Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Income Taxes | |
| Income Taxes | 11. Income Taxes During the three months ended June 30, 2025 and 2024, the Company recorded total income tax expense of approximately $0.3 million and $0.9 million, respectively. During the six months ended June 30, 2025 and 2024, the Company recorded total income tax expense of approximately $0.4 million and $1.3 million, respectively. The income tax expense is primarily attributable to state income tax and foreign income tax. Due to the Company’s history of cumulative operating losses, the Company concluded that, after considering all the available objective evidence, it is not more likely than not that all of the Company’s net deferred tax assets will be realized. Accordingly, all of the Company’s deferred tax assets, which includes net operating loss carryforwards and tax credits related primarily to research and development, continue to be subjected to a full valuation allowance as of June 30, 2025. The Company will continue to maintain a full valuation allowance until there is sufficient evidence to support recoverability of its deferred tax assets. Interest and/or penalties related to income tax matters are recognized as a component of income tax expense. As of June 30, 2025 and December 31, 2024, there were no accrued interest and penalties related to uncertain tax positions. On July 4, 2025, the U.S. government enacted The One Big Beautiful Bill Act of 2025 which includes, among other provisions, changes to the U.S. corporate income tax system including the allowance of immediate expensing of qualifying research and development expenses and permanent extensions of certain provisions within the Tax Cuts and Jobs Acts. Due to the Company's expected losses and full valuation allowance, the Company does not expect the impact from this legislation to be significant to its financial statements. |