Income Taxes |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company did not incur a significant amount of U.S. income tax expense during the three months ended March 31, 2026 and 2025. The Company has historically incurred operating losses and continues to maintain a full valuation allowance against most of its U.S. net deferred tax assets. Foreign income tax benefits were $5.5 million for the three months ended March 31, 2026 and the Company did not incur a significant amount for 2025. The Company’s U.S. net operating loss (“NOL”) and tax credit carryforwards are subject to review and adjustment by the Internal Revenue Service (“IRS”) and may be subject to annual limitations under Section 382 of the Internal Revenue Code, as amended and similar state provisions in the event of certain ownership changes. These ownership changes may limit the amount of NOLs and other tax attributes that can be utilized annually to offset future taxable income. In general, an ownership change, as defined by Section 382, occurs when the ownership of certain shareholders or public groups increases by more than 50% over a rolling three-year period. As of March 31, 2026, the Company completed a Section 382 study covering the period through January 31, 2025 and concluded that a deemed ownership change occurred on September 25, 2017. As a result, the Company’s ability to utilize its NOLs and other tax attributes may be subject to annual limitations. The Company will continue to monitor ownership changes that could result in additional limitations on the utilization of its tax attributes. The Company files income tax returns in the United States (federal and various state jurisdictions), Canada and the United Kingdom and is subject to examination by taxing authorities in these jurisdictions. The Company is not currently under examination by any taxing authority. For U.S. federal income tax purposes, tax years beginning with 2016 remain open for examination.
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