[patio11]

This would not be uncommon for a high-growth VC-backed company. If you've raised a billion dollars and burned through $800 million you've probably lost a significant fraction of that $800 million. (Some is capitalized but much will be straight-up OPEX loss.)

If you've got, oh, $300 million in cash ($200 million in remaining investment plus we'll say $100 million in collected revenue) and another $25 million in accounts receivable then the tax asset is worth about, round numbers, $250 million, or 43% of the book value of the company.

Having to write down 43% of your book value would suck.

This is, again, not outlandish for a company on that trajectory. If the revenue is growing rapidly and forecast to continue growing rapidly the company is in a wonderful spot.