Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate |
A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate was as follows:
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|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Income tax computed at federal statutory rate |
|
|
(33,874 |
) |
|
|
21.00 |
% |
|
|
(26,770 |
) |
|
|
21.00 |
% |
State taxes, net of federal effect |
|
|
26 |
|
|
|
— |
% |
|
|
(105 |
) |
|
|
0.1 |
% |
Nontaxable or nondeductible items |
|
|
1,555 |
|
|
|
(1.0 |
)% |
|
|
1,373 |
|
|
|
(1.1 |
)% |
Tax credits |
|
|
|
|
|
|
|
|
|
|
|
|
Research credits |
|
|
9,212 |
|
|
|
(5.7 |
)% |
|
|
(6,760 |
) |
|
|
5.3 |
% |
Worldwide changes in unrecognized tax benefits |
|
|
(1,899 |
) |
|
|
1.2 |
% |
|
|
683 |
|
|
|
(0.5 |
)% |
Change in valuation allowance |
|
|
24,980 |
|
|
|
(15.5 |
)% |
|
|
31,579 |
|
|
|
(24.8 |
)% |
Effective income tax rate |
|
|
— |
|
|
|
— |
% |
|
|
— |
|
|
|
— |
% |
|
| Schedule of Components of Deferred Tax Assets for Federal and State Income Taxes |
Significant components of the Company’s deferred tax assets for federal and state income taxes are as follows (in thousands): Deferred Tax Assets:
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|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
Net operating loss carry forwards |
|
$ |
52,127 |
|
|
$ |
17,209 |
|
Capitalized research and development expenditures |
|
|
27,260 |
|
|
|
30,769 |
|
Reserves and accruals |
|
|
2,742 |
|
|
|
1,505 |
|
Lease liabilities |
|
|
1,141 |
|
|
|
2,123 |
|
Research credits |
|
|
2,986 |
|
|
|
9,950 |
|
Stock-based compensation |
|
|
1,482 |
|
|
|
963 |
|
Accrued license |
|
|
1,074 |
|
|
|
1,812 |
|
License and upfront fees |
|
|
3,684 |
|
|
|
3,080 |
|
Other |
|
|
52 |
|
|
|
57 |
|
Total gross deferred tax assets |
|
|
92,548 |
|
|
|
67,468 |
|
Less: Valuation allowance |
|
|
(91,421 |
) |
|
|
(65,593 |
) |
Total deferred tax assets |
|
$ |
1,127 |
|
|
$ |
1,875 |
|
Deferred tax liabilities |
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|
|
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|
Property and equipment |
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|
(105 |
) |
|
|
— |
|
Lease right-of-use assets |
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|
(1,022 |
) |
|
|
(1,875 |
) |
Total gross deferred tax liabilities |
|
|
(1,127 |
) |
|
|
(1,875 |
) |
Net deferred tax assets |
|
$ |
— |
|
|
$ |
— |
|
|
| Summary 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):
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Year Ended December 31, |
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|
2025 |
|
|
2024 |
|
Beginning balance |
|
$ |
65,593 |
|
|
$ |
31,772 |
|
Change related to continuing operations |
|
|
25,826 |
|
|
|
33,842 |
|
Change related to acquisitions |
|
|
— |
|
|
|
— |
|
Change related to other comprehensive income |
|
|
2 |
|
|
|
(21 |
) |
Ending balance |
|
$ |
91,421 |
|
|
$ |
65,593 |
|
|
| Schedule of Reconciliation of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending balances of the unrecognized tax benefits during the years ended December 31, 2025 and 2024, is as follows (in thousands):
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2025 |
|
|
2024 |
|
Beginning balance |
|
$ |
19,463 |
|
|
$ |
8,395 |
|
Increase in tax positions in prior periods |
|
|
22 |
|
|
|
711 |
|
Decrease in tax positions in prior periods |
|
|
(1,927 |
) |
|
|
— |
|
Increase in tax positions in the current period |
|
|
11,430 |
|
|
|
10,357 |
|
Ending balance |
|
$ |
28,988 |
|
|
$ |
19,463 |
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|