INCOME TAXES |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| INCOME TAXES | |
| INCOME TAXES | 11. INCOME TAXES The Company’s income tax provision for the interim period was determined using an estimated annual effective tax rate, adjusted for discrete items recognized during the period, if any. The effective tax rate for the three and six months ended June 30, 2026 and 2025 was 0%, which differed from the U.S. federal statutory rate primarily due to the impact of the valuation allowance maintained against the Company’s deferred tax assets. Management evaluates the realizability of deferred tax assets on a quarterly basis and continues to maintain a full valuation allowance against all of its deferred tax assets as of June 30, 2026. There were no material changes in the Company’s assessment of the realizability of its deferred tax assets during the three and six months ended June 30, 2026. As of June 30, 2026, the Company had no unrecognized tax benefits. The Company recognizes interest and penalties related to uncertain tax positions as a component of income tax expense. No interest or penalties were recognized during the three and six months ended June 30, 2026. There were no material changes to the Company’s uncertain tax positions, valuation allowance, or other income tax matters from those disclosed in the notes to the audited financial statements for the year ended December 31, 2025 included in the IPO Registration Statement. |