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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of (loss) income before income taxes and gain from equity method investees, net | The components of (loss) income before income taxes and loss from equity method investees, net are as follows (in thousands):
| Years Ended December 31,
| 2024 |  | 2023
United States | $ | (136,223) |  |  | $ | (134,020) |
Foreign | (1,508) |  |  | (78) |
Total | $ | (137,731) |  |  | $ | (134,098) |
Reconciliation of income taxes computed at statutory federal income tax rate | The following table is a reconciliation of income taxes computed at the statutory federal income tax rate (21.0% federal income tax rate in the United States for 2024 and 2023) to the income tax expense (benefit) reflected in the consolidated statement of operations and comprehensive loss (in thousands, except percentages):
| Years Ended December 31,
| 2024 |  | 2023
Income tax (benefit) at the statutory federal income tax rate | $ | (28,924) |  |  | 21.0 | % |  | $ | (28,145) |  |  | 21.0 | %
Foreign tax rate differential | 102 |  |  | (0.1) | % |  | (15) |  |  | — | %
State and local taxes | (12,148) |  |  | 8.8 | % |  | (9,757) |  |  | 7.3 | %
Share Based Compensation | 547 |  |  | (0.4) | % |  | 197 |  |  | (0.1) | %
Nondeductible loss on stock | 1,126 |  |  | (0.8) | % |  | 6,324 |  |  | (4.7) | %
Valuation allowance | 34,544 |  |  | (25.1) | % |  | 31,661 |  |  | (23.6) | %
Expiring NOLs | 1,109 |  |  | (0.8) | % |  | — |  |  | — | %
Other | 3,644 |  |  | (2.6) | % |  | (265) |  |  | 0.2 | %
Total income tax expense (benefit) | $ | — |  |  | — | % |  | $ | — |  |  | — | %
Significant components of deferred tax assets and liabilities | Significant components of deferred tax assets and liabilities were as follows (in thousands):
|  | Years Ended December 31,
|  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Net operating loss and credit carryforwards |  | $ | 150,372 |  |  | $ | 134,609 |
Stock-based compensation |  | 6,636 |  |  | 4,526 |
Operating lease liability |  | 9,551 |  |  | 6,281 |
Accrued bonus |  | — |  |  | — |
Accrued expenses |  | 168 |  |  | — |
Deferred revenue |  | 203 |  |  | 148 |
Equity method investment |  | 3,875 |  |  | 3,051 |
R&D capitalization |  | 38,517 |  |  | 26,725 |
Other |  | 4,357 |  |  | 1,051 |
Total deferred tax assets |  | 213,679 |  |  | 176,391 |
Valuation allowance |  | (205,566) |  |  | (171,223) |
Total net deferred tax asset |  | 8,113 |  |  | 5,168 |
Deferred tax liabilities: |  |  |  |
Operating lease asset |  | (8,113) |  |  | (5,584) |
Other |  | — |  |  | 416 |
Total deferred tax liabilities |  | (8,113) |  |  | (5,168) |
Net deferred income tax assets and liabilities |  | $ | — |  |  | $ | — |

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