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INCOME TAXES (Tables)
 12 Months Ended
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,
20242023
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,
20242023
Deferred tax assets:
Net operating loss carryforwards$64,583 $54,625 
Research and development credit carryforward18,53115,468
Scientific research and experimental development deductions36,15533,321
Depreciation and amortization6,6846,349
Start-up costs809873
Stock-based compensation1,939498
Other accruals and reserves1,431654
Total deferred tax assets130,132111,788
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,
20242023
US federal tax rate21 %21 %
Foreign losses taxed at different rates1 %3 %
Return to provision adjustments1 %(16)%
Stock-based compensation(2)%(6)%
Research and development credits2 %5 %
Permanent differences(11)%(2)%
Change in valuation allowance(12)%(5)%
Effective tax rate— %— %