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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Reconciliation of Income Tax Expense | A reconciliation of the income tax expense computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows:
|  | As of December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Federal statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal benefit |  |  | 7.0 |  |  |  | 13.3 |  |  |  | 7.4 |
Research and development tax credits |  |  | 4.7 |  |  |  | 18.0 |  |  |  | 4.2 |
Nondeductible/ nontaxable permanent items |  |  | (1.6 | ) |  |  | (2.5 | ) |  |  | (1.8 | )
Change in valuation allowance |  |  | (31.1 | ) |  |  | (50.9 | ) |  |  | (32.0 | )
Total |  |  | 0.0 | % |  |  | -1.1 | % |  |  | -1.2 | %
Schedule of Components of Deferred Taxes | The components of the Company’s deferred taxes are as follows (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 48,954 |  |  | $ | 3,959 |
Research and development tax credits |  |  | 87,554 |  |  |  | 56,759 |
Accrued expenses and other |  |  | 12,868 |  |  |  | 17,386 |
Deferred revenue |  |  | 38,815 |  |  |  | 48,792 |
Derivative liabilities |  |  | 3,771 |  |  |  | 2,951 |
Equity compensation |  |  | 21,218 |  |  |  | 20,587 |
Amortization |  |  | 30,508 |  |  |  | 30,917 |
Capitalized Research |  |  | 180,954 |  |  |  | 137,721 |
Lease liability |  |  | 44,096 |  |  |  | 47,179 |
Total deferred tax assets |  |  | 468,738 |  |  |  | 366,251 |
ROU asset |  |  | (28,649 | ) |  |  | (30,830 | )
Property and equipment |  |  | (267 | ) |  |  | (649 | )
Other |  |  | (1,563 | ) |  |  | (5,415 | )
Less: valuation allowance |  |  | (438,259 | ) |  |  | (329,357 | )
Total |  | $ | — |  |  | $ | — |

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- 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
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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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