Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 9. Income Taxes The Company calculates income tax expense (benefit) in interim periods by applying an estimated annual effective tax rate to income (loss) before income taxes and recognizing the tax effects of discrete items in the period in which they occur. The Company recorded an income tax benefit of $0.3 million and income tax expense of $0.7 million for the three and six months ended June 30, 2025, respectively, compared to income tax expense of $0.4 million and $0.5 million for the three and six months ended June 30, 2024, respectively. The tax benefit in the three months ended June 30, 2025 reflects a discrete benefit resulting from a shift from projected full-year taxable income in the first three months of 2025 to a projected loss in the three months ended June 30, 2025, driven by stock-based compensation expense associated with the Company’s IPO. The income tax expense for the six months ended June 30, 2025 and 2024 was primarily attributable to state and foreign income taxes. On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law. The OBBBA includes several changes to U.S. federal income tax law, including the repeal of the requirement to capitalize and amortize domestic research and development expenditures under Section 174, modifications to bonus depreciation, and changes to the U.S. international tax regime. The Company is currently evaluating the impact of the OBBBA on its income tax provision and results of operations and will continue to monitor developments and future guidance. Any impacts of the OBBBA will begin to be reflected in the third quarter of 2025. As the Company maintains a full valuation allowance against its U.S. federal deferred tax assets, the impact on its current financial statements is not expected to be material. |