Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
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,
2024 2023 2022
Federal statutory tax rate
 21.0  % 21.0  % 21.0  %
Stock-based compensation
 2.0  (1.8) (0.2)
Research and development credits
 5.0  3.7  1.5 
Liability classified financial instruments (0.7) (0.5) 1.4 
Adjustments of prior years' taxes 4.6  (2.7) — 
Goodwill impairment —  —  (13.6)
Other
 (0.5) (0.3) (0.1)
Change in valuation allowance
 (31.4) (19.4) (10.0)
Effective tax rate
 —  % —  % —  %
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities were as follows (in millions):
As of
December 31, 2024 December 31, 2023
Deferred tax assets:
Net operating losses
 $ 592  $ 404 
Tax credits
 178  122 
Stock-based compensation
 5  8 
Capitalized R&D 312  222 
Lease liability
 26  26 
Other
 21  16 
Deferred tax assets, gross
 1,134  798 
Valuation allowance
 (1,037) (726)
Deferred tax assets, net of valuation allowance
 97  72 
Deferred tax liabilities:
Depreciation and amortization
 (67) (47)
Right of use asset
 (25) (26)
Other
 (9) (3)
Deferred tax liabilities
 (101) (76)
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,
2024 2023 2022
Valuation allowance at beginning of period
 $ 726  $ 542  $ 331 
Change in deferred tax asset positions
 311  184  211 
Valuation allowance at end of period
 $ 1,037  $ 726  $ 542 
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,
2024 2023 2022
Unrecognized tax benefits at beginning of period
 $ 31  $ 21  $ 18 
Increases related to tax positions taken during a prior year
 2  1  1 
Increases related to tax positions taken during the current year
 12  9  8 
Decreases related to tax positions taken during a prior year
 —  —  (6)
Unrecognized tax benefits at end of period
 $ 45  $ 31  $ 21