| Summary of Company's Net Deferred Tax Assets (Liabilities) |
The Company’s net deferred tax assets (liabilities) consisted of the following:
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December 31, |
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2024 |
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2023 |
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(in thousands) |
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Deferred tax assets: |
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Net operating loss carryforwards |
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$ |
296,766 |
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$ |
258,664 |
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Research and development credit carryforwards |
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200,816 |
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|
151,333 |
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Section 174 capitalized research |
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216,469 |
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150,993 |
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Operating lease liability |
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|
57,438 |
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|
31,183 |
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Deferred revenue |
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10,634 |
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|
9,633 |
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Stock-based compensation |
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34,827 |
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|
30,408 |
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Accruals and allowances |
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5,468 |
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|
6,244 |
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Prepaid rent |
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4,410 |
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|
1,190 |
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Equity investment adjustments |
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|
16,560 |
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|
7,580 |
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Intangibles, including in-process research and development |
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|
920 |
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|
1,017 |
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Capitalized start-up costs |
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|
211 |
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|
249 |
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Gross deferred tax assets |
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844,519 |
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|
|
648,494 |
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Deferred tax asset valuation allowance |
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|
(783,211 |
) |
|
|
(616,082 |
) |
Total deferred tax assets |
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61,308 |
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|
|
32,412 |
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Deferred tax liabilities: |
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Fixed assets |
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(1,385 |
) |
|
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(1,221 |
) |
Operating lease right-of-use assets |
|
|
(59,923 |
) |
|
|
(31,191 |
) |
Total deferred tax liabilities |
|
|
(61,308 |
) |
|
|
(32,412 |
) |
Net deferred tax asset (liability) |
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$ |
- |
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$ |
- |
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