Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Components of Net Loss Before Provision for Income Taxes |
The components of net loss before the provision for income taxes are as follows:
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
U.S. |
|
$ |
(144,577 |
) |
|
$ |
(301,757 |
) |
Non-U.S. |
|
|
(112 |
) |
|
|
(379 |
) |
Loss before income taxes |
|
$ |
(144,689 |
) |
|
$ |
(302,136 |
) |
|
| Schedule of (Benefit) Provision For Income Taxes |
The (benefit) provision for income taxes is as follows:
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Current income tax provision |
|
|
|
|
|
|
U.S. - Federal |
|
$ |
— |
|
|
$ |
130 |
|
U.S. - State |
|
|
46 |
|
|
|
23 |
|
Non-U.S. |
|
|
— |
|
|
|
(770 |
) |
|
|
$ |
46 |
|
|
$ |
(617 |
) |
Deferred income tax provision |
|
|
|
|
|
|
Non-U.S. |
|
$ |
— |
|
|
$ |
224 |
|
Provision (benefit) for income taxes |
|
$ |
46 |
|
|
$ |
(393 |
) |
|
| Summary of Reconciliation of Effective Income Tax Rate to U.S. Statutory Federal Income Tax Rate |
A reconciliation of the Company’s effective income tax rate to the U.S. statutory federal income tax rate of 21% for the years ended December 31, 2025 and 2024 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
|
|
|
2025 |
|
|
2024 |
|
U.S. federal statutory tax rate |
|
$ |
(30,384 |
) |
|
|
21.0 |
% |
|
$ |
(63,449 |
) |
|
|
21.0 |
% |
State and local income taxes, net of federal income tax
effect (1) |
|
|
37 |
|
|
|
(0.0 |
)% |
|
|
18 |
|
|
|
(0.1 |
)% |
Foreign tax effects (aggregate) |
|
|
— |
|
|
|
— |
% |
|
|
(430 |
) |
|
|
0.1 |
% |
Tax credits |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development tax credits |
|
|
(2,726 |
) |
|
|
1.9 |
% |
|
|
(7,053 |
) |
|
|
2.3 |
% |
Changes in valuation allowance |
|
|
28,332 |
|
|
|
(19.6 |
)% |
|
|
64,916 |
|
|
|
(21.4 |
)% |
Nontaxable or nondeductible items |
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
1,670 |
|
|
|
(1.2 |
)% |
|
|
4,047 |
|
|
|
(1.3 |
)% |
Executive compensation |
|
|
2,971 |
|
|
|
(2.1 |
)% |
|
|
2,557 |
|
|
|
(0.8 |
)% |
Other |
|
|
146 |
|
|
|
(0.1 |
)% |
|
|
(999 |
) |
|
|
0.3 |
% |
Effective income tax rate |
|
$ |
46 |
|
|
|
(0.0 |
)% |
|
$ |
(393 |
) |
|
|
0.1 |
% |
(1) State taxes in Illinois contributed to the majority of the tax effect in this category.
|
| Summary of Significant Components of Deferred Tax Assets and Liabilities |
Deferred tax assets and liabilities were as follows:
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Deferred tax assets: |
|
|
|
|
|
|
Federal net operating loss carryforwards |
|
$ |
76,043 |
|
|
$ |
55,174 |
|
State net operating loss carryforwards |
|
|
19,576 |
|
|
|
7,881 |
|
Capitalized research and development costs |
|
|
67,557 |
|
|
|
61,280 |
|
Tax credits |
|
|
18,705 |
|
|
|
16,005 |
|
Stock Based Compensation |
|
|
4,221 |
|
|
|
3,396 |
|
Intangibles |
|
|
7,526 |
|
|
|
7,507 |
|
Accruals and other |
|
|
7,396 |
|
|
|
7,906 |
|
Total deferred tax assets |
|
$ |
201,024 |
|
|
$ |
159,149 |
|
Valuation allowance |
|
|
(199,595 |
) |
|
|
(158,542 |
) |
Net total deferred tax assets |
|
$ |
1,429 |
|
|
$ |
607 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
Other |
|
|
(1,429 |
) |
|
|
(607 |
) |
Total deferred tax liabilities |
|
$ |
(1,429 |
) |
|
$ |
(607 |
) |
Net deferred tax assets |
|
$ |
— |
|
|
$ |
— |
|
|
| Summary of Valuation Allowance |
The following table reflects the roll-forward of the Company’s valuation allowance for the years ended December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Valuation allowance at beginning of year |
|
$ |
158,542 |
|
|
$ |
83,922 |
|
Increases (decreases) recorded to income tax provision |
|
|
41,053 |
|
|
|
74,620 |
|
Valuation allowance at end of year |
|
$ |
199,595 |
|
|
$ |
158,542 |
|
|
| Summary of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
Balance at beginning of the period |
|
$ |
3,762 |
|
|
$ |
2,209 |
|
(Decreases) Increases related to tax positions taken during prior years |
|
|
(169 |
) |
|
|
55 |
|
Increases related to tax positions taken during the current year |
|
|
725 |
|
|
|
1,498 |
|
Balance at end of the period |
|
$ |
4,318 |
|
|
$ |
3,762 |
|
|
| Summary of Cash Paid for Income Taxes Net of Refunds Received by Jurisdiction |
Cash paid for income taxes, net of refunds received, by jurisdiction for the years ended December 31, 2025 and 2024 is as follows:
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(in thousands) |
|
US Federal |
|
$ |
(96 |
) |
|
$ |
— |
|
US state and local |
|
|
|
|
|
|
Florida |
|
* |
|
|
|
52 |
|
Illinois |
|
|
(281 |
) |
|
* |
|
Texas |
|
* |
|
|
|
140 |
|
Other |
|
|
(21 |
) |
|
|
2 |
|
Foreign |
|
|
|
|
|
|
Canada |
|
|
(223 |
) |
|
|
62 |
|
Germany |
|
* |
|
|
|
35 |
|
Ireland |
|
* |
|
|
|
(61 |
) |
Netherlands |
|
|
(546 |
) |
|
|
(56 |
) |
Switzerland |
|
* |
|
|
|
57 |
|
United Kingdom |
|
|
78 |
|
|
* |
|
Other |
|
|
51 |
|
|
|
4 |
|
Total income taxes paid, net of refunds received |
|
$ |
(1,038 |
) |
|
$ |
235 |
|
* The amount of income taxes paid during the year does not meet the 5% disaggregation threshold.
|