Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Components of Net Loss Before Income Taxes


	Year Ended December 31,
	2025		2024		2023
United States	$	(110,784)	$	(96,422)	$	(95,634)
Foreign		(6,083)		49		526
Net loss before income taxes	$	(116,867)	$	(96,373)	$	(95,108)

Reconciliation of Federal and Effective Tax Rate

The following table is a reconciliation of the total income tax expense computed at the U.S. federal statutory rate of 21% to the Company’s total income tax expense for the year ended December 31, 2025, in accordance with ASU 2023-09 (in thousands):

‎


	Year Ended December 31, 2025
		Amount	Percentage
U.S. federal statutory rate	$	(24,542)	21.0%
Foreign tax effects		1,201	-1.0%
Tax credits:
R&D credits		(382)	0.3%
Change in valuation allowance		6,316	-5.4%
Nontaxable or nondeductible items:
Write-off of intercompany payable		4,759	-4.1%
Mark-to-market on warrant and derivative		7,683	-6.5%
Nondeductible executive compensation		1,239	-1.1%
Other nondeductible items		2,621	-2.2%
Other		1,029	-0.9%
Provision for income taxes	$	(76)	0.1%

The following table presents a reconciliation of the statutory federal rate and the Company’s effective tax rate for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to ASU 2023-09 (in thousands):


	Year Ended December 31,
	2024		2023
Tax at federal statutory rate	$	(20,027)	$	(20,003)
State taxes, net of federal benefit		(2,247)		(4,032)
Change in valuation allowance		16,563		20,418
Stock-based compensation		1,706		3,722
Mark-to-market on warrant and derivative		3,482		1,075
R&D credits		(281)		(391)
Foreign rate differential		41		(50)
Other		816		(192)
Provision for income taxes	$	53	$	547

Schedule of Significant Components of Net Deferred Tax Assets


	Year Ended December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	154,356	$	143,066
Research and development credits		7,628		7,111
Stock-based compensation		1,586		1,611
Interest limitation		10,651		8,964
Accruals and reserves		5,370		9,502
Fixed asset and intangible asset basis		3,654		4,615
Operating lease liabilities		5,386		5,955
Research and development capitalization		15,408		20,675
Total deferred tax assets		204,039		201,499

Deferred tax liabilities:
Capitalized contract costs		(2,704)		(1,556)
Operating lease right-of-use assets		(4,256)		(4,653)
Other		(109)		(66)
Total deferred tax liabilities		(7,069)		(6,275)
Deferred tax assets, net		196,970		195,224
Valuation allowance		(196,784)		(195,224)
Net deferred taxes	$	186	$	—

Summary of Activity Related to Valuation Allowance


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	195,224	$	178,406	$	157,982
Additions		5,346		16,818		20,424
Deductions		(3,786)		—		—
Balance at end of period	$	196,784	$	195,224	$	178,406

Summary of Activity Related to Unrecognized Tax Benefits


	Year Ended December 31,
	2025		2024		2023
Balance at beginning of period	$	8,597	$	8,188	$	7,371
Increase related to current year tax positions		552		558		817
Changes related to prior tax positions		75		(149)		—
Balance at end of period	$	9,224	$	8,597	$	8,188