v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Geographical Breakdown of Loss before Provision for Income Taxes
The geographical breakdown of loss before provision for income taxes is as follows (in thousands):
Year Ended December 31,
 20252024
Domestic$(69,021)$(60,382)
Foreign(2,351)(13,753)
Loss before income taxes$(71,372)$(74,135)
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows (in thousands, except percentages):
Year Ended December 31, 2025
$ Amount%
U.S. federal taxes at statutory rate(14,980)21.0 %
Foreign tax effects:
United Kingdom:
Stock-based compensation1,032 (1.5)%
Other(538)0.8 %
State and local income taxes— — %
Nontaxable or non-deductible items:
Stock-based compensation2,879 (4.0)%
Other(174)0.2 %
Changes in valuation allowance11,777 (16.5)%
Other4 — %
Total income tax expense and effective tax rate$— — %
A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes for the year prior to the adoption of ASU 2023-09 is as follows:
Year Ended December 31,
 2024
U.S. federal taxes at statutory rate21.0 %
Stock-based compensation(6.7)%
Permanent differences and other0.3 %
Statutory tax rate differences4.4 %
Change in valuation allowance(19.0)%
Total— %
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax liabilities consist of the following (in thousands):
Year Ended December 31,
 20252024
Deferred tax assets:
Net operating loss carryforwards$109,397 $95,773 
Research and development credits4,915 4,915 
Accrued compensation and benefits681 646 
Stock-based compensation520 2,008 
Capitalized research and development18,277 20,920 
Other temporary differences9,270 10,201 
Intangible assets5,347 2,841 
Fixed assets6,883 4,827 
Other753 426 
Total gross deferred tax assets156,043 142,557 
Less: valuation allowance(153,905)(141,367)
Total deferred tax assets, net2,138 1,190 
Deferred tax liabilities:
Rent receivable(2,138)(1,190)
Total gross deferred tax liabilities(2,138)(1,190)
Net deferred tax assets (liabilities)$— $— 
Schedule of Unrecognized Tax Benefits Roll Forward
The components of unrecognized tax benefits consist of the following (in thousands):
Balance at December 31, 2024
$2,339 
Additions in 2025— 
Balance at December 31, 2025
$2,339