INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Domestic and Foreign Components of Loss Before Income Taxes

The domestic and foreign components of loss before income taxes were as follows (in thousands):

	Year Ended December 31,
	2025		2024
Domestic	$	(123,969)	$	(103,729)
Foreign	469		5,621
Loss before income taxes	$	(123,500)	$	(98,108)

Schedule of Income Tax Expense (Benefit)

Income tax benefit for the years ended December 31, 2025 and 2024 consisted of the following (in thousands):

	Year Ended December 31,
	2025		2024
Income tax benefit:
Current:
Federal	$	—	$	—
State	—		—
Foreign	(568)		(167)
Subtotal	(568)		(167)
Deferred:
Federal	—		—
State	—		—
Foreign	—		—
Subtotal	—		—
Income tax benefit	$	(568)	$	(167)

Schedule of Effective Income Tax Rate Reconciliation

The following table represents a reconciliation of the statutory federal rate and the Company’s effective tax rate (after the adoption of ASU 2023-09) for the year ended December 31, 2025 (in thousands):

	Amount		Percentage
Income taxes (benefit) at statutory federal rate	$	(25,935)	21.0	%
State and local taxes, net of federal income tax effect	—		—
Foreign tax effects
Other foreign	(667)		0.5	%
Effect of cross-border tax laws
Global Intangible Low-taxed Income	—		—
Non-taxable or non-deductible items
Other non-taxable or non-deductible items	660		(0.5)	%
Change in valuation allowance (1)	28,674		(23.2)	%
Tax credits
R&D credit	(3,671)		3.0	%
Changes in unrecognized tax benefits	160		(0.1)	%
Other adjustments
Other	211		(0.2)	%
	$	(568)	0.5	%

(1) In 2024, the change in valuation allowance related to the state jurisdictions was included in the change in valuation allowance. In 2025, this amount is net in the state and local taxes.

For the year ended December 31, 2024, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows (in thousands):

	Year Ended December 31,
	2024
Tax at federal statutory rate	$	(20,603)
State taxes, net	3,483
Foreign rate differential	263
Global Intangible Low-taxed Income	617
Non-deductible stock-based compensation	2,656
Research credits	(3,201)
Change in valuation allowance	16,172
Other	446
Income tax benefit	$	(167)

Schedule of Deferred Tax Assets and Liabilities and Based on Tax Jurisdictions

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2025		2024
Assets:
Deferred tax assets:
Net operating loss carryforwards	$	255,860	$	211,585
Research and development tax credit carryforwards	62,819		58,409
Stock-based compensation	4,325		3,998
Deferred revenue	1,476		—
Capitalized research	66,760		74,354
Property and equipment	17,272		15,648
Intangible assets	130		31
Lease liabilities	6,732		6,666
Accruals and reserves	4,754		331
Other	421		235
Total deferred tax asset	420,549		371,257
Valuation allowance	419,779		367,578
Deferred tax assets	770		3,679
Liabilities:
Operating lease right-of-use assets	(770)		(3,679)
Deferred tax liabilities	(770)		(3,679)
Total net deferred tax liabilities	$	—	$	—

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands):

	December 31,
	2025		2024
Beginning balance	$	22,137	$	18,320
Additions based on tax positions related to the current year	1,292		4,274
Additions for tax positions of prior years	22		26
Reductions for tax positions of prior years	(2,949)		(224)
Statute lapse	(308)		(259)
Ending balance	$	20,194	$	22,137