Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Components of Loss before Income Taxes |
The components of loss before income taxes were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
United States |
|
$ |
(154,535 |
) |
|
$ |
(118,783 |
) |
|
$ |
(143,256 |
) |
Foreign |
|
|
(75,380 |
) |
|
|
(57,404 |
) |
|
|
(117,176 |
) |
Total loss before income taxes |
|
$ |
(229,915 |
) |
|
$ |
(176,187 |
) |
|
$ |
(260,432 |
) |
|
| Components of Deferred Tax Assets |
The tax effects of temporary differences that give rise to significant components of the deferred tax assets are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Deferred tax assets: |
|
|
|
|
|
|
Net operating loss carryforwards |
|
$ |
179,757 |
|
|
$ |
146,537 |
|
Intangible assets |
|
|
11,891 |
|
|
|
11,902 |
|
Research and development tax credits |
|
|
37,193 |
|
|
|
32,641 |
|
Stock-based compensation |
|
|
32,708 |
|
|
|
27,904 |
|
Accruals |
|
|
1,569 |
|
|
|
1,085 |
|
Operating lease liability |
|
|
11,634 |
|
|
|
13,748 |
|
Sec. 174 Capitalized R&D |
|
|
21,312 |
|
|
|
23,683 |
|
Total gross deferred tax assets |
|
|
296,064 |
|
|
|
257,500 |
|
Valuation allowance |
|
|
(288,065 |
) |
|
|
(247,216 |
) |
Net deferred tax assets |
|
|
7,999 |
|
|
|
10,284 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
Operating lease right-of-use asset |
|
|
(6,891 |
) |
|
|
(8,822 |
) |
Property and equipment |
|
|
(1,108 |
) |
|
|
(1,462 |
) |
Total gross deferred tax liabilities |
|
|
(7,999 |
) |
|
|
(10,284 |
) |
Total net deferred tax assets |
|
$ |
— |
|
|
$ |
— |
|
|
| Schedule of Reconciliation of Effective Tax Rate to Statutory U.S. Federal Rate |
A reconciliation of the U.S. federal rate to the Company’s effective tax rate is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
U.S. Federal statutory tax rate |
|
$ |
(48,282 |
) |
|
|
21.0 |
% |
|
$ |
(36,999 |
) |
|
|
21.0 |
% |
|
$ |
(54,691 |
) |
|
|
21.0 |
% |
Change in valuation allowance |
|
|
29,999 |
|
|
|
-13.0 |
% |
|
|
18,175 |
|
|
|
-10.3 |
% |
|
|
23,080 |
|
|
|
-8.9 |
% |
Nontaxable or nondeductible items |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
4,382 |
|
|
|
-1.9 |
% |
|
|
8,981 |
|
|
|
-5.1 |
% |
|
|
10,704 |
|
|
|
-4.1 |
% |
Other |
|
|
137 |
|
|
|
-0.1 |
% |
|
|
94 |
|
|
|
-0.1 |
% |
|
|
77 |
|
|
|
0.0 |
% |
Tax credits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development tax credits |
|
|
(3,235 |
) |
|
|
1.4 |
% |
|
|
(2,307 |
) |
|
|
1.3 |
% |
|
|
(3,776 |
) |
|
|
1.4 |
% |
Foreign tax effects |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Switzerland |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax rate differential |
|
|
7,404 |
|
|
|
-3.2 |
% |
|
|
5,260 |
|
|
|
-3.0 |
% |
|
|
10,754 |
|
|
|
-4.1 |
% |
Change in valuation allowance |
|
|
9,527 |
|
|
|
-4.1 |
% |
|
|
(145,138 |
) |
|
|
82.4 |
% |
|
|
11,061 |
|
|
|
-4.2 |
% |
Intangible valuation |
|
|
— |
|
|
|
0.0 |
% |
|
|
151,926 |
|
|
|
-86.2 |
% |
|
|
2,258 |
|
|
|
-0.8 |
% |
Other |
|
|
120 |
|
|
|
-0.1 |
% |
|
|
28 |
|
|
|
0.0 |
% |
|
|
566 |
|
|
|
-0.3 |
% |
Effective tax rate |
|
$ |
52 |
|
|
|
0.0 |
% |
|
$ |
20 |
|
|
|
0.0 |
% |
|
$ |
33 |
|
|
|
0.0 |
% |
|
| Summary of Unrecognized Tax Benefits Amounts |
The beginning and ending unrecognized tax benefits amounts are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
Unrecognized tax benefits at beginning of period |
|
$ |
8,803 |
|
|
$ |
8,245 |
|
|
$ |
7,578 |
|
Increases related to current year tax positions |
|
|
840 |
|
|
|
558 |
|
|
|
667 |
|
Unrecognized tax benefits at end of period |
|
$ |
9,643 |
|
|
$ |
8,803 |
|
|
$ |
8,245 |
|
|
| Summary of reconcilation of the total change in the valuation allowance |
The following table presents a reconciliation of the total change in the valuation allowance (in thousands):
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
Beginning balance |
|
$ |
247,216 |
|
|
$ |
373,474 |
|
Change related to continuing operations |
|
|
40,849 |
|
|
|
(126,258 |
) |
Ending balance |
|
$ |
288,065 |
|
|
$ |
247,216 |
|
|