Income Taxes (Tables)

8 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of Components of the Company's (Loss) Income Before Income Taxes

The following table summarizes the components of the Company’s (loss) income before income taxes for the periods indicated (in thousands):


		Eight Months Ended December 31,			Twelve Months Ended April 30,
		2025			2025			2024
Domestic		$	(116,817)		$	(91,644)		$	(52,661)
Foreign			6,260			(88,408)			(73,983)
Total		$	(110,557)		$	(180,052)		$	(126,644)

Schedule of Reconciliation between Effective Tax Rates and Statutory Rates

A reconciliation between the effective tax rates and statutory rates for the twelve months ended April 30, 2025 and 2024 is as follows:


			Twelve Months Ended April 30,
			2025			2024
Income tax benefit at U.S. federal statutory rate			21.0	%		21.0
Foreign rate differential			1.8			2.3
Nondeductible expenses - UK R&D credit			(0.4)			(8.3)
UK income from royalty financing			(15.3)			—
162(m) permanent adjustment			(0.4)			(1.9)
Other			(0.2)			(0.4)
GILTI			(7.2)			—
Valuation allowance			(1.3)			(12.7)
			(2.0)	%		—

As described in Note 2, Summary of Significant Accounting Policies, the Company elected to prospectively adopt the guidance of ASU 2023-09. The table below reconciles the U.S. federal statutory rate of 21% to the Company's effective tax rate for the eight-months ended December 31, 2025.


		Eight Months Ended December 31, 2025
		Amount (in thousands)				Percent
Loss before income tax expense		$	(110,557)

Income tax benefit at U.S. federal statutory rate			(23,217)			21.0	%
State and local income taxes (net of federal income tax effect)			—			—
Foreign tax effects:
Switzerland
Rate differential			830			(0.8)
Valuation allowance			1,462			(1.3)
Other			15			—
United Kingdom
Valuation allowance			568			(0.5)
Tax credits			(5,122)			4.6
Other			(369)			0.3
Other foreign countries			268			(0.2)

Changes in valuation allowance			13,968			(12.6)
Tax credits			(41)			—

Nontaxable or nondeductible items
162(m)			758			(0.7)
Stock-based compensation			486			(0.4)
GILTI			9,104			(8.2)
Other nontaxable or nondeductible			92			(0.1)

Other adjustments
Other items			165			(0.1)
Total income tax benefit and effective rate		$	(1,033)			1.0	%

Summary of Tax Effect of Significant Temporary Differences Representing Deferred Tax Assets and Liabilities

The following table summarizes the tax effect of significant temporary differences representing deferred tax assets and liabilities for the periods indicated (in thousands):


		Eight Months Ended December 31,			Twelve Months Ended April 30,
		2025			2025			2024
Deferred tax assets:
Net operating loss carryforwards			86,363			54,638			50,179
Operating lease liabilities			2,733			1,124			1,406
174 capitalization			168			1,717			2,168
Stock-based compensation			5,504			4,535			3,708
Other			18,807			4,170			2,506
Valuation allowance			(111,198)			(65,064)			(58,537)
Total deferred tax assets, net of valuation allowance		$	2,377		$	1,120		$	1,430
Deferred tax liabilities:
Right of use assets			(2,131)			(943)			(1,325)
Other			(246)			(177)			(105)
Total deferred tax liabilities		$	(2,377)		$	(1,120)		$	(1,430)
Net deferred tax asset		$	—		$	—		$	—