Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense from Continuing Operations

Our income before provision for (benefit from) income taxes for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):


		December 31,
		2025				2024				2023
Current:
U.S. loss before income taxes		$	(203,522	)		$	(105,855	)		$	(84,866	)
Foreign loss before income taxes			(156,117	)			(4,108	)			(1,029	)
Loss before income taxes		$	(359,639	)		$	(109,963	)		$	(85,895	)

Income tax expense from continuing operations consists of the following for the years ended December 31, 2025, 2024 and 2023 (in thousands):


		December 31,
		2025				2024				2023
Current:
Federal		$	—			$	—			$	—
State			1				1				1
		$	1			$	1			$	1
Deferred:
Federal		$	(60,357	)		$	(33,180	)		$	(22,303	)
State			(20,756	)			(11,926	)			(6,785	)
Foreign			(19,561	)			—				—
		$	(100,674	)		$	(45,106	)		$	(29,088	)

Change in valuation allowance			100,674				45,106				29,088
Total income tax expense		$	1			$	1			$	1

Schedule of Reconciliations of U.S. Federal Statutory Tax Rate to Effective Income Tax Rate

The reconciliations of the U.S. federal statutory tax rate to the effective income tax rate for the year ended December 31, 2025 is as follows (in thousands, except %):


		December 31,
		2025
Tax provision at U.S. Federal statutory rates		$	(75,524	)			21	%
State income taxes net of federal benefit			1				0	%
Foreign tax effects
Ireland:
Statutory Tax Rate Difference			13,238				(4	)%
Change in Valuation Allowance			19,468				(5	)%
Other Foreign Jurisdictions:			78				(0	)%
Research and development credits			(22,639	)			6	%
Change in federal valuation allowance			60,357				(17	)%
Non-taxable or non-deductible items			565				(0	)%
Share-based compensation			4,221				(1	)%
Other			236				(0	)%
Effective income tax rate		$	1				—

The reconciliations of the U.S. federal statutory tax rate to the effective income tax rate for the years ended December 31, 2024 and 2023 are as follows:


		December 31,
		2024				2023
Tax provision at U.S. Federal statutory rates			21	%			21	%
State income taxes net of federal benefit			9	%			7	%
Non-deductible permanent items			—				(1	)%
Stock options			3	%			3	%
Research and development credits			10	%			4	%
Change in valuation allowance			(43	)%			(34	)%
Effective income tax rate			—				—

Schedule of Significant Components of Deferred Taxes

Significant components of the Company’s deferred taxes as of December 31, 2025 and 2024 are as follows (in thousands):


		December 31,
		2025				2024
Deferred tax assets:
Accrued liabilities		$	174			$	403
Intangible assets			134,134				93,056
Net operating loss carryforwards			68,178				40,799
Share-based compensation			4,237				2,796
Credit Carryforwards			58,261				27,199
Other			—				91
Total deferred tax assets			264,984				164,344
Valuation Allowance			(264,737	)			(164,063	)
Total deferred tax assets, net of allowance		$	247			$	281
Deferred tax liabilities:
Right of use assets		$	(24	)		$	(281	)
Other			(223	)			—
Total deferred tax liabilities:		$	(247	)		$	(281	)
Net deferred tax assets (liabilities):		$	—			$	—