v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The reconciliations of the effective tax rate from the federal statutory rate were as follows:
Twelve Months Ended
December 31,
202520242023
Amount
Percent
Amount
Percent
Amount
Percent
U.S federal statutory tax rate
$(171)21.0 %$(157)21.0 %$(167)21.0 %
Federal research and development credits
(74)9.1 (57)7.6 (42)5.3 
Nontaxable or nondeductible items
Stock-based compensation
(30)3.7 (15)2.0 14 (1.8)
Other
7 (0.9)6 (0.8)6 (0.8)
Change in unrecognized tax benefits
15 (1.8)11 (1.5)8 (1.0)
Change in federal valuation allowance
253 (31.1)212 (28.3)181 (22.7)
Effective tax rate
$— — %$— — %$— — %
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and liabilities were as follows (in millions):
As of
December 31, 2025December 31, 2024
Deferred tax assets:
Net operating losses
$724 $592 
Tax credits
249 178 
Stock-based compensation
6 5 
Capitalized R&D386 312 
Lease liability
18 26 
Other
24 21 
Deferred tax assets, gross
1,407 1,134 
Valuation allowance
(1,297)(1,037)
Deferred tax assets, net of valuation allowance
110 97 
Deferred tax liabilities:
Depreciation and amortization
(87)(67)
Right of use asset
(18)(25)
Other
(9)(9)
Deferred tax liabilities
(114)(101)
Deferred tax liabilities, net
$(4)$(4)
Schedule of Valuation Allowance
The components of changes in the valuation allowance were as follows (in millions):
Twelve Months Ended
December 31,
202520242023
Valuation allowance at beginning of period
$1,037 $726 $542 
Change in deferred tax asset positions
260 311 184 
Valuation allowance at end of period
$1,297 $1,037 $726 
Schedule of Unrecognized Tax Benefits Roll Forward
The components of changes in unrecognized tax benefits were as follows (in millions):
Twelve Months Ended
December 31,
202520242023
Unrecognized tax benefits at beginning of period
$45 $31 $21 
Increases related to tax positions taken during a prior year
2 2 1 
Increases related to tax positions taken during the current year
15 12 9 
Unrecognized tax benefits at end of period
$62 $45 $31