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Income Taxes (Tables)
 12 Months Ended
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,
20242023
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,
20242023
Deferred Tax Assets
Net operating loss carryforwards$44,062 $29,841 
Research and development credits6,024 5,649 
Stock-based compensation expense1,070 8 
Other expenses— 705 
Deferred revenue75,567 84,626 
Operating lease liabilities3,848 2,718 
Contingent value right liability108,832 — 
R&E Capitalization26,863 19,778 
Patent and license costs8,540 9,140 
Gross deferred tax assets274,806 152,465 
Deferred Tax Liabilities
Intangible assets$(41,441)$(41,144)
Depreciation(115)(128)
Operating lease right-of-use assets(1,523)(2,751)
Gross deferred tax liabilities(43,079)(44,023)
Net deferred tax assets before valuation allowance231,727 108,442 
Valuation allowance(247,867)(124,295)
Net deferred tax assets/(liabilities)$(16,140)$(15,853)