Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Loss Before Provision for Incomes Taxes

For the years ended December 31, 2023, 2022 and 2021, the loss before income taxes consisted of the following (in thousands):

	Year Ended December 31,
	2023		2022		2021
Domestic	$	(890,986)	$	(2,118,095)	$	(1,837,497)
Foreign	(1,954)		(3,304)		(625)
Total	$	(892,940)	$	(2,121,399)	$	(1,838,122)

Summary of Income Taxes Expenses Incurred During the Period

For the years ended December 31, 2023, 2022 and 2021, the Company recorded the following income tax benefit (in thousands):

	Year Ended December 31,
	2023		2022		2021
Current:
State	$	690	$	271	$	1
Foreign	123		159		—
Total current	813		430		1
Deferred:
Federal	—		(10,500)		(413)
State	—		(3,943)		(912)
Foreign	(884)		(1,014)		(156)
Total deferred	(884)		(15,457)		(1,481)
Income tax benefit	$	(71)	$	(15,027)	$	(1,480)

Summary of Reconciliation of the Statutory Corporate Income Tax Rate to the Effective Tax Rate

A reconciliation of income tax benefit computed at the statutory corporate income tax rate to the effective income tax rate for the years ended December 31, 2023, 2022 and 2021 is as follows:

	Year Ended December 31,
	2023		2022		2021
Federal income tax at statutory rate	21.0	%	21.0	%	21.0	%
State income tax	1.3		—		4.5
Change in valuation allowance	13.6		0.8		(23.9)
Stock-based compensation	(14.2)		(16.7)		(0.2)
Executive compensation	8.1		(5.3)		(2.0)
Tax credits	0.8		0.6		0.9
Investments in subsidiaries and other	(29.0)		—		—
Other	(1.6)		0.3		(0.2)
Effective tax rate	—	%	0.7	%	0.1	%

Summary of Deferred Taxes Assets and Liabilities

The Company’s deferred tax assets and liabilities consist of the following (in thousands):

	Year Ended December 31,
	2023		2022		2021
Deferred tax assets:
Net operating loss carryforwards	$	277,559	$	434,020	$	174,127
Tax credit carryforwards	64,157		74,336		37,455
Capitalized research and development costs	185,462		162,601		—
Accrued expenses	616		1,330		2,690
Deferred revenue	36,225		46,798		45,928
Stock-based compensation	83,037		124,126		318,049
Amortizable intangibles	5,505		6,010		3,834
Lease liabilities	60,197		113,665		—
Investments in subsidiaries	58,447		—		—
Tenant allowance	—		—		2,927
Other	952		863		—
Deferred tax assets before valuation allowance	772,157		963,749		585,010
Valuation allowance	(711,778)		(833,086)		(583,107)
Deferred tax assets, net of valuation allowance	60,379		130,663		1,903
Deferred tax liabilities:
Amortizable intangibles	(16,873)		(23,583)		(4,722)
Property, plant, and equipment	(410)		(13,405)		(830)
Lease right-of-use assets	(52,409)		(103,357)		—
Basis differences	—		—		(1,522)
Deferred tax liabilities	(69,692)		(140,345)		(7,074)
Net deferred taxes	$	(9,313)	$	(9,682)	$	(5,171)

Summary of Deferred Tax Assets Valuation Allowance

Activity in the deferred tax assets valuation allowance is summarized as follows (in thousands):

	Beginning of Period		Additions (Subtractions)		End of Period
Deferred tax assets valuation allowance:
Year Ended December 31, 2023	$	833,086	$	(121,308)	$	711,778
Year Ended December 31, 2022	$	583,107	$	249,979	$	833,086