v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of reconciliation of the Company's expected federal income tax provision (benefit) to the actual income tax provision

The following is a reconciliation of the Company’s expected federal income tax provision (benefit) to the actual income tax provision (in thousands):

 

 

 

Years Ended December 31,

 

 

 

2024

 

 

2023

 

Tax computed at federal statutory rate

 

$

(39,115

)

 

$

(33,794

)

State tax, net of federal tax benefit

 

 

(8,429

)

 

 

(4,851

)

Non-deductible compensation

 

 

35

 

 

 

25

 

Permanent differences

 

 

22

 

 

 

(2,305

)

Stock compensation

 

 

8,560

 

 

 

12,801

 

R&D tax credits

 

 

(7,672

)

 

 

(5,773

)

Reserve for uncertain tax positions

 

 

8,612

 

 

 

4,254

 

Other

 

 

(135

)

 

 

1,928

 

Valuation allowance

 

 

38,122

 

 

 

27,715

 

Income tax expense

 

$

—

 

 

$

—

 

Summary of significant components of the Company's deferred tax assets

Significant components of the Company’s deferred tax assets are summarized as follows (in thousands):

 

 

 

December 31,

 

 

 

2024

 

 

2023

 

Deferred tax assets:

 

 

 

 

 

 

Capitalized R&D expense

 

$

127,559

 

 

$

134,209

 

Net operating losses

 

 

147,019

 

 

 

112,810

 

R&D tax credits

 

 

63,126

 

 

 

55,492

 

Intangible asset amortization

 

 

8,692

 

 

 

9,220

 

Deferred revenue

 

 

1,147

 

 

 

144

 

Stock compensation

 

 

7,836

 

 

 

8,322

 

Lease liability

 

 

17,925

 

 

 

21,761

 

Other

 

 

788

 

 

 

672

 

Total deferred tax assets

 

 

374,092

 

 

 

342,630

 

Deferred tax liabilities:

 

 

 

 

 

 

Depreciation

 

 

(2,212

)

 

 

(5,639

)

Right-of-use assets

 

 

(9,796

)

 

 

(13,029

)

Total deferred tax liabilities

 

 

(12,008

)

 

 

(18,668

)

Net of deferred tax assets and liabilities

 

 

362,084

 

 

 

323,962

 

Valuation allowance

 

 

(362,084

)

 

 

(323,962

)

Net deferred tax assets

 

$

—

 

 

$

—

 
Summary of the change in the Company's unrecognized tax benefits

The change in the Company’s unrecognized tax benefits is summarized as follows (in thousands):

 

 

December 31,

 

 

2024

 

 

2023

 

 

Beginning unrecognized tax benefits

 

$

59,680

 

 

$

52,767

 

 

Increase related to current year tax positions

 

 

10,345

 

 

 

9,724

 

 

Increase related to prior year tax positions

 

 

687

 

 

 

90

 

 

Decrease related to prior year tax positions

 

 

(207

)

 

 

(2,901

)

 

Ending unrecognized tax benefits

 

$

70,505

 

 

$

59,680