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Income Tax (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Loss (Income) Before Income Taxes | The following table presents loss (income) before income taxes ($ in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Cayman Islands | (16,792) |  |  | 19,454 |  |  | 28,401 |
British Virgin Islands | — |  |  | 2 |  |  | 2 |
Mainland China | 253,274 |  |  | 290,056 |  |  | 340,865 |
Hong Kong | 4,483 |  |  | 53,425 |  |  | 243,400 |
United States | 92,869 |  |  | 79,620 |  |  | 89,374 |
Australia | 14 |  |  | (260) |  |  | 1,758 |
Taiwan | 772 |  |  | 989 |  |  | 671 |
| 334,620 |  |  | 443,286 |  |  | 704,471 |
Schedule of Reconciliations | Reconciliations of the differences between the Chinese statutory income tax rate and the Company’s effective income tax rate are as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Statutory income tax rate | 25 | % |  | 25 | % |  | 25 | %
Tax-exempted income | 0.19 | % |  | — | % |  | — | %
Share-based compensation | (2.08 | %) |  | (1.40 | %) |  | (0.92 | %)
Research and development super deduction | 7.11 | % |  | 2.51 | % |  | — | %
Non-deductible expenses | (2.83 | %) |  | (2.31 | %) |  | (5.78 | %)
Prior year tax filing adjustment | 1.32 | % |  | 6.33 | % |  | 1.50 | %
Effect of different tax rate of subsidiary operation in other jurisdictions | 0.02 | % |  | (2.85 | %) |  | (4.60 | %)
Preferential tax rate | (7.12 | %) |  | (6.26 | %) |  | (4.30 | %)
Expiration of deductible qualified donation | 2.28 | % |  | — | % |  | — | %
Changes in valuation allowance | (23.89 | %) |  | (21.02 | %) |  | (10.90 | %)
Effective income tax rate | — | % |  | — | % |  | — | %
Schedule of Components of Deferred Tax Assets and Liabilities | The following table presents the principal components of deferred tax assets and liabilities ($ in thousands):
| Year Ended December 31, |  |
| 2023 |  | 2022 |  |
Deferred tax assets: |  |  |  |  |
Depreciation of property and equipment, net | 131 |  |  | 98 |  |  |
Research and experimental capitalization | 30,429 |  |  | 22,476 |  |  |
Share-based compensation | 3,422 |  |  | 1,787 |  |  |
Accrued expenses | 707 |  |  | 1,800 |  |  |
Government grants | 467 |  |  | 189 |  |  |
Deferred revenue | 4,354 |  |  | 3,378 |  |  |
Qualified donation | 22,992 |  |  | 12,947 |  |  |
Lease liability | 2,967 |  |  | 3,738 |  |  |
Net operating loss carry forwards | 295,313 |  |  | 241,397 |  |  |
Less: valuation allowance | (357,956) |  |  | (284,072) |  |  |
Total Deferred tax assets | 2,826 |  |  | 3,738 |  |  |
Deferred tax liabilities: |  |  |  |  |
Right-of-use assets | (2,826) |  |  | (3,738) |  |  |
Deferred tax assets, net | — |  |  | — |  |  |
Schedule of Movement of Valuation Allowance | The following table presents that movement of the valuation allowance on deferred tax assets ($ in thousands):
| 2023 |  | 2022
Balance as of January 1, | (284,072) |  |  | (189,684) |
Additions | (73,884) |  |  | (94,388) |
Balance as of December 31, | (357,956) |  |  | (284,072) |

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