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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Domestic and Foreign Components of Loss Before Income Taxes | The following table presents domestic and foreign components of loss before income taxes for the years ended December 31, 2024 and 2023 (in thousands):
| Years ended December 31,
| 2024 |  | 2023 |  |
Domestic | $ | (113,553) |  |  | $ | (42,502) |  |  |
Foreign | (30,326) |  |  | (40,213) |  |  |
Total net loss before income taxes | $ | (143,879) |  |  | $ | (82,715) |  |  |
Schedule of Deferred Income Tax Assets and Liabilities | Significant components of the Company’s deferred income tax assets and liabilities as of December 31, 2024 and 2023 are as follows:
| Years ended December 31,
| 2024 |  | 2023 |  |
Deferred tax assets: |  |  |  |  |
Net operating loss carryforwards | $ | 64,583 |  |  | $ | 54,625 |  |  |
Research and development credit carryforward | 18,531 |  | 15,468 |  |
Scientific research and experimental development deductions | 36,155 |  | 33,321 |  |
Depreciation and amortization | 6,684 |  | 6,349 |  |
Start-up costs | 809 |  | 873 |  |
Stock-based compensation | 1,939 |  | 498 |  |
Other accruals and reserves | 1,431 |  | 654 |  |
Total deferred tax assets | 130,132 |  | 111,788 |  |
Valuation Allowance | (129,107) |  | (110,981) |  |
Total deferred tax assets, net | $ | 1,025 |  |  | $ | 807 |  |  |
Deferred tax liabilities: |  |  |  |  |
Marketable securities | (695) |  | (315) |  |
Loan payable | (330) |  | (492) |  |  |
Total deferred tax liabilities | (1,025) |  | (807) |  |
Net deferred tax assets (liabilities) | $ | — |  |  | $ | — |  |  |
Schedule of Effective Income Tax Rate Reconciliation | A summary reconciliation of the effective tax rate calculated at the US federal rate for 2024 and 2023 is as follows:
| Years ended December 31,
| 2024 |  | 2023 |  |
US federal tax rate | 21 | % |  | 21 | % |  |
Foreign losses taxed at different rates | 1 | % |  | 3 | % |  |
Return to provision adjustments | 1 | % |  | (16) | % |  |
Stock-based compensation | (2) | % |  | (6) | % |  |
Research and development credits | 2 | % |  | 5 | % |  |
Permanent differences | (11) | % |  | (2) | % |  |
Change in valuation allowance | (12) | % |  | (5) | % |  |
Effective tax rate | — | % |  | — | % |  |

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