v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Loss Before Income Tax Provision

The components of loss before income tax provision consist of the following:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

United States

 

$

(191,179

)

 

$

(225,098

)

Foreign

 

 

 

 

 

 

Loss before provision for income taxes

 

$

(191,179

)

 

$

(225,098

)

Schedule of Current Provision for Income Taxes

Current provision for income taxes consists of the following:

 

 

Year Ended December 31,

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Federal

 

$

 

 

$

2,238

 

State

 

 

(93

)

 

 

125

 

Foreign

 

 

 

 

 

 

Total current provision for income taxes

 

$

(93

)

 

$

2,363

 

Schedule of Effective Tax Rate of Provision (Benefit) for Income Taxes

Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, the reconciliation of taxes at the federal statutory rate to our provision for (benefit from) income taxes for the year ended December 31, 2025 was as follows:

 

 

Year Ended December 31, 2025

 

 

 

(in thousands)

 

 

 

 

U.S. federal statutory rate

 

$

(40,148

)

 

 

21.0

%

State tax, net of federal benefit

 

 

(93

)

 

 

0.1

%

Tax credits

 

 

(4,198

)

 

 

2.2

%

Change in valuation allowance

 

 

42,257

 

 

 

(22.1

)%

Non taxable or nondeductible items:

 

 

 

 

 

 

Stock compensation

 

 

2,040

 

 

 

(1.1

)%

Other

 

 

148

 

 

 

(0.1

)%

Changes in unrecognized tax benefits

 

 

(99

)

 

 

0.1

%

Total

 

$

(93

)

 

 

0.1

%

The reconciliation of taxes at the federal statutory rate to our provision for (benefit from) income taxes for the year ended December 31, 2024 in accordance with the guidance prior to the adoption of ASU 2023-09 as follows:

 

 

Year Ended
December 31, 2024

 

Federal statutory rate

 

 

21.0

%

State tax

 

 

(0.1

)

Change in valuation allowance

 

 

(26.7

)

Tax credits

 

 

5.8

 

Stock compensation

 

 

(1.1

)

Total

 

 

(1.1

)%

 

Schedule of Components of Deferred Tax Assets

The components of the Company’s deferred tax assets consist of the following:

 

 

December 31

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$

87,270

 

 

$

39,662

 

Research and development credits

 

 

51,991

 

 

 

46,739

 

Capitalized research and development expenditure

 

 

71,492

 

 

 

77,845

 

Deferred royalty obligation

 

 

46,390

 

 

 

38,639

 

Deferred revenue

 

 

2,590

 

 

 

16,620

 

Operating lease liability

 

 

3,312

 

 

 

4,948

 

Stock based compensation

 

 

4,614

 

 

 

5,824

 

Accruals and other

 

 

6,864

 

 

 

1,376

 

Fixed asset basis

 

 

375

 

 

 

 

Total deferred tax assets

 

 

274,898

 

 

 

231,653

 

Less: valuation allowance

 

 

(272,196

)

 

 

(227,831

)

Gross deferred tax assets

 

 

2,702

 

 

 

3,822

 

Deferred tax liabilities:

 

 

 

 

 

 

Operating lease right-of-use asset

 

 

(2,304

)

 

 

(3,778

)

Fixed asset basis

 

 

 

 

 

(10

)

Other

 

 

(398

)

 

 

(34

)

Total deferred tax liabilities

 

 

(2,702

)

 

 

(3,822

)

Total net deferred tax assets

 

$

 

 

$

 

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

 

 

December 31

 

 

 

2025

 

 

2024

 

 

 

(in thousands)

 

Gross unrecognized tax benefit at January 1

 

$

12,057

 

 

$

8,730

 

Additions for tax positions taken in the current year

 

 

1,773

 

 

 

3,511

 

Additions / (Reductions) for tax positions of prior years

 

 

(396

)

 

 

(184

)

Gross unrecognized tax benefit at December 31

 

$

13,434

 

 

$

12,057