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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Loss Before Provision for Income Taxes

The components of loss before provision for income taxes for the periods presented were as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Domestic

 

$

(159,635

)

 

$

(225,335

)

 

$

(200,427

)

Foreign

 

 

40

 

 

 

31

 

 

 

59

 

Total loss before provision for income taxes

 

$

(159,595

)

 

$

(225,304

)

 

$

(200,368

)

 

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of our deferred tax assets and liabilities as of the dates presented were as follows (in thousands):

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Deferred tax assets

 

 

 

 

 

 

Net operating losses

 

$

274,535

 

 

$

251,724

 

Tax credit carryforward

 

 

45,942

 

 

 

43,528

 

Nonqualifying stock options

 

 

31,010

 

 

 

29,166

 

Operating lease liabilities

 

 

22,912

 

 

 

25,357

 

Deferred revenue

 

 

14,996

 

 

 

18,874

 

Capitalized research and development

 

 

49,550

 

 

 

42,134

 

Tangible and intangible assets

 

 

1,963

 

 

 

 

Other

 

 

6,182

 

 

 

6,146

 

Total deferred tax assets

 

 

447,090

 

 

 

416,929

 

Less: Valuation allowance

 

 

(435,509

)

 

 

(402,424

)

Deferred tax assets, net of valuation allowance

 

 

11,581

 

 

 

14,505

 

Deferred tax liabilities

 

 

 

 

 

 

Tangible and intangible assets

 

 

 

 

 

(1,281

)

Right-of-use assets

 

 

(11,581

)

 

 

(13,224

)

Net deferred taxes

 

$

 

 

$

 

Schedule of Reconciliation of Effective Tax Rate of Provision for Income Taxes Differs from Federal Statutory Rate

The effective tax rate of our provision for income taxes differs from the federal statutory rate for the periods presented as follows:

 

 

 

Year Ended December 31,

 

 

2024

 

2023

 

2022

Statutory rate

 

21.0%

 

21.0%

 

21.0%

State tax, net of federal tax benefit

 

3.6

 

4.0

 

3.8

Share-based compensation

 

(4.7)

 

(2.9)

 

(2.0)

Permanent items

 

(0.3)

 

(0.1)

 

(0.2)

Credits

 

1.7

 

2.3

 

3.0

Other

 

(0.6)

 

1.0

 

(1.2)

Change in valuation allowance

 

(20.7)

 

(25.3)

 

(24.4)

Total

 

0.0%

 

0.0%

 

0.0%

Schedule of Change in Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the dates presented are as follows (in thousands):

 

Balance at December 31, 2021

 

$

6,915

 

Additions in 2022

 

 

1,202

 

Balance at December 31, 2022

 

 

8,117

 

Additions in 2023

 

 

1,186

 

Balance at December 31, 2023

 

 

9,303

 

Additions in 2024

 

 

1,407

 

Balance at December 31, 2024

 

$

10,710