Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2023 |
| Income Taxes |
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| Schedule of effective tax rates differing from U.S. federal statutory rate |
| | | | | | | | | | | | | | | | | | | | | December 31, | | | | 2023 | | | 2022 | | | 2021 | | | | | (in thousands, except percentages) | | U.S. federal taxes (benefit) at statutory rate | | $ | (91,251) | | 21.00 | % | | $ | (114,832) | | 21.00 | % | | $ | (98,931) | | 21.00 | % | State tax expense | | | (13,492) | | 3.10 | % | | | (21,676) | | 3.96 | % | | | (29,206) | | 6.20 | % | Research and development credits | | | (10,837) | | 2.49 | % | | | (7,024) | | 1.28 | % | | | (9,193) | | 1.95 | % | Stock-based compensation | | | (6,422) | | 1.48 | % | | | 3,949 | | (0.72) | % | | | (46,128) | | 9.79 | % | Foreign tax | | | (106) | | 0.02 | % | | | 332 | | (0.06) | % | | | 167 | | (0.04) | % | Nondeductible officers' compensation | | | 8,651 | | (1.99) | % | | | 4,883 | | (0.89) | % | | | 24,387 | | (5.18) | % | Acquisition costs | | | 563 | | (0.13) | % | | | 3,226 | | (0.59) | % | | | 8,901 | | (1.89) | % | Other | | | (3,397) | | 0.79 | % | | | 1,964 | | (0.36) | % | | | 344 | | (0.05) | % | Change in valuation allowance | | | 116,562 | | (26.82) | % | | | 130,156 | | (23.80) | % | | | 150,277 | | (31.90) | % | Provision for income taxes | | $ | 271 | | (0.06) | % | | $ | 978 | | (0.18) | % | | $ | 618 | | (0.13) | % |
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| Schedule of tax effects of temporary differences that give rise to significant portions of the deferred tax assets |
| | | | | | | | | | | | | | | | December 31, | | | | | | | 2023 | | 2022 | | | | | | | | (in thousands) | | Deferred tax assets: | | | | | | | | | | | Net operating loss carryforwards | | | | | $ | 399,287 | | $ | 358,109 | | Research and development tax credit carryforwards | | | | | | 67,035 | | | 52,319 | | Capitalized research costs | | | | | | 95,923 | | | 59,128 | | Reserves and accruals | | | | | | 34,898 | | | 22,781 | | Lease Liabilities | | | | | | 19,339 | | | 21,000 | | Stock-based compensation | | | | | | 29,005 | | | 23,814 | | Other | | | | | | 9,449 | | | 9,162 | | Total deferred tax assets before valuation allowance | | | | | | 654,936 | | | 546,313 | | Less: valuation allowance | | | | | | (639,510) | | | (526,235) | | Total deferred tax assets after valuation allowance | | | | | | 15,426 | | | 20,078 | | Deferred tax liabilities: | | | | | | | | | | | Fixed Assets | | | | | | (1,524) | | | (1,219) | | Right-of-use lease assets | | | | | | (13,902) | | | (18,859) | | Total deferred tax liabilities | | | | | | (15,426) | | | (20,078) | | Net deferred tax assets | | | | | $ | — | | $ | — | |
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| Schedule of reconciliation of the beginning and ending amount of gross unrecognized tax benefits |
| | | | | | | | | | | | | December 31, | | | | 2023 | | 2022 | | 2021 | | | | | (in thousands) | | Balance at beginning of year | | $ | 23,844 | | $ | 17,514 | | $ | 11,500 | | Additions based on tax positions related to the current year | | | 7,034 | | | 6,301 | | | 6,017 | | Additions (reductions) for tax positions of prior years | | | 34 | | | 29 | | | (3) | | Balance at end of year | | $ | 30,912 | | $ | 23,844 | | $ | 17,514 | |
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