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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Loss Before Income Taxes | loss before income taxes consists of the following (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Domestic |  | $ | (110,938 | ) |  | $ | (40,587 | ) |  | $ | (174,041 | )
International |  |  | (27,374 | ) |  |  | (33,617 | ) |  |  | (18,887 | )
Loss before income taxes |  | $ | (138,312 | ) |  | $ | (74,204 | ) |  | $ | (192,928 | )
Schedule of Significant Components of Provision for Income Taxes | Significant components of the Company's benefit (expense) from income taxes are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  | $ | — |
State |  |  | (233 | ) |  |  | (197 | ) |  |  | (87 | )
Foreign |  |  | (103 | ) |  |  | (373 | ) |  |  | (405 | )
Total current tax expense |  |  | (336 | ) |  |  | (570 | ) |  |  | (492 | )
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | — |  |  |  | — |  |  |  | — |
State |  |  | — |  |  |  | — |  |  |  | — |
Foreign |  |  | (237 | ) |  |  | 118 |  |  |  | 3,322 |
Total deferred benefit |  |  | (237 | ) |  |  | 118 |  |  |  | 3,322 |
Total benefit (expense) from income taxes |  | $ | (573 | ) |  | $ | (452 | ) |  | $ | 2,830 |
Schedule of Reconciliation of Income Taxes at Statutory Rate to (Provision for)/Benefit (expense) from Income Taxes Recorded in Statements of Operations | Reconciliation of income taxes at the statutory rate to the benefit (expense) from income taxes recorded in the statements of operations is as follows:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Tax benefit at federal statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State tax expense, net of federal benefit |  |  | 2.4 |  |  |  | 1.3 |  |  |  | 0.8 |
Foreign tax expense |  |  | 0.0 |  |  |  | 8.1 |  |  |  | 0.8 |
Change in valuation allowance |  |  | (8.2 | ) |  |  | (21.9 | ) |  |  | 17.1 |
Federal R&D credit |  |  | 0.8 |  |  |  | 0.2 |  |  |  | 0.2 |
Unrecognized tax benefit |  |  | 1.0 |  |  |  | — |  |  |  | 0.9 |
Non-deductible interest/premium |  |  | — |  |  |  | — |  |  |  | (0.3 | )
Bargain purchase gain |  |  | 3.8 |  |  |  | — |  |  |  | — |
Non-deductible loss on Forward Sale of Preferred Stock and Bridge Loans |  |  | — |  |  |  | — |  |  |  | (8.0 | )
R&D tax credits expiring unutilized |  |  | (11.5 | ) |  |  | — |  |  |  | (5.2 | )
NOL carryforwards expiring unutilized |  |  | (4.1 | ) |  |  | (5.5 | ) |  |  | (22.8 | )
Transaction costs |  |  | (1.6 | ) |  |  | (1.5 | ) |  |  | — |
Executive stock-based compensation |  |  | (2.3 | ) |  |  | (2.6 | ) |  |  | (0.8 | )
Return to provision |  |  | (0.5 | ) |  |  | 2.5 |  |  |  | — |
Other, net |  |  | (1.2 | ) |  |  | (2.0 | ) |  |  | (2.2 | )
Effective tax rate |  |  | (0.4 | )% |  |  | (0.4 | )% |  |  | 1.5 | %
Schedule of Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company's deferred tax assets and liabilities are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforward |  | $ | 242,050 |  |  | $ | 96,242 |
Reserves and accruals |  |  | 14,672 |  |  |  | 3,152 |
Depreciation and amortization |  |  | 3,354 |  |  |  | 564 |
Capitalized R&D costs |  |  | 25,138 |  |  |  | 5,962 |
Tax credit carryforwards |  |  | 17,216 |  |  |  | 15,463 |
Stock-based compensation |  |  | 7,801 |  |  |  | 1,143 |
Right-of-use lease liabilities |  |  | 7,749 |  |  |  | 7,782 |
Total gross deferred tax assets |  |  | 317,980 |  |  |  | 130,308 |
Valuation allowance on deferred tax assets |  |  | (304,382 | ) |  |  | (124,124 | )
Total deferred tax assets, net of valuation allowance |  |  | 13,598 |  |  |  | 6,184 |
Deferred tax liabilities: |  |  |  |  |  |
Fixed assets and intangibles |  |  | (7,740 | ) |  |  | (54 | )
Right-of-use assets |  |  | (6,801 | ) |  |  | (6,836 | )
Total deferred tax liabilities |  |  | (14,541 | ) |  |  | (6,890 | )
Net deferred tax liability |  | $ | (943 | ) |  | $ | (706 | )
Deferred tax liability per balance sheet |  | $ | (1,081 | ) |  | $ | (841 | )
Less deferred tax assets included in other long-term assets |  |  | 138 |  |  |  | 135 |
Net deferred tax liability |  | $ | (943 | ) |  | $ | (706 | )
Schedule of Summary of Valuation Allowance | A reconciliation of the beginning and ending amounts of the valuation allowance for the years ended December 31, 2024, 2023 and 2022, is as follows (in thousands):
|  | Valuation Allowance |
December 31, 2021 |  | $ | 141,087 |
Charges to earnings |  |  | — |
Charges to other accounts |  |  | (33,194 | )
December 31, 2022 |  |  | 107,893 |
Charges to earnings |  |  | — |
Charges to other accounts |  |  | 16,231 |
December 31, 2023 |  |  | 124,124 |
Charges to earnings |  |  | — |
Charges to other accounts |  |  | 180,258 |
December 31, 2024 |  | $ | 304,382 |
Schedule of Aggregate Changes in Balance of Gross Unrecognized Tax Benefits | The aggregate changes in the balance of the Company's gross unrecognized tax benefits during 2024, 2023, and 2022, were as follows (in thousands):
December 31, 2021 |  | $ | 8,515 |
Increases in balances related to tax positions during a prior period |  |  | 154 |
Increases in balances related to tax positions taken during current period |  |  | — |
Decreases in balances related to tax positions during a prior period |  |  | (1,697 | )
December 31, 2022 |  |  | 6,972 |
Increases in balances related to tax positions during a prior period |  |  | 105 |
Decreases in balances related to tax positions taken during current period |  |  | (138 | )
December 31, 2023 |  |  | 6,939 |
Increases in balances related to tax positions during a prior period |  |  | — |
Increases in balances related to tax positions taken during current period |  |  | 2,682 |
Decreases in balances related to tax positions during a prior period |  |  | (357 | )
December 31, 2024 |  | $ | 9,264 |

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