Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Income Tax Disclosure [Abstract] |
|
| Schedule of Effective Income Tax Rate of Provision for Income Taxes Differed from Federal Statutory Rate |
The effective income tax rate of the Company’s provision for income taxes differed from the federal statutory rate as follows:
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Year ended December 31, |
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2025 |
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|
2024 |
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|
|
Amount |
|
|
Percent |
|
|
Amount |
|
|
Percent |
|
Statutory income tax rate |
|
$ |
(27,535 |
) |
|
|
21.00 |
% |
|
$ |
11,215 |
|
|
|
21.00 |
% |
State income tax |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Permanent differences |
|
|
85 |
|
|
|
(0.07 |
)% |
|
|
38 |
|
|
|
0.07 |
% |
Stock-based compensation expense |
|
|
2,891 |
|
|
|
(2.21 |
)% |
|
|
660 |
|
|
|
1.24 |
% |
Change in unrecognized tax benefit |
|
|
(1,632 |
) |
|
|
1.24 |
% |
|
|
(525 |
) |
|
|
(0.99 |
)% |
Others |
|
|
— |
|
|
|
— |
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|
|
76 |
|
|
|
0.14 |
% |
Tax credits |
|
|
1,900 |
|
|
|
(1.44 |
)% |
|
|
(4,622 |
) |
|
|
(8.65 |
)% |
Valuation allowance |
|
|
24,291 |
|
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|
(18.52 |
)% |
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(7,526 |
) |
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|
(14.09 |
)% |
Convertible note revaluation |
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|
— |
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|
— |
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1,856 |
|
|
|
3.48 |
% |
Total effective income tax rate |
|
$ |
— |
|
|
|
— |
|
|
$ |
1,172 |
|
|
|
2.20 |
% |
|
| Schedule of Deferred Tax Assets and Liabilities |
The tax effects of significant items comprising the Company’s deferred tax as of December 31, 2025 and 2024 are as follows:
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As of December 31, |
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|
2025 |
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|
2024 |
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|
(in thousands) |
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Deferred tax assets: |
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|
Operating loss and tax credit carryforwards |
|
$ |
59,689 |
|
|
$ |
29,720 |
|
Lease liability |
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|
4,894 |
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|
5,793 |
|
Research and development credits |
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|
18,015 |
|
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|
17,219 |
|
Accruals and other |
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|
4,750 |
|
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|
5,807 |
|
Capitalized research and development |
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|
28,938 |
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|
34,907 |
|
Total deferred tax assets |
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|
116,286 |
|
|
|
93,446 |
|
Deferred tax liabilities: |
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Property and equipment, net |
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(32 |
) |
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(252 |
) |
Right of use asset |
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(4,224 |
) |
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|
(5,058 |
) |
Total deferred tax liabilities |
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|
(4,256 |
) |
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|
(5,310 |
) |
Valuation allowance |
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|
(112,030 |
) |
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|
(88,136 |
) |
Net deferred tax assets |
|
$ |
— |
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|
$ |
— |
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| Summary Of Net Operating Losses And Tax Credit Carryforwards |
Net operating losses and tax credit carryforwards as of December 31, 2025 are as follows:
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December 31, 2025 |
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Expiration year |
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|
(in thousands) |
Net operating losses, federal (post-December 31, 2017) |
|
$ |
283,607 |
|
|
Do not expire |
Net operating losses, federal (pre-January 1, 2018) |
|
|
— |
|
|
12/31/2037 |
Net operating losses, state |
|
|
2,076 |
|
|
2037—2045 |
Tax credits, federal |
|
|
15,362 |
|
|
2039—2045 |
Tax credits, state (CA) |
|
|
10,867 |
|
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Do not expire |
Tax credits, state (MA) |
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|
235 |
|
|
2034-2038 |
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| Reconciliation of Unrecognized Tax Benefits |
The beginning and ending gross unrecognized tax benefits amounts are as follows:
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December 31, |
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|
|
2025 |
|
|
2024 |
|
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|
(in thousands) |
|
Unrecognized tax benefit—beginning of period |
|
$ |
6,777 |
|
|
$ |
4,623 |
|
Gross increase/(decrease)—prior period tax positions |
|
|
(1,747 |
) |
|
|
(585 |
) |
Gross increase/(decrease)—current period tax positions |
|
|
1,604 |
|
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|
2,739 |
|
Unrecognized tax benefit—end of period |
|
$ |
6,634 |
|
|
$ |
6,777 |
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