v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Provision for Income Taxes
Income (loss) before provision for income taxes consisted of the following (in thousands):
Year Ended December 31,
20252024
United Kingdom(293,932)(156,711)
Foreign3,597 3,183 
Loss before provision for income taxes(290,335)(153,528)
Schedule of Income Tax Provision The income tax provision for the years then ended comprised (in thousands):
Year Ended December 31,
20252024
Current income tax provision
United Kingdom$— $— 
Foreign(2,495)2,031 
Total current (benefit) expense:$(2,495)$2,031 
Deferred income tax (benefit) expense:
United Kingdom— — 
Foreign22 (437)
Total deferred income tax (benefit) expense:$22 $(437)
Total provision for income taxes$(2,473)$1,594 
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of income tax expense computed at the statutory UK corporation tax rate to income taxes as reflected in the consolidated financial statements, in accordance with the guidance in ASU 2023-09, is as follows (in thousands):
Year Ended December 31,
2025
AmountRate
Pretax loss$(290,335)
UK Federal Statutory Tax Rate(72,584)25.0%
Foreign tax effects:
United States:
Foreign rate differential(144)—%
Foreign-derived intangible income (FDII) deduction(2,772)1.0%
Tax credits - federal research and development credit(1,478)0.5%
State and local income taxes, net of federal benefit19 —%
Other1,005 (0.3)%
Change in valuation allowance21,860 (7.5)%
Nontaxable or nondeductible items
R&D deduction(64)—%
R&D deductions surrendered138 —%
R&D credit included in profit before tax3,305 (1.1)%
Change in fair value warrant liabilities42,572 (14.7)%
Group relief1,705 (0.6)%
Other3,965 (1.4)%
Income tax benefit$(2,473)0.9%
A reconciliation of income tax expense computed at the statutory UK corporation tax rate to income taxes as reflected in the consolidated financial statements, in accordance with the guidance prior to the adoption of ASU 2023-09, is as follows (in thousands):
Year Ended December 31,
2024
Corporation tax at UK statutory rate
$(38,382)
Permanent differences27 
UK R&D tax credit14,375 
Change in valuation allowance25,410 
State income taxes57 
Deferred tax asset true-up676 
Return to provision
(1,214)
Share-based compensation
774 
Change in UK tax rate
— 
Other(129)
$1,594 
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024 consist of the following (in thousands):
Year Ended December 31,
20252024
Net operating loss carryforward$110,742 $84,927 
Reserves and accruals2,954 647 
Share-based compensation18,662 18,205 
Charitable contributions44 126 
Total deferred tax assets132,402 103,905 
Valuation allowance(128,651)(100,090)
Depreciation— (41)
Total deferred tax liabilities— (41)
Net deferred tax assets$3,751 $3,774 
Schedule of Valuation Allowance
Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2025 and 2024 related primarily to the increases in net operating loss and were as follows (in thousands):
Year Ended December 31,
20252024
Valuation allowance at beginning of year$100,090 $76,072 
Increases recorded to income tax provision21,860 25,411 
Increases recorded to CTA6,701 (1,393)
Valuation allowance at end of year$128,651 $100,090 
Schedule of Income Taxes Paid, Net of Refunds Received
The following summarizes the Company’s income taxes paid, net of refunds received for the year presented below, in accordance with the guidance in ASU 2023-09 (in thousands):
Year Ended December 31,
2025
United Kingdom$— 
United States755 
Total$755