Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule Of Loss Before Provision For Income Taxes

The components of loss before provision for income taxes were as follows (in thousands):

	Years Ended December 31,
	2024		2023		2022
Domestic	$	(62,515)	$	(206,674)	$	(225,127)
Foreign	(24,439)		(19,555)		(19,256)
Loss before provision for income taxes	$	(86,954)	$	(226,229)	$	(244,383)

Schedule of Components of Income Tax (Benefit) Expense

The components of the (benefit) expense for income taxes were as follows (in thousands):

	Years Ended December 31,
	2024		2023		2022
Current expense (benefit) provision:
U.S. Federal and state	$	1,118	$	(45)	$	2,430
Foreign	1,163		1,037		292
Total current expense provision	2,281		992		2,722
Deferred expense (benefit) provision:
U.S. Federal and state	79		(120)		11
Foreign	(433)		(562)		—
Total deferred expense provision	(354)		(682)		11
Total expense provision	$	1,927	$	310	$	2,733

Summary Of The Differences Between The Company's Effective Tax Rate And Statutory Tax Rate

The differences between the Company’s effective tax rate and the statutory tax rate in 2024, 2023, and 2022 were as follows (in thousands):

	Years Ended December 31,
	2024		2023		2022
Income tax benefit at federal statutory rate (21% for 2024, 2023 and 2022)	$	(18,260)	$	(47,328)	$	(51,321)
State and local income taxes net of federal tax benefit	1,393		(3,477)		(1,816)
Permanent items	3,716		3,015		(1,608)
Research and development tax credits	(1,413)		(3,301)		(9,793)
Foreign rate differential	2,353		2,255		1,862
Other	2,496		1,656		(5,485)
Change in valuation allowance	11,642		47,490		70,894
Income tax expense	$	1,927	$	310	$	2,733

Schedule Of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

	2024		2023
Balance at January 1,	$	14,362	$	13,844
Additions to current period tax positions	353		825
Reductions to prior period tax provisions	—		(307)
Balance at December 31,	$	14,715	$	14,362

Schedule Of Deferred Tax Assets And Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2024		2023
Deferred tax assets:
Net federal and state operating losses	$	105,865	$	108,753
Research and development credits	87,287		88,390
Royalty income	117,570		122,391
Stock-based compensation	34,486		26,113
Capitalized R&D	82,476		75,081
Leasing obligations	2,806		3,076
Other	22,693		17,515
Total deferred tax assets	453,183		441,319
Deferred tax liabilities:
Fixed assets	(797)		(678)
Right of use asset	(2,620)		(2,872)
Total deferred tax liabilities	(3,417)		(3,550)
Valuation allowance	(448,740)		(437,098)
Net deferred tax assets	$	1,026	$	671