| Net Deferred Tax Assets |
| | | | | | | | | December 31, | | | 2024 | | 2023 | Deferred tax assets: | | | | | | | Net operating loss carryforwards | | $ | 134,571 | | $ | 120,971 | Tax credit carryforwards | | | 29,311 | | | 22,597 | Capitalized start-up costs | | | — | | | 121 | Capitalized research and development expenses, net - Sec. 59(e): | | | 1,814 | | | 3,570 | Capitalized research and development expenses, net Sec. 174 | | | 38,244 | | | 19,491 | Operating lease liabilities | | | 1,693 | | | 1,970 | Derivative liability | | | 3,082 | | | 6,981 | Stock-based Awards | | | 9,976 | | | 10,443 | Accrued expenses and other | | | 10,186 | | | 8,433 | Total deferred tax assets | | | 228,877 | | | 194,577 | Valuation allowance | | | (225,248) | | | (183,737) | Net deferred tax assets | | | 3,629 | | | 10,840 | | | | | | | | Deferred tax liabilities: | | | | | | | Operating lease right of use assets | | | (1,383) | | | (1,507) | Convertible Notes | | | — | | | (6,603) | Barings Credit Facility | | | (2,246) | | | (2,730) | Total deferred tax liabilities | | | (3,629) | | | (10,840) | Net deferred tax assets | | $ | — | | $ | — |
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| Changes in Valuation Allowance for Deferred Tax Assets |
| | | | | | | | | | | | Year Ended December 31, | | | 2024 | | 2023 | | 2022 | Valuation allowance as of beginning of year | | $ | 183,737 | | $ | 164,546 | | $ | 142,637 | Increases recorded to income tax provision | | | 41,511 | | | 19,191 | | | 21,909 | Valuation allowance as of end of year | | $ | 225,248 | | $ | 183,737 | | $ | 164,546 |
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