Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 11. Income Taxes The Company’s effective tax rate from continuing operations was 0% for the three and six months ended June 30, 2026 and 2025. The Company has not recorded a federal income tax provision for the three and six months ended June 30, 2026 and 2025. The Company recorded a nominal state and local income tax provision for the three and six months ended June 30, 2026. For the three and six months ended June 30, 2025, the Company recorded $0.3 million of foreign tax related to the Simcere milestone revenue in China, as well as a nominal state and local income tax provision. The Company assesses the realizability of the deferred tax assets at each reporting date. The Company continues to maintain a full valuation allowance for its U.S. federal and state deferred tax assets, which significantly consists of net operating losses and tax credits. If certain substantial changes in the entity’s ownership occur, there may be an annual limitation on the amount of the carryforwards that can be utilized. The Company will continue to assess the need for a valuation allowance on its deferred tax assets. |