XML 65 R31.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of Income Tax Expense (Benefit) | Income tax expense (benefit) is comprised of the following:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | (202) |  |  | $ | 727 |  |  | $ | (195) |
State | 352 |  |  | 509 |  |  | (280) |
Foreign | 1,515 |  |  | 963 |  |  | 538 |
Current income tax expense | 1,665 |  |  | 2,199 |  |  | 63 |
Deferred: |  |  |  |  |
Federal | — |  |  | — |  |  | — |
State | — |  |  | — |  |  | — |
Foreign | (253) |  |  | — |  |  | — |
Deferred income tax benefit | (253) |  |  | — |  |  | — |
Income tax expense | $ | 1,412 |  |  | $ | 2,199 |  |  | $ | 63 |
Schedule of Components of (Loss) Income Before Income Taxes by Tax Jurisdiction | Components of (loss) income before income taxes by tax jurisdiction were as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
United States | $ | (190,298) |  |  | $ | 39,076 |  |  | $ | (150,147) |
Foreign | 4,587 |  |  | 3,843 |  |  | 1,021 |
(Loss) income before income taxes | $ | (185,711) |  |  | $ | 42,919 |  |  | $ | (149,126) |
Schedule of Reconciliation of Income Tax Expense Applicable Statutory Income Tax Rates to Effective Income Tax Rate | Reconciliation of income tax expense at the applicable statutory income tax rates to the effective income tax rate is as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefits | 3.6 |  |  | 5.8 |  |  | 5.1 |
Section 162(m) limitation | — |  |  | 1.2 |  |  | (1.1) |
Stock compensation | (1.8) |  |  | 1.7 |  |  | 0.6 |
Return-to-provision adjustments | (1.5) |  |  | (3.3) |  |  | 0.2 |
Research and development credit | 4.8 |  |  | (14.1) |  |  | 3.1 |
Tax contingencies, net of reversals | (0.5) |  |  | 1.4 |  |  | (0.3) |
Change in valuation allowance | (22.2) |  |  | (4.4) |  |  | (28.6) |
Other | (4.2) |  |  | (4.2) |  |  | — |
Effective income tax rate | (0.8) | % |  | 5.1 | % |  | — | %
Schedule of Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Income Tax Assets and Deferred Income Tax Liabilities | Tax effects of temporary differences that give rise to significant portions of deferred income tax assets and deferred income tax liabilities were as follows:
| As of December 31,
| 2024 |  | 2023 |  | 2022
Deferred income tax assets: |  |  |  |  |
Net operating loss carryforwards | $ | 51,542 |  |  | $ | 44,116 |  |  | $ | 67,758 |
Capitalized research and development | 62,215 |  |  | 13,224 |  |  | 5,511 |
Accrued expenses | 37,544 |  |  | 71,676 |  |  | 43,362 |
Deferred revenue | 5,462 |  |  | 5,296 |  |  | 6,532 |
Lease liabilities | 27,551 |  |  | 32,491 |  |  | 28,952 |
Credits | 29,884 |  |  | 21,903 |  |  | 18,456 |
Gross deferred tax assets | 214,198 |  |  | 188,706 |  |  | 170,571 |
Less valuation allowance | (177,226) |  |  | (136,031) |  |  | (137,957) |
Net deferred tax assets | 36,972 |  |  | 52,675 |  |  | 32,614 |
Deferred income tax liabilities: |  |  |  |  |
Unrealized gain on equity investments | (7,284) |  |  | (18,553) |  |  | (4,439) |
Prepaid expenses | (652) |  |  | (1,554) |  |  | (1,435) |
Depreciation and amortization | (29,036) |  |  | (32,568) |  |  | (26,740) |
Net deferred income tax assets | $ | — |  |  | $ | — |  |  | $ | — |
Schedule of Reconciliation of Total Gross Unrecognized Tax Benefits | The Company classifies interest and penalties related to unrecognized tax benefits within income tax expense in the consolidated statement of operations. Following is a reconciliation of total gross unrecognized tax benefits:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Balance, January 1 | $ | 2,742 |  |  | $ | 2,142 |  |  | $ | 1,702 |
Additions for tax positions taken in prior years | 258 |  |  | 89 |  |  | 35 |
Reductions for tax positions taken in prior years | — |  |  | (4) |  |  | (24) |
Additions for tax positions related to the current year | 648 |  |  | 515 |  |  | 429 |
Balance, December 31 | $ | 3,648 |  |  | $ | 2,742 |  |  | $ | 2,142 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration