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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) Before Income Taxes | For financial reporting purposes, income (loss) before income taxes includes the following components:
|  | Years ended December 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
United States |  | $ | (210,049) |  |  | $ | (234,482) |  |  | $ | (343,424) |
Foreign |  | 181,293 |  |  | 84,381 |  |  | 101,385 |
Total |  | $ | (28,756) |  |  | $ | (150,101) |  |  | $ | (242,039) |
Schedule of Income Tax Expense (Benefit) | Following were the components of income tax expense (benefit) for the years ended December 31, 2024, 2023, and 2022:
|  | Years ended December 31,
(in thousands) |  | 2024 |  | 2023 |  | 2022
Current |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  | $ | — |
State |  | 76 |  |  | 14 |  |  | 6 |
Foreign |  | 27,274 |  |  | 6,408 |  |  | (5,760) |
Deferred |  |  |  |  |  |
Federal |  | — |  |  | (4,801) |  |  | 274 |
State |  | — |  |  | (138) |  |  | 9 |
Foreign |  | — |  |  | — |  |  | — |
Total |  | $ | 27,350 |  |  | $ | 1,483 |  |  | $ | (5,471) |
Schedule of Reconciliation of the Statutory Tax Rates and the Effective Tax Rates | A reconciliation of the statutory tax rates and the effective tax rates for the years ended December 31, 2024, 2023, and 2022 are as follows:
|  | Years ended December 31,
|  | 2024 |  | 2023 |  | 2022
Statutory rate |  | (21) | % |  | (21) | % |  | (21) | %
Tax credits |  | (14) |  |  | (8) |  |  | (11) |
Impact of foreign operations |  | 180 |  |  | (9) |  |  | 18 |
Executive compensation |  | 36 |  |  | 7 |  |  | 3 |
Other |  | 63 |  |  | 1 |  |  | — |
Valuation allowance |  | (149) |  |  | 31 |  |  | 9 |
Net |  | 95 | % |  | 1 | % |  | (2) | %
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | Years ended December 31,
(in thousands) |  | 2024 |  | 2023 | 2022
Gross unrecognized tax benefits at beginning of year |  | $ | 4,888 |  |  | $ | 283 |  | $ | — |
Gross increases for tax positions in prior years |  | 9,542 |  |  | 4,605 |  | 283 |
Decreases for settlements and payments |  | (625) |  |  | — |  | — |
Gross unrecognized tax benefits at end of year |  | $ | 13,805 |  |  | $ | 4,888 |  | $ | 283 |
Schedule of Significant Components of the Deferred Tax Assets and Liabilities | The significant components of the deferred tax assets and liabilities are as follows:
|  | Years ended December 31,
(in thousands) |  | 2024 |  | 2023
Deferred tax assets |  |  |  |
Net operating loss carry forwards |  | 302,066 |  |  | 321,004 |
Research tax credit |  | 234,189 |  |  | 235,532 |
Capitalized research and development costs |  | 34,883 |  |  | 34,425 |
Share-based compensation |  | 20,045 |  |  | 17,314 |
Lease liability |  | 10,026 |  |  | 10,567 |
Interest carry forward limitation |  | 9,097 |  |  | 17,627 |
Inventory |  | 1,599 |  |  | 1,931 |
Other |  | 5,267 |  |  | 20,858 |
Gross deferred tax assets |  | 617,172 |  |  | 659,258 |
Deferred tax liabilities |  |  |  |
Other |  | (8,042) |  |  | (10,004) |
Total net deferred tax assets |  | 609,130 |  |  | 649,254 |
Less: valuation allowance |  | (609,130) |  |  | (649,254) |
Net deferred tax liability |  | $ | — |  |  | $ | — |

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- 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
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- 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
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