Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 11. Income Taxes The Company records income tax expense by applying its estimated annual effective tax rate to year-to-date income before income taxes, and adjusting for discrete items occurring in the quarter. The Company’s effective tax rate may vary from period to period, generally based on factors such as changes in forecasts and year-to-date results. For the three and six months ended June 30, 2026, the Company recorded income tax expense of $5.3 million and $11.0 million related primarily to U.S. federal and state income taxes. The Company’s effective tax rate for the three and six months ended June 30, 2026 varied from the U.S. federal statutory income tax rate primarily due to state income taxes, partially offset by U.S. federal research and development tax credits. For the three and six months ended June 30, 2025, the Company recorded income tax expense of $0.4 million and $1.0 million, respectively, consisting primarily of state income taxes. Until the fourth quarter of 2025, the Company maintained a full valuation allowance against its deferred tax assets. |