INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision

The following is a geographical breakdown of income (loss) before income taxes:

	Year Ended December 31,
	2024		2023		2022
Domestic	$	(363,347)	$	(86,724)	$	(116,964)
Foreign	3,419		1,701		3,140
	$	(359,928)	$	(85,023)	$	(113,824)

The provision (benefit) for income taxes consisted of the following:

	Year Ended December 31,
	2024			2023			2022
Current provision:
Federal	$	—		$	—		$	—
State	2			3			7
Foreign	2,934			3,881			755
Total current provision	$	2,936		$	3,884		$	762
Deferred provision:
Federal	$	(10,492)		$	—		$	—
State	(1,701)			—			—
Foreign	10			30			2,127
Total deferred provision	$	(12,183)		$	30		$	2,127
Total provision (benefit) for income taxes	$	(9,247)		$	3,914		$	2,889
Effective income tax expense rate	2.6		%	(4.6)		%	(2.5)		%

Schedule of Effective Tax Rate

The provision (benefit) for income taxes differed from the amount computed by applying the federal statutory rate to our income before income taxes as follows:

	Year Ended December 31,
	2024			2023			2022
Federal statutory income tax rate	21.0		%	21.0		%	21.0		%
Tax provision at statutory rate	$	(75,585)		$	(17,855)		$	(23,903)
State income tax rate	2			3			7
Benefits from acquisition	(12,189)			—			—
Foreign withholding and income tax	2,561			3,689			2,298
Foreign rate differential	(338)			(136)			(115)
Research and development credits	(4,888)			(2,105)			(1,731)
Change in valuation allowance	39,083			18,604			24,272
Stock based compensation	(15,224)			2,899			1,540
Permanent book tax differences*	1,180			246			751
Sec. 162(m) disallowance*	9,457			270			—
Change in fair value of contingent acquisition liabilities	46,761			—			—
Other deferred adjustments	(67)			(1,701)			—
Other	—			—			(230)
	$	(9,247)		$	3,914		$	2,889

*The 2023 amounts have been conformed to the 2024 presentation.

Schedule of Net Deferred Tax Assets

The components of our deferred tax assets and liabilities were as follows:

	Year Ended December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	127,680	$	89,880
Research and development credits	23,934		17,825
Property and equipment*	1,936		223
Deferred revenue	5,260		767
Intangible assets*	—		4
Interest expense	5,484		—
Stock-based compensation	2,704		2,246
Operating lease liabilities	1,014		1,333
Section 174 research and development capitalization	40,648		21,186
Accruals and reserves	2,780		588
Other	2		—
Total deferred tax assets	211,442		134,052
Valuation allowance	(170,219)		(132,873)
Total deferred tax assets, net	41,223		1,179
Deferred tax liabilities:
Right-of-use assets	(1,017)		(1,168)
Intangible assets	(40,202)		—
Total deferred tax liabilities	(41,219)		(1,168)
Net deferred tax assets	$	4	$	11

*The 2023 amounts have been conformed to the 2024 presentation.

Schedule of Unrecognized Tax Benefits

Changes in gross unrecognized tax benefits during the periods presented were as follows (in thousands):

Balance as of December 31, 2021	$	5,068
Increase for tax positions of prior years	—
Increase for tax positions of current year	1,062
Balance as of December 31, 2022	$	6,130
Increase for tax positions of prior years	370
Increase for tax positions of current year	1,095
Balance as of December 31, 2023	7,595
Increase for tax positions of prior years	877
Decrease for tax positions of prior years	(4)
Increase for tax positions of current year	2,784
Balance as of December 31, 2024	$	11,252