Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The Company had an effective tax rate of 0% for both the three and nine months ended September 30,

2025 and 2024. The Company continues to incur operating losses.

During the three and nine months ended September 30, 2025 and 2024, the Company has evaluated all

available evidence, both positive and negative, including historical levels of income, expectations and

risks associated with estimates of future taxable income, and has determined that it is more likely than not

that its net deferred tax assets will not be realized. Due to uncertainties surrounding the realization of the

deferred tax assets, the Company continues to maintain a full valuation allowance against its net deferred

tax assets.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was signed into law in the United States which

contains a broad range of tax reform provisions affecting businesses. The provisions of the OBBBA did

not have a material impact on the Company’s condensed consolidated financial statements for the three

and nine months ended September 30, 2025.