Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of loss before provision for income taxes

Loss before provision for income taxes consisted of the following:

	Year Ended December 31,
	2023		2022		2021
BVI	$	(424,647)	$	(598,046)	$	(211,334)
Foreign	15,096		28,205		(1,096)
Loss before provision for income taxes	$	(409,551)	$	(569,841)	$	(212,430)

Schedule of provision for income taxes

The provision for income taxes consisted of the following:

	Year Ended December 31,
	2023		2022		2021
Current income tax (benefit) provision:
BVI	$	—	$	—	$	—
Foreign	(1,383)		438		1,366
Total current income tax (benefit) provision	(1,383)		438		1,366
Deferred income tax provision (benefit):
BVI	—		—		—
Foreign	—		—		—
Total deferred income tax provision (benefit)	—		—		—
Total (benefit) provision for income taxes	$	(1,383)	$	438	$	1,366

Schedule of reconciliation of the BVI statutory income tax rate to the company's effective income tax rate

A reconciliation of the BVI statutory income tax rate of 0% to the Company's effective income tax rate is as follows:

	Year Ended December 31,
	2023		2022		2021
BVI statutory income tax rate	0.0	%	0.0	%	0.0	%
Foreign tax rate differential	1.3		(12.6)		0.0
Tax credits	(12.7)		(5.8)		(5.0)
Change in valuation allowance	10.6		18.5		7.0
Other	0.5		0.0		(1.0)
Effective income tax rate	(0.3)	%	0.1	%	1.0	%

Schedule of net deferred taxes assets (liabilities)

Net deferred tax assets (liabilities) consisted of the following:

	December 31,
	2023		2022
Deferred tax assets:
Foreign net operating loss carryforwards	$	138,480	$	8,895
Tax credits	111,660		60,340
R&D capitalization	887		142,269
Other	15,944		5,205
Valuation allowance	(259,448)		(216,061)
Total deferred tax assets	7,523		648
Deferred tax liabilities:
Other	(7,523)		(648)
Total deferred tax liabilities	(7,523)		(648)
Net deferred tax asset (liability)	$	—	$	—

Summary of changes in valuation allowance for deferred tax assets

Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2023 and 2022 were due primarily to generation of net operating losses and tax credit carryforwards. Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2022 and 2021 were due primarily to generation of nondeductible research expenses and tax credit carryforwards.

	Year Ended December 31,
	2023		2022		2021
Valuation allowance as of beginning of year	$	216,061	$	54,224	$	32,970
Increases recorded to Purchase Accounting and Net Investment from Former Parent	—		50,905		6,449
Increases recorded to income tax provision	43,387		110,932		14,805
Valuation allowance as of end of year	$	259,448	$	216,061	$	54,224

Schedule of unrecognized tax benefits

The beginning and ending amounts of unrecognized tax benefits reconciles as follows:

	Year Ended December 31,
	2023		2022		2021
Beginning of period balance	$	2,200	$	3,800	$	2,700
Increase for tax positions taken during the current period	—		—		50
(Decreases) increases recorded to Purchase Accounting and Net Investment from Former Parent	—		(1,600)		1,050
End of period balance	$	2,200	$	2,200	$	3,800