v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income (Loss) Before Income Taxes
The components of income (loss) before income taxes were as follows:
Years Ended December 31,
202520242023
(in thousands)
United States$(43,529)$(93,691)$(81,208)
Foreign1,224 576 825 
$(42,305)$(93,115)$(80,383)
Schedule of Components of Income Tax Expense
The components of income tax expense were as follows:
Years Ended December 31,
202520242023
(in thousands)
Current Provision:
Federal$— $— $— 
State(1)(1)(1)
Foreign(597)(485)(151)
Total current provision(598)(486)(152)
Total deferred provision— — — 
Total income tax provision$(598)$(486)$(152)
Schedule of Components of Deferred Tax Assets and Liabilities
The material components of the deferred tax assets and liabilities consisted of net operating loss carry-forwards, capitalized research and development costs, and tax credit carry-forwards.
Years Ended December 31,
202520242023
(in thousands)
Deferred tax assets (liabilities):
Deferred tax assets:
Accrual, write-down and other$11,560 $12,863 $9,169 
Acquired assets6,161 4,623 1,650 
Capitalized research and development35,673 46,495 37,706 
Credits5,657 5,657 5,657 
Net operating loss and credits carry forwards78,252 58,689 54,212 
Gross deferred tax assets$137,303 $128,327 $108,394 
Deferred tax liabilities:
Depreciation and amortization$(909)$(2,277)$(2,622)
Gross deferred tax liabilities$(909)$(2,277)$(2,622)
Total gross deferred tax assets$136,394 $126,050 $105,772 
Valuation allowance(136,394)(126,050)(105,772)
Total net deferred tax assets$— $— $— 
Schedule of Reconciliation of Effective Tax Rate
Beginning in 2025 annual reporting period, we adopted ASU 2023-09 prospectively. A reconciliation of the U.S. federal statutory income tax rate to our effective tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:
Year Ended December 31,
2025
(in thousands)%
U.S. federal statutory income tax rate$(8,884)(21.0)%
Change in valuation allowance10,341 24.4 %
Nontaxable or Nondeductible items
Excess tax expense from share-based compensation(13,469)(31.8)%
Non-deductible executive compensation9,240 21.8 %
Non-deductible non-U.S. equity compensation2,756 6.5 %
Other Adjustments
Other614 1.5 %
Effective tax rate$598 1.4 %
A reconciliation of the Company’s effective tax rate to the statutory U.S. federal rate for the prior years is as follows:
Years Ended December 31,
20242023
US Federal rate benefit(21.0)%(21.0)%
RSU excess tax benefit(15.5)(12.9)
Section 162(m) limitation10.4 — 
Permanent differences and others5.0 7.0 
Change in valuation allowance21.6 27.1 
Net tax expense0.5 %0.2 %
Schedule of Cash Paid For Income Taxes, Net of Refunds Received, By Jurisdiction
Cash paid for income taxes, net of refunds received, by jurisdiction, pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:
Year Ended December 31,
2025
(in thousands)
Foreign
India$221 
Japan80 
Ukraine39 
Malaysia23 
Other39 
Cash paid for income taxes, net of refunds received$402 
Schedule of Unrecognized Tax Benefit
A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows:
December 31,
20252024
(in thousands)
Beginning balance$2,505 $2,271 
Increase in balance related to tax position taken during prior periods30 259 
Decrease in balance related to tax position taken during the current period— (25)
Ending balance$2,535 $2,505