Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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	$	—	$	—