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INCOME TAXES
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company computed income tax expense for the three and six months ended June 30, 2026 using the “discrete” (or “cut-off”) method, which was comprised of the following:
Three Months Ended June 30, 2026Six Months Ended June 30, 2026
Federal$277 $311 
State2,439 3,090 
Foreign— 1,667 
Provision for income taxes $2,716 $5,068 
The foreign withholding tax expense was incurred in connection with the Company’s China Out-License and a milestone that was achieved during the three months ended March 31, 2026. The Company did not recognize income tax expense for the three and six months ended June 30, 2025.
Based on all available objective evidence, the Company believes that it is more likely than not that its deferred tax assets will not be fully realized. Accordingly, the Company maintains a valuation allowance against all of its deferred tax assets as of both June 30, 2026 and December 31, 2025. The Company will continue to maintain a full valuation allowance until there is sufficient evidence to support recoverability of its deferred tax assets.
The Company had $4.3 million of unrecognized tax benefits at June 30, 2026 and December 31, 2025, none of which would affect the effective tax rate if recognized.
The Company had no accrual for interest and penalties related to unrecognized tax benefits recognized as part of the Company’s income tax provision in its Condensed Statements of Operations and Comprehensive Loss. The statute of limitations remains open for all years since inception in the U.S. federal, state, and local jurisdictions.