The following table summarizes the Company’s income tax expense and effective tax rate for the three and nine months ended September 30, 2026 and 2025:

The Company calculates its interim tax provision using its best estimate of the annual effective tax rate. During the three months ended September 30, 2026, the Company completed two years of a multi-year study of its U.S. federal research and development (“R&D”) tax credits, identifying additional qualifying R&D expenditures that resulted in a $7.8 million net income tax benefit attributed to prior years, net of associated uncertain tax position reserve. Additionally, based on the same study, the Company revised its current year estimate of R&D tax credits by an additional $7.4 million, net of unrecognized tax benefits, to update its best estimate of the annual effective tax rate for the year ending December 31, 2026. As a result, the Company’s effective income tax rate is (57.1)% and (3.7)% for the three and nine months ended September 30, 2026, respectively.

The Company is currently in the process of completing U.S. federal and state R&D tax credit studies for 2023 and 2024 tax years, as well as completing its 2025 state R&D study, which is expected to be completed in the fourth quarter of 2026. While timing of completion is uncertain, the Company expects the resulting income tax benefits recognized to be material to its financial statements. The Company expects to record these income tax benefits within the next twelve months as the studies are completed.