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Income Taxes (Tables)

12 Months Ended

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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- References

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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

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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

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