Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 11. Income Taxes The Company’s effective income tax rate was 0.0% and -0.1% for the three months ended June 30, 2026 and 2025, respectively, and 0.0% and -0.1% for the six months ended June 30, 2026 and 2025, respectively. The income tax provision was less than $0.1 million for each of the three months ended June 30, 2026 and 2025, respectively, and less than $0.1 million for each of the six months ended June 30, 2026 and 2025, respectively. The Company is forecasting a taxable loss position in 2026 for which no tax benefit is recorded due to the valuation allowance maintained against the Company’s deferred tax assets. The effective income tax rate for the three and six months ended June 30, 2026 and 2025 differed from the 21.0% federal statutory rate primarily due to the valuation allowance maintained against the Company’s deferred tax assets. On July 4, 2025, new U.S. tax legislation referred to as the OBBBA was signed into law. The OBBBA contains several changes to corporate taxation, including modifications to capitalization of research and development expenses, limitations on deductions for interest expense and accelerated fixed asset depreciation. The legislation has multiple effective dates including the 2026 tax year. The Company does not expect the OBBBA to have a material impact on its effective tax rate and net deferred tax asset balance in 2026. |