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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Provision for Income Taxes | The components of our provision for income taxes were as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
State | $ | 266 |  |  | $ | 47 |  |  | $ | 8 |
Foreign | — |  |  | 500 |  |  | — |
Total current | 266 |  |  | 547 |  |  | 8 |
Deferred |  |  |  |  |
Federal | — |  |  | — |  |  | — |
Total deferred | — |  |  | — |  |  | — |
Provision for income taxes | $ | 266 |  |  | $ | 547 |  |  | $ | 8 |
Schedule of Reconciliation of Effective Tax Rate | A reconciliation of the statutory federal income tax rate to our effective tax rate is as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Income tax at the federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State taxes, net of federal benefit | 4.0 |  |  | 3.4 |  |  | 1.9 |
Tax credits | 0.6 |  |  | 1.7 |  |  | 1.5 |
Stock based compensation | 5.2 |  |  | 0.1 |  |  | (2.3) |
Foreign withholding tax | — |  |  | (0.8) |  |  | — |
Executive compensation disallowed under IRC Sec 162(m) | (5.8) |  |  | (1.9) |  |  | (1.6) |
Other | (0.6) |  |  | — |  |  | (0.8) |
Change in valuation allowance | (25.0) |  |  | (24.3) |  |  | (19.7) |
Effective tax rate | (0.6) | % |  | (0.8) | % |  | — | %
Schedule of Components of Deferred Tax Assets | Significant components of our deferred tax assets were as follows:
| December 31,
(in thousands) | 2024 |  | 2023
Deferred tax assets |  |  |
Amortization and depreciation | $ | 64,237 |  |  | $ | 64,919 |
Net operating loss carryforwards | 103,643 |  |  | 98,702 |
Tax credits | 15,529 |  |  | 15,375 |
Stock-based compensation | 11,226 |  |  | 6,946 |
Deferred royalty obligation | 6,409 |  |  | 4,907 |
Other | 8,122 |  |  | 6,707 |
Deferred tax assets | 209,166 |  |  | 197,556 |
Valuation allowance | (208,568) |  |  | (196,197) |
Deferred tax assets net of valuation allowance | 598 |  |  | 1,359 |
Deferred tax liabilities |  |  |
Right-of-use asset | (598) |  |  | (1,359) |
Deferred tax liabilities | (598) |  |  | (1,359) |
Net deferred taxes | $ | — |  |  | $ | — |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Balance at beginning of year | $ | 23,625 |  |  | $ | 24,075 |  |  | $ | 24,426 |
Additions based on tax positions related to current year | 105 |  |  | 262 |  |  | 460 |
Additions based on tax positions related to prior year | — |  |  | 99 |  |  | — |
Subtractions based on tax positions related to prior year | (811) |  |  | (811) |  |  | (811) |
Balance at end of year | $ | 22,919 |  |  | $ | 23,625 |  |  | $ | 24,075 |

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