XML 63 R46.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
(Loss) Income Before Income Tax Expense by Jurisdiction | The following table summarizes the (loss) income before income tax expense by jurisdiction for the periods indicated:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Domestic |  | $ | (338,942 | ) |  | $ | (84,113 | ) |  | $ | (65,940 | )
Foreign |  |  | 126 |  |  |  | 162 |  |  |  | 280 |
Loss before income tax expense |  | $ | (338,816 | ) |  | $ | (83,951 | ) |  | $ | (65,660 | )
Effective Income Tax Rate Reconciliation | The difference between the Company’s provision for income taxes and the amounts computed by applying the statutory federal income tax rate to income before income taxes is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Tax provision derived by applying the federal statutory rate to income before income taxes |  | $ | (71,151 | ) |  | $ | (17,630 | ) |  | $ | (13,789 | )
Loss on forward contract valuation |  |  | 17,541 |  |  |  | — |  |  |  | — |
Acquired IPR&D |  |  | 27,340 |  |  |  | — |  |  |  | — |
Loss on CVR revaluation |  |  | 3,987 |  |  |  | — |  |  |  | — |
Other permanent differences |  |  | 4,472 |  |  |  | 1,042 |  |  |  | 1,002 |
Federal tax credits |  |  | (1 | ) |  |  | (3,559 | ) |  |  | (3,815 | )
State tax credits |  |  | — |  |  |  | (640 | ) |  |  | (152 | )
Effect of tax rate on foreign jurisdiction |  |  | (53 | ) |  |  | 42 |  |  |  | (5 | )
Change in the valuation allowance |  |  | 17,839 |  |  |  | 20,609 |  |  |  | 16,900 |
Income tax (benefit) expense |  | $ | (26 | ) |  | $ | (136 | ) |  | $ | 141 |
Components of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities consist of the following (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets |  |  |  |  |  |  |  |
Net operating loss carryforward |  | $ | 74,454 |  |  | $ | 68,917 |
Capitalized 174 R&D costs |  |  | 22,532 |  |  |  | 11,097 |
Intangible assets |  |  | 47 |  |  |  | 52 |
Deferred revenue |  |  | — |  |  |  | 566 |
Accrued expense |  |  | 579 |  |  |  | 668 |
Stock-based compensation |  |  | 4,246 |  |  |  | 3,293 |
Federal tax credits |  |  | 21,914 |  |  |  | 21,914 |
State tax credits |  |  | 1,631 |  |  |  | 1,631 |
Other |  |  | 88 |  |  |  | 190 |
Total deferred tax assets |  |  | 125,491 |  |  |  | 108,328 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Depreciable assets |  |  | — |  |  |  | (676 | )
Total deferred tax liabilities |  |  | — |  |  |  | (676 | )
Less: Valuation allowance |  |  | (125,491 | ) |  |  | (107,652 | )
Deferred tax assets, net |  | $ | — |  |  | $ | — |

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 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -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