Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Income Taxes |
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| Schedule of components of loss before the provision for (benefit from) income taxes |
The following table presents income (loss) from ccontinuing operations before income taxes during the years ended December 31, 2025 and 2024 (in thousands): | | | | | | | | | December 31, | | | 2025 | | 2024 | Income (loss) from continuing operations | | | | | | | U.S. loss | | $ | (388,509) | | $ | (160,918) | Non-U.S. income | | | 10,693 | | | 4,359 | Total | | $ | (377,816) | | $ | (156,559) |
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| Schedule of components of the income tax provision |
The significant components of income tax expense (benefit) attributable to income from continuing operations for the years ended December 31, 2025 and 2024 are as follows (in thousands): | | | | | | | | | December 31, | | | 2025 | | 2024 | Current tax (benefit) provision | | | | | | | Federal | | $ | — | | $ | 123 | State | | | (79) | | | 306 | Foreign | | | — | | | — | Total current income tax (benefit) provision | | | (79) | | | 429 | Deferred tax expense (exclusive of effects of other components listed below) | | | | | | | Federal, state and foreign | | | — | | | — | Total deferred tax expense | | $ | — | | $ | — | Total income tax (benefit) provision | | $ | (79) | | $ | 429 |
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| Schedule of reconciliation of the income tax expense |
Income tax expense (benefit) attributable to income (loss) from continuing operations for the year ended December 31, 2025 differed from the amounts computed by applying the statutory U.S. Federal income tax rate of 21 percent to pretax income (loss) from continuing operations as a result of the following (in thousands): | | | | | | | | December 31, 2025 | | U.S. Federal statutory income tax (benefit) at 21% | $ | (79,342) | | 21.00 | % | Domestic federal | | | | | | Tax Credits | | | | | | R&D Credit | | (10,791) | | 2.86 | | Changes in valuation allowance | | 90,239 | | (23.88) | | Nontaxable or nondeductible items | | (36) | | 0.01 | | Cross-border tax laws | | 2,246 | | (0.59) | | Other reconciling items | | (41) | | 0.01 | | Domestic state income taxes, net of federal effect | | (108) | | 0.03 | | Foreign tax effects: | | | | | | Other foreign jurisdictions | | (2,246) | | 0.59 | | Total | $ | (79) | | 0.03 | % |
Below is the tabular rate reconciliation previously disclosed for the year ended December 31, 2024: | | | | | | December 31, 2024 | | | Percentage of income before income taxes | Federal statutory income tax rate | | 21.0 | % | State income taxes, net of federal benefit | | 6.4 | | Change in valuation allowance | | (32.3) | | IP transfer | | (0.3) | | Research and development tax credits | | 4.9 | | Foreign tax rate differential | | 0.2 | | Other adjustments | | (0.2) | | Effective income tax rate | | (0.3) | % |
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| Schedule of cash paid for income taxes, net of refunds received |
The following table presents the cash paid for income taxes, net of refunds recevied, by jurisdiction pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 (in thousands): | | | | December 31, 2025 | | | | U.S. federal | $ | — | U.S. state and local | | | Massachusetts | | 13 | California | | 1 | Other * | | 1 | Subtotal | $ | 15 | Foreign | | | Other | | — | Total | $ | 15 |
* The amount of income taxes paid during the year does not meet the five percent disaggregation threshold.
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| Schedule of components of the Company's deferred tax assets and liabilities |
The following table presents the tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferrred tax liabilities at December 31, 2025 and 2024 (in thousands): | | | | | | | | | December 31, | | | 2025 | | 2024 | Deferred tax assets: | | | | | | | Net operating loss carryforwards | | $ | 65,455 | | $ | 29,605 | Capitalized research and development | | | 30,641 | | | 39,716 | Research and development tax credits | | | 25,737 | | | 14,292 | Stock-based compensation | | | 10,017 | | | 4,016 | Royalty obligation | | | 22,492 | | | — | Milestone payments | | | 46,697 | | | 442 | Accruals | | | 3,074 | | | 1,886 | Other | | | 817 | | | 901 | Total deferred tax assets | | | 204,930 | | | 90,858 | Valuation allowance | | | (203,870) | | | (90,295) | Deferred tax assets, net of valuation allowance | | $ | 1,060 | | $ | 563 | Deferred tax liabilities: | | | | | | | Prepaids and other | | | (1,060) | | | (563) | Total deferred tax liabilities | | | (1,060) | | | (563) | Net deferred tax asset | | $ | — | | $ | — |
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