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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Benefit
The components of income tax benefit were as follows (in millions):
Twelve Months Ended
December 31,
202320222021
Deferred income benefit:
Federal
$— $— $(4)
State
— — (1)
Total deferred income tax benefit
— — (5)
Income tax benefit
$— $— $(5)
Schedule of Effective Income Tax Rate Reconciliation
The reconciliations of the effective tax rate from the federal statutory rate were as follows:
Twelve Months Ended
December 31,
202320222021
Federal statutory tax rate
21.0 %21.0 %21.0 %
State income tax, net of federal tax benefit
— — 0.1 
Stock-based compensation
(1.8)(0.2)(0.4)
Research and development credits
3.7 1.5 2.5 
Liability classified financial instruments(0.5)1.4 (0.7)
Adjustments of prior years' taxes(2.7)— — 
Goodwill impairment— (13.6)— 
Other
(0.3)(0.1)(0.1)
Change in valuation allowance
(19.4)(10.0)(21.8)
Effective tax rate
— %— %0.6 %
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities were as follows (in millions):
As of
December 31, 2023December 31, 2022
Deferred tax assets:
Net operating losses
$404 $324 
Tax credits
122 83 
Stock-based compensation
17 
Capitalized R&D222 130 
Lease liability
26 29 
Other
16 14 
Deferred tax assets, gross
798 597 
Valuation allowance
(726)(542)
Deferred tax assets, net of valuation allowance
72 55 
Deferred tax liabilities:
Depreciation and amortization
(47)(27)
Right of use asset
(26)(29)
Other
(3)(3)
Deferred tax liabilities
(76)(59)
Deferred tax liabilities, net
$(4)$(4)
Schedule of Valuation Allowance
The components of changes in the valuation allowance were as follows (in millions):
Twelve Months Ended
December 31,
202320222021
Valuation allowance at beginning of period
$542 $331 $87 
Change in deferred tax asset positions
184 211 244 
Valuation allowance at end of period
$726 $542 $331 
Schedule of Unrecognized Tax Benefits Roll Forward
The components of changes in unrecognized tax benefits were as follows (in millions):
Twelve Months Ended
December 31,
202320222021
Unrecognized tax benefits at beginning of period
$21 $18 $
Increases related to tax positions taken during a prior year
Increases related to tax positions taken during the current year
12 
Decreases related to tax positions taken during a prior year
— (6)— 
Unrecognized tax benefits at end of period
$31 $21 $18