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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles the federal statutory income tax rate to the Company’s effective income tax rate:
| Year Ended December 31,
| 2024 |  | 2023 |  |
Statutory U.S. federal rate | 21.0 | % |  | 21.0 | % |  |
State income taxes - net of federal benefit | 10.5 | % |  | 2.3 | % |  |
Permanent items | 1.0 | % |  | (1.6) | % |  |
Research tax credits | 0.3 | % |  | 0.6 | % |  |
Change in fair value of contingent value right liability | 127.9 | % |  | — | % |  |
Change in fair value of forward contract liabilities | (1.9) | % |  | (13.2) | % |  |
Valuation allowance, net | (160.1) | % |  | 2.8 | % |  |
Stock-based compensation | 0.9 | % |  | (3.9) | % |  |
Effective income tax rate | (0.4) | % |  | 8.0 | % |  |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to the Company’s net deferred tax assets are as follows (in thousands):
| Year Ended December 31,
| 2024 |  | 2023
Deferred Tax Assets |  |  |
Net operating loss carryforwards | $ | 44,062 |  |  | $ | 29,841 |
Research and development credits | 6,024 |  |  | 5,649 |
Stock-based compensation expense | 1,070 |  |  | 8 |
Other expenses | — |  |  | 705 |
Deferred revenue | 75,567 |  |  | 84,626 |
Operating lease liabilities | 3,848 |  |  | 2,718 |
Contingent value right liability | 108,832 |  |  | — |
R&E Capitalization | 26,863 |  |  | 19,778 |
Patent and license costs | 8,540 |  |  | 9,140 |
Gross deferred tax assets | 274,806 |  |  | 152,465 |
Deferred Tax Liabilities |  |  |
Intangible assets | $ | (41,441) |  |  | $ | (41,144) |
Depreciation | (115) |  |  | (128) |
Operating lease right-of-use assets | (1,523) |  |  | (2,751) |
Gross deferred tax liabilities | (43,079) |  |  | (44,023) |
Net deferred tax assets before valuation allowance | 231,727 |  |  | 108,442 |
Valuation allowance | (247,867) |  |  | (124,295) |
Net deferred tax assets/(liabilities) | $ | (16,140) |  |  | $ | (15,853) |

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- 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
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- 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
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