INCOME TAXES |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | 12. INCOME TAXES During the three and six months ended June 30, 2026, the Company recorded an income tax expense of $3.1 million and $15.4 million, representing an effective tax rate of (179.6)% and 4.5%, respectively. The income tax provision primarily relates to current state tax expense as a result of taxable profits in certain states which continue to require the capitalization of research and development costs and states that have suspended or limit the utilization of net operating loss carryforwards. On a periodic basis, the Company reassesses the valuation allowance on its deferred tax assets, weighing positive and negative evidence to assess the recoverability of such deferred tax assets. Under the applicable accounting standards, management has considered the Company’s history of losses and concluded that it is more likely than not that the Company will not recognize the benefits of its net federal and state deferred tax assets. Accordingly, a full valuation allowance against the U.S. net deferred tax asset is maintained at June 30, 2026. It is possible the Company may release a portion or all of its valuation allowance in future periods. The Company will continue to assess the realizability of its deferred tax assets on a quarterly basis. During the three and six months ended June 30, 2025, the Company recorded an income tax (benefit) expense of $(43.3) million and $20.7 million, representing an effective tax rate of (28.2)% and (9.0)%, respectively. The income tax expense for the six months ended June 30, 2025, primarily relates to the current tax provision on taxable profits, including in certain states which restrict the amount of net operating loss carryforwards which may be utilized to offset taxable income and the requirement to capitalize research and development costs for tax purposes. |