v3.26.1
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Reconciliation of Statutory Federal Income Tax Rate to Our Effective Rate for Continuing Operations

A reconciliation of the statutory federal income tax rate to our effective rate for continuing operations is provided below:

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Statutory federal income tax rate

 

21.0

%

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

Discrete federal research and development credits, including non-cash settlement agreement

 

83.8

 

 

 

 

 

 

(802.5

)

 

 

 

State income taxes, net of federal income tax

 

3.2

 

 

 

2.4

 

 

 

1.0

 

 

 

2.4

 

Stock-based compensation windfall/shortfall

 

0.7

 

 

 

(0.7

)

 

 

(50.7

)

 

 

(1.4

)

Permanent differences and other

 

(1.3

)

 

 

 

 

 

(6.4

)

 

 

(0.4

)

Effective tax rate for continuing operations

 

107.4

%

 

 

22.7

%

 

 

(837.6

)%

 

 

21.6

%