v3.25.4
Income taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income taxes  
Schedule of the provision for incomes taxes

Year ended December 31, 

2025

2024

2023

(in thousands)

Current

Federal

$

8

$

443

$

1,248

State

136

222

160

Total current

144

665

1,408

Deferred

Federal

State

Total deferred

Total tax provision

$

144

$

665

$

1,408

Schedule of reconciliation of the expected income tax provision computed using the federal statutory income tax rate to the effective income tax rate

Year Ended December 31,

2025

2024

2023

(dollars in thousands)

US federal statutory income tax rate

$

(25,068)

21.0

%

$

(13,511)

21.0

%

$

28,085

21.0

%

Domestic federal

Tax credits

Research Credits

(5,516)

4.6

(5,315)

8.3

1,260

0.9

Nontaxable and nondeductible items

Non-deductible stock-based compensation

1,106

(0.9)

687

(1.1)

61

Non-deductible executive compensation

622

(0.5)

502

(0.8)

669

0.5

Other

14

(19)

34

Other

165

(0.1)

1,769

(2.4)

(1,163)

(0.8)

Changes in valuation allowance

28,694

(24.0)

16,377

(25.5)

(27,652)

(20.7)

Domestic state and local taxes, net of federal effect(1)

127

(0.1)

175

(0.3)

114

0.1

Total

$

144

0.0

%

$

665

(0.8)

%

$

1,408

1.0

%

(1) State taxes in Massachusetts comprise the majority of the tax effect in this category.

Schedule of components of the Company's deferred tax assets and (liabilities)

As of December 31, 

2025

2024

 

(in thousands)

Deferred tax assets:

Net operating loss carryforward

$

67,313

$

4,244

Tax credit carryforwards

 

43,573

 

34,424

Lease liability

9,973

11,946

Deferred revenue

434

7,867

Stock-based compensation

6,123

5,328

Non-deductible accruals and reserves

 

2,035

 

2,435

Capitalized research expenses

25,502

50,974

Intangibles

 

444

 

499

Total deferred tax assets

 

155,397

 

117,717

Less valuation allowance

 

(145,426)

 

(105,854)

Net deferred tax assets

 

9,971

 

11,863

Deferred tax liabilities

 

Right of use assets

(7,782)

 

(9,111)

Depreciation and amortization

(2,189)

(2,752)

Net deferred taxes

$

$

Schedule of cash paid for income taxes, net of refunds

Year Ended December 31,

2025

2024

2023

(in thousands)

US Federal

$

442

$

1,248

$

US state and local

Massachusetts

270

232

16

Other

2

2

Total state and local

272

234

16

Total income taxes paid, net of refunds

$

714

$

1,482

$

16