XML 51 R39.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Summary of Components of Current and Deferred Portions of Provision for Income Taxes | The components of our current and deferred portions of the provision for income taxes are presented in the table below:
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current income tax (provision) benefit: |  |  |  |  |  |  |  |  |
Federal |  | $ | (237 | ) |  | $ | — |  |  | $ | — |
State |  |  | (167 | ) |  |  | (22 | ) |  |  | (41 | )
Foreign |  |  | (3,614 | ) |  |  | (3,256 | ) |  |  | (828 | )
Total Current |  | $ | (4,018 | ) |  | $ | (3,278 | ) |  | $ | (869 | )
Deferred income tax (provision) benefit: |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  | $ | 5,730 |
State |  |  | — |  |  |  | — |  |  |  | (1 | )
Foreign |  |  | 158 |  |  |  | 3,214 |  |  |  | 516 |
Total Deferred |  | $ | 158 |  |  | $ | 3,214 |  |  | $ | 6,245 |
Total (provision) benefit for income taxes |  | $ | (3,860 | ) |  | $ | (64 | ) |  | $ | 5,376 |
Summary of Reconciliation of Federal Statutory Rate and Provision for Income Taxes | The following reconciles the differences between income taxes computed at the federal statutory rate and the provision for income taxes:
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Federal statutory income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State taxes, net of federal benefit |  |  | 1.1 |  |  |  | 3.7 |  |  |  | 4.5 |
Valuation allowance |  |  | (7.1 | ) |  |  | (18.5 | ) |  |  | (24.5 | )
Stock-based compensation |  |  | (1.3 | ) |  |  | (5.1 | ) |  |  | 1.9 |
Permanent differences |  |  | (14.0 | ) |  |  | (0.7 | ) |  |  | — |
Other |  |  | (0.3 | ) |  |  | (0.4 | ) |  |  | 0.1 |
Effective income tax rate |  |  | (0.6 | )% |  |  | — | % |  |  | 3.0 | %
Summary of Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company's deferred tax assets and liabilities were as follows:
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 229,264 |  |  | $ | 201,495 |
Research and development credit carryforwards |  |  | 1,660 |  |  |  | 1,603 |
Deferred revenue |  |  | 2,687 |  |  |  | 3,395 |
Deferred compensation |  |  | 5,687 |  |  |  | 7,590 |
Leasing obligation |  |  | 3,087 |  |  |  | 3,932 |
Capitalized research expense |  |  | 43,476 |  |  |  | 27,147 |
Other |  |  | 2,415 |  |  |  | 1,224 |
Total deferred tax assets |  |  | 288,276 |  |  |  | 246,386 |
Total valuation allowance |  |  | 263,001 |  |  |  | 214,776 |
Total net deferred tax assets |  |  | 25,275 |  |  |  | 31,610 |
Joint venture investment basis difference |  |  | (1,054 | ) |  |  | (1,321 | )
Intangibles |  |  | (20,879 | ) |  |  | (26,672 | )
Right-of-use assets |  |  | (2,738 | ) |  |  | (3,578 | )
Other |  |  | (1,902 | ) |  |  | (1,499 | )
Total deferred tax assets (liabilities) |  |  | (26,573 | ) |  |  | (33,070 | )
Net deferred tax liabilities |  | $ | (1,298 | ) |  | $ | (1,460 | )
Summary of Changes in Valuation Allowance for Deferred Tax Assets | Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2023, 2022 and 2021 related primarily to the increase in net operating loss carryforwards in 2023, 2022 and 2021 and were as follows:
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Valuation allowance as of beginning of the year |  | $ | 214,776 |  |  | $ | 164,391 |  |  | $ | 118,795 |
Increases recorded to income tax provision |  |  | 48,225 |  |  |  | 50,403 |  |  |  | 51,348 |
Decreases recorded as a benefit to income tax provision |  |  | — |  |  |  | (18 | ) |  |  | (5,752 | )
Valuation allowance as of end of year |  | $ | 263,001 |  |  | $ | 214,776 |  |  | $ | 164,391 |

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 income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
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 valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration