Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| Income Tax Disclosure [Abstract] |
|
| Schedule of the Components of Loss Before Taxes |
The components of loss before taxes are as follows (in thousands):
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Year Ended December 31, |
|
2023 |
|
2022 |
|
2021 |
| United States |
$ |
(506,243) |
|
|
$ |
(249,550) |
|
|
$ |
(184,183) |
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| International |
(6,668) |
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|
(8,401) |
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|
(6,678) |
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| Loss before income taxes |
$ |
(512,911) |
|
|
$ |
(257,951) |
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|
$ |
(190,861) |
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|
| Schedule of Provision For Income Taxes |
The provision for income taxes is as follows (in thousands):
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Year Ended December 31, |
|
2023 |
|
2022 |
|
2021 |
| Current |
|
|
|
|
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| Federal |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
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| State |
6 |
|
|
7 |
|
|
1 |
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| Foreign |
133 |
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|
85 |
|
|
6 |
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| Total current provision |
139 |
|
|
92 |
|
|
7 |
|
| Deferred |
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| Federal |
— |
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|
— |
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|
(7,917) |
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| State |
— |
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|
— |
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|
(2,627) |
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| Total deferred benefit |
— |
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|
— |
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|
(10,544) |
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| Total provision (benefit) |
$ |
139 |
|
|
$ |
92 |
|
|
$ |
(10,537) |
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| Schedule of Effective Tax Rate Reconciliation |
A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows:
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Year Ended December 31, |
|
2023 |
|
2022 |
|
2021 |
|
% |
|
% |
|
% |
| Tax at federal statutory rate |
(21.0) |
% |
|
(21.0) |
% |
|
(21.0) |
% |
| State taxes, net of federal benefit |
(1.6) |
% |
|
(9.1) |
% |
|
(7.3) |
% |
| Permanent differences |
16.8 |
% |
|
(6.3) |
% |
|
(0.1) |
% |
| Change in valuation allowance |
9.0 |
% |
|
41.8 |
% |
|
27.9 |
% |
| Tax credits |
(3.2) |
% |
|
(5.4) |
% |
|
(5.0) |
% |
| Effective income tax rate |
0.0 |
% |
|
0.0 |
% |
|
(5.5) |
% |
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| Schedule of Deferred Income Tax Assets |
Significant components of the Company’s net deferred tax assets as of December 31, 2023, 2022 and 2021 (in thousands):
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December 31, |
|
2023 |
|
2022 |
|
2021 |
| Deferred tax assets: |
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| Net operating loss carryforwards |
$ |
138,735 |
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|
$ |
161,239 |
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|
$ |
124,591 |
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| Research and development credits |
55,492 |
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|
36,886 |
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|
22,995 |
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| Accruals and reserves |
2,479 |
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|
148 |
|
|
518 |
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| Property and equipment |
3,110 |
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|
4,260 |
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|
1,362 |
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| Stock-based compensation |
16,396 |
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|
14,416 |
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|
4,651 |
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| Goodwill |
4,311 |
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|
4,920 |
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|
3,819 |
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| Intangibles |
2,234 |
|
|
900 |
|
|
355 |
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| Lease Liability |
664 |
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|
600 |
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|
— |
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| Capitalized R&D |
88,985 |
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|
42,676 |
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|
— |
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| Total deferred tax assets |
312,406 |
|
|
266,045 |
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|
158,291 |
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| Valuation allowance |
(295,740) |
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(249,382) |
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|
(141,618) |
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| Net deferred tax assets |
16,666 |
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|
16,663 |
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|
16,673 |
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| Deferred tax liabilities |
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| Contractual agreement |
(16,666) |
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|
(16,663) |
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|
(16,673) |
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| Total deferred tax liabilities |
(16,666) |
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|
(16,663) |
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|
(16,673) |
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| Net deferred tax assets |
$ |
— |
|
|
$ |
— |
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|
$ |
— |
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| Schedule of the Changes in the Gross Amount of Unrecognized Tax Benefits |
The following shows the changes in the gross amount of unrecognized tax benefits as follows (in thousands):
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Year Ended December 31, |
|
2023 |
|
2022 |
|
2021 |
| Unrecognized tax benefits, beginning of the year |
$ |
14,571 |
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|
$ |
8,518 |
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|
$ |
4,995 |
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| Increases related to prior year tax positions |
684 |
|
|
219 |
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|
3,523 |
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| Decreases related to prior year tax positions |
(1,037) |
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|
— |
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|
— |
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| Increases related to current year tax positions |
6,023 |
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|
5,834 |
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|
— |
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| Unrecognized tax benefits, end of year |
$ |
20,241 |
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|
$ |
14,571 |
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|
$ |
8,518 |
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