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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) before Income Tax, Domestic and Foreign
The components of loss before provision for income taxes were as follows:
Years Ended December 31,
(in thousands)202320222021
United States$(74,776)$(116,272)$(46,241)
Foreign(37,162)3,296 8,528 
Loss before provision for income taxes$(111,938)$(112,976)$(37,713)
Schedule of Components of Provision for Income Taxes
The components of the provision for income taxes were as follows:
Years Ended December 31,
(in thousands)202320222021
Current tax benefit (expense)
Federal$— $— $— 
State(376)(9)(257)
Foreign(6,365)(2,449)(1,650)
Total current tax expense(6,741)(2,458)(1,907)
Deferred tax benefit (expense)
Federal— — — 
State— — — 
Foreign839 1,415 864 
Total deferred tax benefit
839 1,415 864 
Provision for income taxes$(5,902)$(1,043)$(1,043)
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation at the applicable federal statutory rate to the Company’s effective income tax rate were as follows:
Years Ended December 31,
202320222021
Federal income taxes at statutory rate21.00 %21.00 %21.00 %
State income tax, net of federal benefit8.71 4.06 11.37 
Increase in valuation allowance(59.69)(24.08)(66.51)
Stock-based compensation16.70 0.92 31.08 
U.S. tax on foreign earnings— (2.03)— 
Tax charges from integration of acquired companies(6.57)— — 
Research tax credits14.98 — — 
Other(0.40)(0.79)0.29 
Effective income tax rate(5.27) %(0.92) %(2.77) %
Schedule of Deferred Tax Assets and Liabilities
The tax effects of the temporary differences and carryforwards that give rise to deferred tax assets were as follows:
As of December 31,
(in thousands)20232022
Deferred tax assets
Net operating loss carryforwards$58,901 $58,798 
Accrued expenses4,326 2,270 
Stock-based compensation15,623 13,508 
Operating lease liabilities1,041 1,156 
Capitalized research costs69,279 28,605 
Intangible assets10,846 — 
Research tax credits17,341 — 
Other2,748 2,442 
Gross deferred tax assets180,105 106,779 
Deferred tax liabilities
Fixed assets and intangible assets(1,321)(311)
Operating lease right-of-use assets(756)(1,076)
Other— (1,720)
Gross deferred tax liabilities(2,077)(3,107)
Valuation allowance(1)
(174,863)(101,446)
Net deferred tax assets(2)
$3,165 $2,226 
_________________
(1) The Company maintains a full valuation allowance against the U.S. net deferred tax assets, as it believes that these deferred tax assets do not meet the more likely than not threshold.
(2) The net deferred tax asset as of December 31, 2023 and 2022 was recorded within ‘Other noncurrent assets, net’ on the Company’s Consolidated Balance Sheets.
Summary of Valuation Allowance The following represents the changes in the Company’s valuation allowance for the years ended December 31, 2023, 2022, and 2021, respectively:
Years Ended December 31,
(in thousands)202320222021
Balance at the beginning of the period$101,446 $74,244 $49,159 
Charged to net income67,030 27,202 25,085 
Charged to other accounts
6,387 — — 
Balance at the end of the period$174,863 $101,446 $74,244 
Schedule of Unrecognized Tax Benefits Roll Forward
The following represents the changes in the Company’s unrecognized income tax benefits for the years ended December 31, 2023, 2022, and 2021, respectively:
Years Ended December 31,
(in thousands)202320222021
Balance at the beginning of the period$— $— $— 
Increases related to tax positions taken during the current year
11,438 — — 
Increases related to tax positions taken during prior years
4,140 — — 
Balance at the end of the period$15,578 $— $—