| Summary of Loss Before Income Taxes |
Loss before income taxes consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2024 |
|
|
3023 |
|
Domestic loss |
|
$ |
(77,658 |
) |
|
$ |
(61,371 |
) |
Foreign loss |
|
|
(25,001 |
) |
|
|
(16,329 |
) |
Loss before income taxes |
|
$ |
(102,659 |
) |
|
$ |
(77,700 |
) |
|
| Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate |
The following table presents a reconciliation of the federal statutory rate of 21% to effective tax rate:
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
U.S. federal tax benefit at statutory rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
State income taxes, net of federal benefit |
|
|
3.6 |
% |
|
|
2.6 |
% |
Foreign rate differential |
|
|
(0.1 |
)% |
|
|
0.4 |
% |
Contingent earnout |
|
|
(0.3 |
)% |
|
|
0.0 |
% |
Stock-based compensation |
|
|
(3.2 |
)% |
|
|
(1.4 |
)% |
UK R&D expenditure |
|
|
0.5 |
% |
|
|
1.0 |
% |
GILTI inclusion |
|
|
(1.5 |
)% |
|
|
(2.2 |
)% |
Outside basis difference in foreign subsidiary |
|
|
1.8 |
% |
|
|
0.0 |
% |
Deferred tax adjustments |
|
|
1.5 |
% |
|
|
(4.7 |
)% |
Non-deductible expenses and other |
|
|
(1.6 |
)% |
|
|
(0.4 |
)% |
Change in valuation allowance, net |
|
|
(21.9 |
)% |
|
|
(16.2 |
)% |
Effective tax rate |
|
|
(0.2 |
)% |
|
|
0.1 |
% |
|
| Summary of Significant Components of Deferred Tax Assets (Liabilities) |
The significant components of deferred tax assets (liabilities) are as follows:
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2024 |
|
|
2023 |
|
Deferred tax assets |
|
|
|
|
|
|
Net operating loss carryforward |
|
$ |
103,462 |
|
|
$ |
98,300 |
|
Research and development credit carryforward |
|
|
5,599 |
|
|
|
4,560 |
|
Interest expense limitation carryforward |
|
|
12,467 |
|
|
|
5,141 |
|
Stock-based compensation |
|
|
1,971 |
|
|
|
1,709 |
|
Property and equipment |
|
|
7,493 |
|
|
|
6,030 |
|
Investment in subsidiary |
|
|
1,732 |
|
|
|
— |
|
Operating lease liabilities |
|
|
1,371 |
|
|
|
1,891 |
|
Sec 174 Capitalized R&D |
|
|
10,700 |
|
|
|
8,416 |
|
Intangibles |
|
|
239 |
|
|
|
233 |
|
Other accruals |
|
|
14,321 |
|
|
|
12,619 |
|
Gross deferred tax assets |
|
|
159,355 |
|
|
|
138,899 |
|
Less: Valuation allowance |
|
|
(141,877 |
) |
|
|
(121,009 |
) |
Net deferred tax assets |
|
|
17,478 |
|
|
|
17,890 |
|
Deferred tax liabilities |
|
|
|
|
|
|
Intangibles |
|
|
(11,864 |
) |
|
|
(13,165 |
) |
Operating lease right-of-use assets |
|
|
(1,263 |
) |
|
|
(1,785 |
) |
Foreign property and equipment and intangibles |
|
|
(313 |
) |
|
|
(708 |
) |
Other accruals |
|
|
(4,898 |
) |
|
|
(3,036 |
) |
Gross deferred tax liabilities |
|
|
(18,338 |
) |
|
|
(18,694 |
) |
Net deferred tax liabilities |
|
$ |
(860 |
) |
|
$ |
(804 |
) |
|