Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.25.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Components of the net loss consist of the following (in thousands):

Components of the net loss consist of the following (in thousands): 

               
    Year ended December 31,  
    2024     2023  
Foreign   $ (49,444 )   $ (98,204 )
Domestic     (80,592 )     (18,454 )
Total   $ (130,036 )   $ (116,658 )
A reconciliation of the effect of applying the federal statutory rate to the net loss and the effective income tax rate used to calculate the Company’s income tax provision is as follows:

A reconciliation of the effect of applying the federal statutory rate to the net loss and the effective income tax rate used to calculate the Company’s income tax provision is as follows:

                 
    Year Ended December 31,  
    2024     2023  
Statutory federal income tax     (21.0 )%     (21.0 )%
Change in valuation allowance     14.4 %     11.7 %
Permanent differences     (1.0 )%     0.2 %
Foreign loss not subject to income tax     3.2 %     7.2 %
Attribute reduction from control change     4.3 %     0.9 %
Other     0.1 %     1.0 %
Income Tax Provision     0.0 %     0.0 %
Deferred tax assets (liabilities) and related valuation allowance as of December 31, 2024 and 2023 were as follows (in thousands):

Deferred tax assets (liabilities) and related valuation allowance as of December 31, 2024 and 2023 were as follows (in thousands):

                 
    December 31,  
    2024     2023  
Deferred tax assets/(liabilities):                
Net operating loss carryforward   $ 39,255     $ 32,997  
Stock-based compensation     9,170       10,276  
Fixed assets     9,617       —  
Other     4,829       2,211  
Total deferred assets     62,871       45,484  
                 
Valuation allowance     (62,871 )     (45,484 )
                 
Net deferred tax assets   $ —     $ —