:
Federal	(21,218)		(48,499)
State	(10,013)		(22,277)
Foreign	(504)		6,577
	(31,735)		(64,199)
Valuation allowance	31,735		64,199
	—		—
	$	(267)	$	109

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,:

(in thousands)	2024		2023
U.S.	$	(324,929)	$	(411,790)
Foreign	(31,185)		(19,845)
	$	(356,114)	$	(431,635)

Schedule of Federal Income Tax Rate

The provision for income taxes for the years ended December 31, 2024, and 2023 differs from the amount computed by applying the statutory federal corporate income tax rate of 21% to losses before income taxes. The following adjustments account for these differences for the years ended December 31, 2024, and 2023:

	2024		2023
Federal income tax expense	21.0	%	21.0	%
State income taxes (net of federal benefit)	2.3	%	4.1	%
Other permanent differences	(1.4)	%	(0.7)	%
Fair value debt adjustments	(10.3)	%	(5.8)	%
Disallowed interest	(1.8)	%	(1.2)	%
Foreign tax rate difference	0.1	%	0.2	%
Prior year true-up on deferred taxes	(0.2)	%	(0.1)	%
Return-to-provision adjustment	(1.3)	%	—	%
Uncertain tax benefit	0.8	%	(1.0)	%
Expiration of tax attributes	(0.3)	%	(1.8)	%
Valuation allowance	(9.0)	%	(14.7)	%
	0.1	%	0.0	%

These adjustments result in an effective tax rate of 0.1% in 2024 compared to 0.0% in 2023.

The main changes in permanent differences related to fair value adjustments on convertible related party notes payable and notes payable and disallowed interest expense. The main changes in foreign tax rate difference and valuation allowance related to lower foreign losses incurred in 2024.

Schedule of Deferred Tax Assets And Deferred Tax Liabilities

The tax effects of temporary differences for the years ended December 31, 2024, and 2023 that give rise to significant portions of the deferred tax assets and deferred tax liabilities are provided below:

(in thousands)	2024		2023
Deferred Tax Assets:
Net operating losses (“NOL”)	$	411,244	$	353,839
Research and development credits	4,239		4,239
Accrued liabilities	25,581		16,646
Capital loss	—		3,420
Amortization	8,803		9,921
Capitalized R&D expense	53,125		74,835
Stock-based compensation	450		418
Transaction costs	35		45
Other	379		594
Gross deferred tax assets	503,856		463,957
Valuation allowance	(457,738)		(426,003)
Deferred tax assets, net of valuation allowance	46,118		37,954
Deferred Tax Liabilities:
Depreciation	(20,174)		(14,113)
State taxes	(25,944)		(23,841)
Gross deferred tax liabilities	(46,118)		(37,954)
Net deferred tax assets (liabilities)	$	—	$	—

Summary of Valuation Allowance

The following table summarizes the valuation allowance:

(in thousands)	2024		2023
Beginning balance	$	426,003	$	361,804
Increase related to current year tax positions	31,735		64,199
Ending balance	$	457,738	$	426,003

Schedule of Unrecognized Tax Benefits

The aggregate change in the balance of unrecognized tax benefits for the years ended December 31, 2024, and 2023 is as follows:

(in thousands)	2024		2023
Beginning balance	$	12,972	$	8,807
Increase related to current year tax positions	389		4,165
Decrease related to prior year positions	(3,274)		—
Ending balance	$	10,087	$	12,972