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Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of loss before income taxes | The components of the Company’s loss before income taxes are as follows:
|  | Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |
Foreign |  | $ | (499,810) |  |  | $ | (46,868) |  |
United States |  | (115,118) |  |  | (31,914) |  |
Loss before income taxes |  | $ | (614,928) |  |  | $ | (78,782) |  |
Major components of deferred tax assets and liabilities | The major components of deferred tax assets and liabilities are as follows:
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022
Deferred tax assets: |  |  |
Net operating loss carryforward | $ | 58,975 |  |  | $ | 52,948 |
Research and development credit carryforward | 4,522 |  |  | 1,723 |
Stock-based compensation | 4,128 |  |  | 3,879 |
Section 174 Research and Development Capitalization | 15,982 |  |  | 3,553 |
Lease liability | 1,143 |  |  | 737 |
Other | 1,260 |  |  | 2,053 |
Total deferred tax assets | 86,010 |  |  | 64,893 |
Deferred tax liabilities: |  |  |
Right-of-use assets | (1,085) |  |  | (651) |
Other | (174) |  |  | (226)
Total deferred tax liabilities | (1,259) |  |  | (877)
Net deferred tax assets before valuation allowance | 84,751 |  | 64,016
Valuation allowance | (84,751) |  | (64,016)
Deferred tax, net | $ | — |  |  | $ | — |
Change in valuation allowance | The change in the valuation allowance was as follows:
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022
Valuation allowance as of beginning of year | $ | (64,016) |  |  | $ | (51,746) |
Net increase recorded to the income tax provision | (20,735) |  |  | (12,270) |
Valuation allowance as of end of year | $ | (84,751) |  |  | $ | (64,016) |
Reconciliation of the effective income tax rate to the statutory rate | A reconciliation of the Company’s effective tax rate to the U.S. federal statutory rate is as follows:
|  | Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |
U.S. federal income tax statutory rate |  | 21.0 | % |  | 21.0 | % |
Change in valuation allowance |  | (3.4) |  |  | (16.8) |  |
Refundable research and development tax credit |  | 0.3 |  |  | (3.6) |  |
Effect of foreign operations taxed at various rates |  | (17.0) |  |  | 2.1 |  |
Stock-based compensation |  | (0.1) |  |  | (2.2) |  |
Other |  | (0.8) |  |  | (0.5) |  |
|  | — | % |  | — | % |
Reconciliation of unrecognized tax benefits | A reconciliation of unrecognized tax benefits from continuing operations is as follows:
|  | Year Ended December 31, 2023 |  | Year Ended December 31, 2022
Unrecognized tax benefits, beginning of year |  | $ | — |  |  | $ | — |
Increases related to prior year tax positions |  | 610 |  |  | — |
Decreases related to prior year tax positions |  | — |  |  | — |
Increases related to current year tax positions |  | 454 |  |  | — |
Unrecognized tax benefits, end of year |  | $ | 1,064 |  |  | $ | — |

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