Income Taxes - Sale of Rights to Net Operating Loss Carryforwards |
3 Months Ended |
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Mar. 31, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes - Sale of Rights to Net Operating Loss Carryforwards | 19. Income Taxes - Sale of Rights to Net Operating Loss Carryforwards
Under the State of New Jersey Technology Business Tax Certificate Transfer Program, qualifying technology and biotechnology businesses may sell unused New Jersey net operating loss carryforwards and research and development tax credits to unaffiliated corporate taxpayers. The Company accounts for proceeds from these sales when the transfer is approved by the New Jersey Economic Development Authority and the sale is completed, at which point the proceeds are realizable and no longer contingent.
Because the Company maintains a full valuation allowance against its New Jersey deferred tax assets, no deferred tax asset was recognized for the carryforwards sold and the sale therefore generated no reversal of a previously recognized asset. The Company presents the proceeds within other income (expense), net in the condensed consolidated statements of operations, and within cash flows from operating activities in the condensed consolidated statements of cash flows.
In February 2026, the Company sold New Jersey net operating loss carryforwards and received net proceeds of $12,159. There were no comparable sales during the three months ended March 31, 2025. The Company’s ability to participate in the program in future periods depends on continued eligibility, annual program funding and State approval, and no assurance can be given that further sales will be available or approved.
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