Income taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income taxes

Schedule of reconciliation of the federal income tax rate

A reconciliation of the federal income tax rate to the Company's effective tax rate for the year ended December 31, 2025 is as follows (amounts in thousands):

	Year Ended
	December 31, 2025
	Amount			Percentage
Federal tax benefit at statutory rate	$	(44,603	)		21.0	%
State tax, net of federal benefit		—			—
Change in valuation allowance		46,139			(21.7	)
Nontaxable or nondeductible items
Share-based compensation		3,402			(1.6	)
Other nondeductible items		379			(0.2	)
Tax credits
Research and development credits		(5,345	)		2.5
Other tax credits
Other		28			—
	$	—			—	%

A reconciliation of the federal income tax rate to the Company’s effective tax rate for the year ended December 31, 2024 is as follows:

	Year Ended
	December 31, 2024
Federal tax benefit at statutory rate		21.0	%
State tax, net of federal benefit		0.5
Research and development credits		2.1
Share-based compensation		(0.7	)
Write-off of IPR&D		—
Change in valuation allowance		(22.8	)
Other		(0.1	)
		—	%

Schedule of Components of the Company's deferred taxes

The components of the Company’s deferred taxes are as follows (in thousands):

	December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	62,577		$	29,346
Research and development intangibles		67,842			62,188
Research and development credits		15,366			10,021
Share-based compensation		4,018			2,385
Deferred revenue		—			1,474
Accruals and reserves		2,432			1,236
Lease liability		810			1,026
Other		74			77
Gross deferred tax assets		153,119			107,753
Less: valuation allowance		(152,318	)		(106,720	)
Net deferred tax asset		801			1,033
Deferred tax liability
Depreciation		(176	)		(125	)
Right-of-use asset		(625	)		(908	)
Total deferred tax liabilities		(801	)		(1,033	)
Net deferred taxes	$	—		$	—

Summary of Change in the Valuation Allowance

The following table presents a reconciliation of the total change in the valuation allowance (in thousands):

	December 31,
	2025			2024
Beginning balance	$	(106,720	)	$	(39,827	)
Change charged to income tax expense		(45,598	)		(66,893	)
Ending balance	$	(152,318	)	$	(106,720	)

Schedule of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows (in thousands):

	December 31,
	2025		2024
Beginning balance	$	56	$	37
Additions for tax positions taken in prior years		—		19
Ending balance	$	56	$	56