Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Income Taxes The Company assesses the need for a valuation allowance against its deferred tax assets each quarter through the review of all available positive and negative evidence. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. After considering all available positive and negative evidence, including but not limited to historical, current and future projected results and significant risks and uncertainties related to forecasts, the Company has concluded that it is not more likely than not that substantially all of its deferred tax assets are realizable in future periods and maintained a valuation allowance against all net deferred tax assets as of June 30, 2026 and December 31, 2025. The valuation allowance was recorded in the fourth quarter of 2025, resulting in a non-cash income tax expense of $113.7 million for the year ended December 31, 2025. As a result of the valuation allowance against the Company’s deferred tax assets, the Company recognized an income tax provision of $0.1 million and $0.3 million for the three and six months ended June 30, 2026, respectively, related to discrete income tax expense. The income tax benefit of $7.7 million and $15.6 million for the three and six months ended June 30, 2025 was primarily driven by the estimated effective tax rate for the year, as well as discrete income tax expense of $0.4 million and $0.8 million, respectively.
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