Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes In accordance with ASC 740, "Income Taxes" interim reporting guidance, the Company records income tax expense in any interim period based on the estimated effective tax rate for the fiscal year for those tax jurisdictions in which the Company can reliably estimate the effective tax rate. The calculation of the estimated effective tax rate requires an estimate of pre-tax income by tax jurisdiction as well as total tax expense for the fiscal year. Accordingly, the annual estimated effective tax rate is subject to adjustment if there are changes to the initial estimates of total tax expense or pre-tax income. Provision for Income Taxes The Company recorded income tax expense of $0.2 million for both the three and six months ended June 30, 2025. The Company recorded income tax expense of $2.8 million for the three months ended June 30, 2024 and $4.6 million for the six months ended June 30, 2024. For both the three and six months ended June 30, 2024, the income tax provision recorded was driven largely by the $75 million clinical advancement milestone achieved in the first quarter of 2024. Despite the collaboration revenue, the Company continues to maintain a valuation allowance against all remaining deferred tax assets. The Company believes that it is more likely than not that it will not realize a future tax benefit of these attributes as the Company expects to continue to generate operating losses. Ultimate realization of any deferred tax asset is dependent on the Company’s ability to generate sufficient future taxable income in the appropriate tax jurisdiction before the expiration of carryforward periods, if any. The Company recognizes interest and penalties owed to taxing authorities as part of the provision for income taxes. As of June 30, 2025, the Company had no unrecognized tax benefits. The Company currently anticipates that there will be no change in its unrecognized tax benefits in the next twelve months.
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