v3.26.1
Income taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income taxes

12. Income taxes

The following table summarizes the income tax provision recorded (in thousands):

 

 

Three months ended
June 30,

 

 

Six months ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Income tax provision

 

$

(208

)

 

$

(1,199

)

 

$

(260

)

 

$

(2,021

)

For the three and six months ended June 30, 2026, the income tax provision was primarily related to interest income on marketable securities in Massachusetts. For the three and six months ended June 30, 2025, the income tax provision was primarily driven by the current federal and state taxes related to the $150 million upfront payment for the Novartis License Agreement, which was expected to be recognized as taxable net controlled foreign corporation tested income, or NCTI.

The Company continues to maintain a full valuation allowance against all of its deferred tax assets. The Company has evaluated the positive and negative evidence involving its ability to realize its deferred tax assets. The Company has considered its history of cumulative net losses incurred since inception and its lack of any commercial products. The Company has concluded that it is more likely than not that it will not realize the benefits of its deferred tax assets. The Company reevaluates the positive and negative evidence at each reporting period.