Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, German and Overseas

The components of loss from continuing operations before income taxes and loss from equity method investments by tax jurisdiction for the year ended December 31, 2025 is as follows (in thousands):


		Year Ended December 31, 2025
United States		$	(64,645	)
Foreign			(595,204	)
Total loss before income taxes and loss from equity method investments		$	(659,849	)

The components of loss from continuing operations before income taxes and loss from equity method investments by tax jurisdiction for the year ended December 31, 2024 was as follows (in thousands):


		Year Ended December 31, 2024
Germany		$	(95,551	)
International			(52,854	)
Total loss before income taxes and loss from equity method investments		$	(148,405	)

Total

Schedule of Components of Income Tax (Provision) Benefit

The total tax provision for income taxes for the year ended December 31, 2025 consists of the following (in thousands):


	Year Ended December 31, 2025
Current benefit from (provision for) income taxes:
United States	$	(15	)
United States State & Local		(147	)
International		(136	)
Total current benefit from (provision for) income taxes	$	(298	)
Deferred income tax benefit (provision):
United States	$	—
United States State & Local		—
International		—
Total deferred income tax benefit (provision)	$	—
Total income tax benefit (provision):
United States	$	(15	)
United States State & Local		(147	)
International		(136	)
Total income tax benefit (provision)	$	(298	)

The total tax benefit from income taxes for the year ended December 31, 2024 consists of the following (in thousands):


	Year Ended December 31, 2024
Current benefit from (provision for) income taxes:
Germany	$	—
International		356
Total current benefit from (provision for) income taxes:	$	356
Deferred income tax benefit (provision):
Germany	$	—
International		—
Total deferred income tax benefit (provision)	$	—
Total income tax benefit (provision):
Germany	$	—
International		356
Total income tax benefit (provision)	$	356

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory income tax rate to the Company’s effective income tax rate for continuing operations for the year ended December 31, 2025, after the adoption of ASU 2023-09 as described in Note 2, Basis of Presentation, Consolidation and Summary of Significant Accounting Policies, is as follows (in thousands, except percentages):


	Year Ended December 31, 2025
	Amount				Percent
U.S federal statutory tax rate:	$	(138,572	)		21.00%

State and local income tax, net of national income tax effect*		141			(0.02)%
International tax effects:
Germany:
Statutory tax rate difference		(1,529	)		0.23%
Changes in valuation allowances		(22,485	)		3.41%
Effect of change of domicile		27,581			(4.18)%
Other		(1,585	)		0.24%
Canada:
Changes in valuation allowances		(454	)		0.07%
Deferred tax adjustments		572			(0.09)%
Other		14			(0.00)%
United Kingdom:
Statutory tax rate difference		(21,050	)		3.19%
Changes in valuation allowances		16,814			(2.55)%
Non-deductible in-process research and development		131,750			(19.97)%
Effect of deferred tax adjustments		(15,869	)		2.40%
Other		(1,007	)		0.15%
Netherlands:
Changes in valuation allowances		747			(0.11)%
Other		9,993			(1.51)%
Other international jurisdictions		123			(0.02)%
Changes in valuation allowances		9,981			(1.51)%
Nontaxable or Nondeductible Items:
Effect of deferred tax adjustments		3,276			(0.50)%
Other		341			(0.05)%
Changes in unrecognized tax benefits		1,517			(0.23)%
Total income tax expense	$	298			(0.05)%

*California, New York State, and New York City make up the majority (greater than 50%) of the tax effect in this category

A reconciliation of the statutory income tax rate to the Company’s effective income tax rate for continuing operations for the year ended December 31, 2024, prior to the adoption of ASU 2023-09 as described in Note 2, Basis of Presentation, Consolidation and Summary of Significant Accounting Policies, is as follows (in thousands, except percentages):


		Year Ended December 31, 2024
Loss before income taxes:
Germany		$	(96,160	)
International			(52,245	)
Total loss before income taxes:			(148,405	)
German statutory rate			30.18	%
Expected income tax expense (benefit)			(44,781	)

US state income taxes, net of US federal tax benefit		$	(1,010	)
International tax rate differential			4,589
Effect of Australian R&D tax credit incentives			(134	)
Effect of consolidation and deconsolidation of subsidiaries			88
Effect of share-based compensation expense			305
Compensation expenses not deductible under IRC Section 162(m)			975
Expenses not deductible for tax purposes			525
Return to provision and deferred tax adjustments			(10,438	)
Uncertain Tax Positions			(22	)
Change in German and International valuation allowance			49,547
Total income tax expense		$	(356	)

Effective income tax rate:			0.25	%

Schedule of Income Tax Paid

Upon adoption of ASU 2023-09 as described in Note 2, Basis of Presentation, Consolidation and Summary of Significant Accounting Policies, cash paid for income taxes, net of refunds, during the year ended December 31, 2025 was as follows:


	Year Ended December 31, 2025
Income taxes paid
United States	$	89
United States State & Local		286
Foreign		214
Total income taxes paid	$	589

Income taxes paid (net of refunds) exceeded 5 percent of total income taxes paid (net of refunds) in the following jurisdictions:



	Year Ended December 31, 2025
United States - States & Local
New York	$	120
New York City		107

Foreign
United Kingdom	$	214

Schedule of Components of Deferred Tax Assets and Deferred Tax Liabilities

Significant components of deferred tax assets and deferred tax liabilities consisted of the following for the year ended December 31, 2025 (in thousands):


		Year Ended December 31, 2025
Deferred tax assets:
U.S tax loss carryforwards		$	27,740
Foreign tax loss carryforwards			65,756
Share compensation			31,428
Capitalized research and experimentation expenses			39,023
Other deductible timing differences			1,494
Total deferred tax assets, gross			165,441
Valuation allowance			(147,624	)
Total deferred tax assets, net		$	17,817

Deferred tax liabilities:
Fixed and intangible assets		$	(1,513	)
Unrealized foreign exchange			(5,217	)
Outside basis differences in equity and other investments			(3,299	)
Investments			(7,765	)
Other timing differences			(23	)
Total deferred tax liabilities			(17,817	)
Total deferred tax asset (liability)		$	—

Significant components of deferred tax assets and deferred tax liabilities consisted of the following for the year ended December 31, 2024 (in thousands):


		Year Ended December 31, 2024
Deferred tax assets:
German tax loss carryforwards		$	55,507
International tax loss carryforwards			26,869
Share compensation			39,975
Capitalized research and experimentation expenses			31,010
Other deductible timing differences			1,300
Total deferred tax assets, gross			154,661
Valuation allowance			(139,514	)
Total deferred tax assets, net		$	15,147

Deferred tax liabilities:
Fixed and intangible assets		$	(1,626	)
Unrealized foreign exchange			(6,571	)
Outside basis differences in equity and other investments			(2	)
Investments			(6,948	)
Total deferred tax liabilities			(15,147	)
Total deferred tax asset (liability)		$	—

Schedule of Gross Tax Loss Carryforward for Tax Return Purpose

The Company’s gross tax loss carryforward for tax return purposes are as follows for the year ended December 31, 2025 (in thousands):


		Year Ended December 31, 2025
U.S. tax losses		$	99,701
Foreign tax losses			232,357
Total		$	332,058

The Company’s gross tax loss carryforward for tax return purposes are as follows for the year ended December 31, 2024 (in thousands):


		Year Ended December 31, 2024
Germany tax losses		$	183,952
International tax losses			97,985
Total		$	281,937

Schedule of Unrecognized Tax Benefits

As of December 31, 2025 and 2024, the Company notes the following unrecognized tax benefits (in thousands).


		Year Ended December 31,
		2025				2024
Balance as of December 31, 2024		$	—			$	369
Increases—prior year tax positions			1,517				—
Decreases—prior year tax positions			—				(369	)
Increases—current year tax positions							—
Balance as of December 31, 2025		$	1,517			$	—