v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Components of Loss Before Provision for Income Taxes
The components of (loss) income before provision for income taxes for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):
202520242023
Domestic loss before provision for income taxes$(103,891)$(101,108)$(95,977)
Foreign income before provision for income taxes2,610 157 17 
Loss before provision for income taxes$(101,281)$(100,951)$(95,960)
Provision for Income Taxes
The provision for income taxes for the years ended December 31, 2025, 2024 and 2023 consists of the following (in thousands):
202520242023
Current:
  Foreign$58 $56 $— 
  Total current58 56 — 
Income tax provision$58 $56 $— 
Statutory to Effective Income Tax Rate Reconciliation For purposes of reconciling the Company’s provision for income taxes at the statutory rate and the Company’s provision for income taxes at the effective rate, a notional 21% tax rate was applied as follows:
2025
$%
U.S. federal income tax at statutory rate$(21,269)21.00%
State and local income taxes, net of federal income tax effect(1)
(277)0.27
Foreign tax effect
   Other foreign(305)0.30
Effect of cross-border tax laws
   Other548 (0.54)
Tax credits
   Changes in valuation allowance 19,218 (18.97)
Nontaxable or nondeductible items
   Officer compensation1,386 (1.37)
   Other(420)0.41
Changes in unrecognized tax benefits1,177 (1.16)
Income tax expense and effective income tax rate$58 (0.06%)
(1) For the year ended December 31, 2025, the states and district that contributed to the majority (greater than 50%) of the tax effect in this category include California, Connecticut, District of Columbia, Massachusetts and New York.
As previously disclosed, for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:
20242023
%%
Federal income tax at statutory rate21.00%21.00%
State income tax, net of federal benefit3.21 7.81
Uncertain tax positions(0.15)(1.45)
Tax credits generated in current year(3.41)0.68
Return to provision adjustments—(3.25)
Stock-based compensation(1.01)(3.17)
Other0.51(0.10)
Tax rate change(3.41)—
Valuation allowance change(16.79)(21.52)
     Effective tax rate(0.05)%—%
Schedule of Cash Flow, Supplemental Disclosures
The amounts of cash income taxes paid by the Company are as follows (in thousands):
2025
Foreign
     France24 
Total$24 
Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024 related to the following (in thousands):
20252024
Deferred income tax assets:
Net operating loss carryforwards$128,955 $101,115 
Tax credit carryforwards11,306 10,576 
Stock-based compensation2,866 2,997 
Operating lease liabilities1,036 3,258 
Loss on marketable securities4,994 3,963 
Capitalized research and development22,342 32,220 
Property and equipment2,927 — 
Other4,515 5,687 
Total deferred income tax assets$178,941 $159,816 
   
Deferred income tax liabilities:  
Operating lease right-of-use assets$(861)$(3,287)
Property and equipment— (36)
Total deferred income tax liabilities(861)(3,323)
Valuation allowance(178,080)(156,493)
Net deferred tax assets$— $— 
Gross Unrecognized Tax Benefits
The following table summarizes the activity related to the Company’s gross unrecognized tax benefits as of December 31, 2025, 2024 and 2023 (in thousands):
202520242023
Beginning balance$1,685 $1,379 $— 
(Decreases) increases related to prior year tax positions(153)136 1,310 
Increases related to current year tax positions1,404 170 69 
Ending balance$2,936 $1,685 $1,379