Income taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Domestic And Foreign Components of Net Loss |
omestic and foreign components of net loss are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31, |
|
|
|
2025 |
|
|
2024 |
|
U.S. |
|
$ |
(23,077 |
) |
|
$ |
(20,708 |
) |
Foreign |
|
|
(16,646 |
) |
|
|
(49,422 |
) |
Net loss before income taxes |
|
$ |
(39,723 |
) |
|
$ |
(70,130 |
) |
|
| Schedule of Reconciliation of Federal Statutory Income Tax Rate to Effective Income Tax Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Income tax benefit at the federal statutory rate |
|
$ |
(8,308 |
) |
|
21.0 |
% |
|
$ |
(14,727 |
) |
|
21.0 |
% |
Tax Credits |
|
|
|
|
|
|
|
|
|
|
Research and development tax credits |
|
|
(1,854 |
) |
|
4.7 |
% |
|
|
(2,656 |
) |
|
3.8 |
% |
Orphan drug credit |
|
|
(113 |
) |
|
0.3 |
% |
|
|
(1,448 |
) |
|
2.1 |
% |
Nontaxable or nondeductible items |
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
5,479 |
|
|
(13.9 |
)% |
|
|
2,209 |
|
|
(3.2 |
)% |
Other |
|
|
97 |
|
|
(0.3 |
)% |
|
|
143 |
|
|
(0.2 |
)% |
Cross-border tax laws |
|
|
|
|
|
|
|
|
|
|
GILTI |
|
|
(70 |
) |
|
0.2 |
% |
|
|
9,936 |
|
|
(14.2 |
)% |
Section 250 deduction |
|
|
15 |
|
|
— |
|
|
|
(5,089 |
) |
|
7.3 |
% |
Change in valuation allowance |
|
|
259 |
|
|
(0.7 |
)% |
|
|
6,396 |
|
|
(9.1 |
)% |
Other |
|
|
44 |
|
|
(0.1 |
)% |
|
|
(14 |
) |
|
— |
|
State income taxes, net of federal effect |
|
|
(183 |
) |
|
0.5 |
% |
|
|
1,579 |
|
|
(2.3 |
)% |
Foreign tax effects |
|
|
|
|
|
|
|
|
|
|
Switzerland |
|
|
|
|
|
|
|
|
|
|
Tax rate differential |
|
|
1,347 |
|
|
(3.4 |
)% |
|
|
3,954 |
|
|
(5.6 |
)% |
Change in valuation allowance |
|
|
(728 |
) |
|
1.8 |
% |
|
|
6,558 |
|
|
(9.4 |
)% |
Other |
|
|
2,918 |
|
|
(7.3 |
)% |
|
|
(133 |
) |
|
0.2 |
% |
Worldwide changes in uncertain tax benefits |
|
|
— |
|
|
— |
|
|
|
(4,138 |
) |
|
5.9 |
% |
Total effective tax rate |
|
$ |
(1,097 |
) |
|
2.8 |
% |
|
$ |
2,570 |
|
|
(3.7 |
)% |
For the years ended December 31, 2025 and 2024, state and local income taxes in Massachusetts comprise the majority of the state and local income taxes, net of federal effect category.
|
| Summary of Components of Deferred Tax Assets (Liabilities) |
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Deferred tax assets |
|
|
|
|
|
|
Federal, state, and foreign net operating loss carryforwards |
|
$ |
52,865 |
|
|
$ |
50,002 |
|
Research and development tax credits |
|
|
10,040 |
|
|
|
6,952 |
|
Capitalized research and development |
|
|
4,195 |
|
|
|
5,957 |
|
Lease liability |
|
|
10,867 |
|
|
|
11,676 |
|
Compensation related items |
|
|
5,426 |
|
|
|
8,044 |
|
Other |
|
|
13 |
|
|
|
482 |
|
Total deferred tax assets |
|
$ |
83,406 |
|
|
$ |
83,113 |
|
Less: valuation allowance |
|
|
(73,626 |
) |
|
|
(72,157 |
) |
Total net deferred tax assets |
|
$ |
9,780 |
|
|
$ |
10,956 |
|
Deferred tax liabilities |
|
|
|
|
|
|
Right-of-use asset |
|
|
(6,687 |
) |
|
|
(7,162 |
) |
Depreciation |
|
|
(3,093 |
) |
|
|
(3,794 |
) |
Total deferred tax liabilities |
|
|
(9,780 |
) |
|
|
(10,956 |
) |
Net deferred tax assets |
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of income taxes paid, net of refunds received |
Income taxes paid, net of refunds received, are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31, |
|
|
|
2025 |
|
|
2024 |
|
U.S. federal |
|
$ |
4,607 |
|
|
$ |
2,637 |
|
U.S state and local |
|
|
|
|
|
|
Massachusetts |
|
|
572 |
|
|
|
5 |
|
Total state and local |
|
$ |
572 |
|
|
$ |
5 |
|
Total income taxes paid |
|
$ |
5,179 |
|
|
$ |
2,642 |
|
|
| Schedule of benefit (provision) for income taxes |
The (benefit) expense for income taxes consists of the following (in thousands):
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Current tax (benefit) expense |
|
|
|
|
|
|
U.S. federal |
|
$ |
(865 |
) |
|
$ |
2,175 |
|
U.S. state |
|
|
(232 |
) |
|
|
395 |
|
Total current tax (benefit) expense |
|
$ |
(1,097 |
) |
|
$ |
2,570 |
|
|
|
|
|
|
|
|
Total income tax (benefit) expense |
|
|
|
|
|
|
U.S. federal |
|
$ |
(865 |
) |
|
$ |
2,175 |
|
U.S. state |
|
|
(232 |
) |
|
|
395 |
|
Total provision (benefit) expense for income taxes |
|
$ |
(1,097 |
) |
|
$ |
2,570 |
|
|
| Schedule of reconciliation of the total change in the valuation allowance |
The following table presents a reconciliation of the total change in the valuation allowance (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31,
2025 |
|
|
December 31,
2024 |
|
Beginning balance |
|
$ |
72,157 |
|
|
$ |
54,465 |
|
Change charged to income tax expense |
|
|
1,933 |
|
|
|
15,954 |
|
Changes to other comprehensive loss |
|
|
(464 |
) |
|
|
1,738 |
|
Ending balance |
|
$ |
73,626 |
|
|
$ |
72,157 |
|
|
| Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Unrecognized tax benefits, beginning of year |
|
$ |
— |
|
|
$ |
4,475 |
|
Additions for tax positions of prior years |
|
|
— |
|
|
|
— |
|
Reductions for tax provisions of prior years |
|
|
— |
|
|
|
(4,475 |
) |
Unrecognized tax benefits, end of year |
|
$ |
— |
|
|
$ |
— |
|
|