XML 61 R36.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Net Loss Before Income Taxes | For the years ended December 31, 2024, 2023 and 2022, the net loss before income taxes consist of the following (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Domestic |  | $ | 41,232 |  |  | $ | 30,357 |  |  | $ | 1,321 |
Foreign |  |  | (403,897 | ) |  |  | (181,079 | ) |  |  | (651,821 | )
Total |  | $ | (362,665 | ) |  | $ | (150,722 | ) |  | $ | (650,500 | )
Schedule of (Provision) Benefit for Income Taxes | The (provision) benefit for income taxes consist of the following (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current income taxes: |  |  |  |  |  |  |  |  |
Federal |  | $ | (2,592 | ) |  | $ | (2,318 | ) |  | $ | (444 | )
State |  |  | (1,479 | ) |  |  | (994 | ) |  |  | (241 | )
Foreign |  |  | — |  |  |  | — |  |  |  | — |
Total current income taxes |  |  | (4,071 | ) |  |  | (3,312 | ) |  |  | (685 | )
Deferred income taxes: |  |  |  |  |  |  |  |  |
Federal |  | $ | 492 |  |  |  | 424 |  |  |  | 1,010 |
State |  |  | (8 | ) |  |  | — |  |  |  | — |
Foreign |  |  | — |  |  |  | — |  |  |  | — |
Total deferred income taxes |  |  | 484 |  |  |  | 424 |  |  |  | 1,010 |
Total income tax (provision) benefit |  | $ | (3,587 | ) |  | $ | (2,888 | ) |  | $ | 325 |
Schedule of Reconciliation of Income Tax Expense Computed at Statutory Corporate Income Tax Rate to Effective Income Tax Rate | A reconciliation of income tax expense computed at the statutory corporate income tax rate to the effective income tax rate for the years ended December 31, 2024, 2023 and 2022 is as follows:
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Income tax expense at statutory rate |  |  | 11.9 | % |  |  | 11.9 | % |  |  | 11.9 | %
State income tax, net of federal benefit |  |  | 1.1 | % |  |  | 2.3 | % |  |  | 1.2 | %
Nondeductible expenses |  |  | 0.0 | % |  |  | (0.2 | )% |  |  | (0.2 | )%
Foreign rate differential |  |  | (1.0 | )% |  |  | (2.1 | )% |  |  | (0.1 | %)
Statutory to U.S. GAAP permanent differences |  |  | 0.0 | % |  |  | 0.0 | % |  |  | 0.0 | %
Stock-based compensation |  |  | (0.4 | )% |  |  | (4.0 | %) |  |  | (0.2 | )%
Impact of deferred rate change |  |  | (0.1 | )% |  |  | 0.1 | % |  |  | (0.1 | )%
Research credits |  |  | 2.7 | % |  |  | 8.2 | % |  |  | 3.3 | %
Change in valuation allowance |  |  | (15.2 | )% |  |  | (17.2 | )% |  |  | (15.8 | )%
Other Rate Items |  |  | 0.0 | % |  |  | (0.9 | )% |  |  | 0.0 | %
Effective income tax rate |  |  | (1.0 | %) |  |  | (1.9 | %) |  |  | — |
Schedule of Significant Components of Company's Deferred Tax Assets | Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of the Company’s deferred tax assets are comprised of the following (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 178,061 |  |  | $ | 133,384 |
Accruals and reserves |  |  | 4,479 |  |  |  | 4,485 |
Operating lease liabilities |  |  | 60,570 |  |  |  | 65,177 |
Other deferred tax assets |  |  | 17,809 |  |  |  | 15,987 |
Stock-based compensation |  |  | 20,553 |  |  |  | 18,346 |
Research credit |  |  | 74,012 |  |  |  | 70,404 |
Total deferred tax assets |  |  | 355,484 |  |  |  | 307,783 |
Less valuation allowance |  |  | (282,739 | ) |  |  | (227,615 | )
Net deferred tax assets |  |  | 72,745 |  |  |  | 80,168 |
Deferred tax liabilities: |  |  |  |  |  |
Depreciation |  |  | (34,078 | ) |  |  | (38,725 | )
Operating lease assets |  |  | (38,845 | ) |  |  | (42,058 | )
Intangible assets |  |  | — |  |  |  | (4 | )
Other deferred tax liabilities |  |  | (36 | ) |  |  | — |
Total deferred tax liabilities |  |  | (72,959 | ) |  |  | (80,787 | )
Long term deferred taxes |  | $ | (214 | ) |  | $ | (619 | )
Schedule of Aggregate Changes in Gross Unrecognized Tax Benefits | The aggregate changes in gross unrecognized tax benefits were as follows (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Balance at beginning of year |  | $ | 44,148 |  |  | $ | 34,536 |  |  | $ | 21,395 |
Increases for tax positions taken during current period |  |  | 5,777 |  |  |  | 9,703 |  |  |  | 10,439 |
Increases for tax positions taken in prior periods |  |  | 34 |  |  |  | — |  |  |  | 2,702 |
Decreases for tax positions taken during current period |  |  | — |  |  |  | — |  |  |  | — |
Decreases for tax positions taken in prior periods |  |  | — |  |  |  | (91 | ) |  |  | — |
Balance at end of year |  | $ | 49,959 |  |  | $ | 44,148 |  |  | $ | 34,536 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration