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Income Tax (Tables)

12 Months Ended

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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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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