v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Summary of Domestic and Foreign Components of Net Loss
The following table presents domestic and foreign components of net loss for the periods presented (in thousands):
Year Ended December 31,
202520242023
Domestic$(60,452)$(83,475)$(101,613)
Foreign4,419 (261)(257)
Total$(56,033)$(83,736)$(101,870)
Summary of Components of Income Tax Expense (Benefit)
The components of the provision for (benefit from) income taxes are as follows (in thousands):
Year Ended December 31,
202520242023
Current:
Federal$— $— $— 
State— — — 
Foreign— — — 
Total current— — — 
Deferred:
Federal— — — 
State— — — 
Foreign— — — 
Total deferred— — — 
Provision for (benefit from) income taxes$— $— $— 
Summary of Effective Tax Rate Reconciliation A reconciliation of the U.S. federal statutory income tax rate to the effective tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows (in thousands, except percentages):
Year Ended December 31, 2025
U.S federal statutory tax rate$(11,767)21.0 %
State and local income taxes, net of federal income tax effect— — 
Foreign tax effects
Australia
Rate differential177 (0.3)
Intercompany debt forgiveness(4,325)7.7 
Change in valuation allowance3,220 (5.8)
Tax credits:
Research and development credit(1,039)1.9 
Change in valuation allowance7,828 (14.0)
Nondeductible items:
Stock-based compensation5,010 (8.9)
Intercompany debt forgiveness - foreign subsidiary1,062 (1.9)
Other(166)0.3 
Provision for income taxes$— — %
A reconciliation of the U.S. federal statutory income tax rate to the effective tax rate for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, is as follows:
Year Ended December 31,
20242023
Federal statutory income tax rate21.0%21.0%
State taxes, net of federal benefit0.2 3.0 
Foreign tax rate differential0.0 0.0 
Permanent differences(0.3)(2.1)
Research and development credit2.2 3.2 
Change in valuation allowance(23.1)(25.1)
Provision for income taxes—%—%
Summary of Components of Deferred Tax Assets and Liabilities
The components of the deferred tax assets and liabilities are as follows (in thousands):
Year Ended December 31,
20252024
Deferred tax assets
Reserves and accruals$3,413 $7,097 
Net operating loss carryforwards60,417 50,318 
Research and development credit carryforwards16,106 14,659 
Lease Liabilities489 1,230 
R&D Capitalization29,916 29,840 
Gross deferred tax assets110,341 103,144 
Valuation allowance(110,176)(102,485)
Net deferred tax assets165 659 
Deferred tax liabilities
Property and equipment(7)(263)
Right-of-use asset(158)(396)
Net deferred tax assets$— $— 
Summary of Reconciliation of Unrecognized Tax Benefits A reconciliation of the Company’s unrecognized tax benefits for the year ended December 31, 2025 and 2024 is as follows (in thousands):
Year Ended December 31,
20252024
Balance at the beginning of the year$5,007 $4,074 
Decrease related to prior year tax positions— — 
Increase related to current year tax positions519 933 
Balance at the end of the year$5,526 $5,007