v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax (Benefit) Expense
The following table presents the components of our income tax expense for the periods presented (in millions):
 Year Ended December 31,
 202420232022
Current income tax expense:
State$3 $4 $2 
Foreign1 — 1 
Total current income tax expense
4 4 3 
Deferred income tax expense:
Federal1 — — 
Total deferred income tax expense
1 — — 
Total income tax expense
$5 $4 $3 
Schedule of Reconciliation of Federal Statutory Rate and Effective Tax Rate
The following table presents a reconciliation of the federal statutory rate and our effective tax rate for the periods presented:
 Year Ended December 31,
 202420232022
Tax expense at federal statutory rate(21.0)%(21.0)%(21.0)%
State income taxes, net of federal tax benefit(11.1)2.6 6.2 
Meals and entertainment
1.6 0.1 0.7 
Share-based compensation5.3 10.4 13.2 
Non-deductible executive compensation16.9 10.8 14.3 
Research and development credits(36.3)(6.8)(25.7)
Other, net
1.9 (8.3)7.5 
Valuation allowance46.7 15.0 7.4 
Effective tax rate4.0 %2.8 %2.6 %
Schedule of Deferred Tax Assets and Liabilities The following table presents the significant components of our deferred tax assets and liabilities as of the dates presented (in millions):
 December 31,
 20242023
Deferred tax assets:
Federal and state net operating loss carryforwards$345 $354 
Capitalized research and development
247 208 
Research and development credits206 166 
Share-based compensation110 124 
Lease liabilities
24 33 
Debt discount on convertible notes— 11 
Accruals and reserves8 5 
Other deferred tax assets
3 3 
Total deferred tax assets943 904 
Deferred tax liabilities:
Right of use assets(14)(18)
Intangible assets(5)(13)
Goodwill(13)(6)
Other deferred tax liabilities
(1)(5)
Total deferred tax liabilities(33)(42)
Net deferred tax assets before valuation allowance910 862 
Less: valuation allowance(914)(865)
Net deferred tax liabilities $(4)$(3)
Schedule of Changes in Unrecognized Tax Benefits
Changes for unrecognized tax benefits for the periods presented are as follows (in millions):
Balance at January 1, 2022
$75 
Gross increases—current period tax positions17 
Gross increases—prior period tax positions
4 
Gross decreases—prior period tax positions(6)
Balance at December 31, 2022
$90 
Gross increases—current period tax positions9 
Gross increases—prior period tax positions3 
Gross decreases—prior period tax positions
(7)
Balance at December 31, 2023
$95 
Gross increases—current period tax positions16 
Gross increases—prior period tax positions6 
Gross decreases—prior period tax positions(1)
Gross decreases—statute of limitations lapse
(1)
Balance at December 31, 2024
$115