Income Taxes	6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and six months ended June 30, 2026, the Company recognized an income tax expense of $11.4 million and $20.9 million, respectively, compared to $0.6 million and $1.6 million, respectively, for the same periods of 2025. For the three and six months ended June 30, 2026, the Company’s effective income tax rate was 23.3% and 22.6%, respectively, compared to 2.9% and 3.5% respectively, for the same periods of 2025. The increase in the Company’s income tax expense and effective tax rate in 2026 is primarily the result of the Company’s ability to utilize unrecognized deferred tax assets in 2025. Prior to December 31, 2025, the Company maintained a full valuation allowance against its deferred tax assets. However, during the three months ended December 31, 2025, the Company released its remaining valuation allowance and recognized the full remaining benefit of the Company’s deferred tax assets. Thus, for the three and six months ended June 30, 2026, there are no available unrecognized deferred tax assets to offset income tax expense. For the three and six months ended June 30, 2026, the Company’s effective tax rate is comparable to the statutory rate. The deferred tax benefits resulting from the acquisition of Kezar will be recognized when the Company has future U.S. taxable income and will reduce income tax expense (see Note 8).

Income Taxes

6 Months Ended

Jun. 30, 2026

For the three and six months ended June 30, 2026, the Company recognized an income tax expense of $11.4 million and $20.9 million, respectively, compared to $0.6 million and $1.6 million, respectively, for the same periods of 2025. For the three and six months ended June 30, 2026, the Company’s effective income tax rate was 23.3% and 22.6%, respectively, compared to 2.9% and 3.5% respectively, for the same periods of 2025. The increase in the Company’s income tax expense and effective tax rate in 2026 is primarily the result of the Company’s ability to utilize unrecognized deferred tax assets in 2025. Prior to December 31, 2025, the Company maintained a full valuation allowance against its deferred tax assets. However, during the three months ended December 31, 2025, the Company released its remaining valuation allowance and recognized the full remaining benefit of the Company’s deferred tax assets. Thus, for the three and six months ended June 30, 2026, there are no available unrecognized deferred tax assets to offset income tax expense. For the three and six months ended June 30, 2026, the Company’s effective tax rate is comparable to the statutory rate. The deferred tax benefits resulting from the acquisition of Kezar will be recognized when the Company has future U.S. taxable income and will reduce income tax expense (see Note 8).