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Income taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) before Income Taxes
Income (loss) before income taxes is as follows:
Year ended December 31,
 202520242023
Swiss$(205,450)$(205,310)$(281,685)
Non-Swiss69,200 74,148 89,945 
Total income (loss) before income taxes
$(136,250)$(131,162)$(191,740)
Schedule of Components of Income Tax Expense (Benefit)
The provision (benefit) for income taxes from continuing operations is comprised of:
Year ended December 31,
 202520242023
Current:   
Swiss
Federal$(3,072)$2,762 $1,385 
Cantonal (Zug)516 1,100 778 
Non-Swiss2,533 33,603 13,140 
Total current$(23)$37,465 $15,303 
Deferred:
Swiss$— — $— 
Non-Swiss— — — 
Total deferred— — — 
Total income tax provision$(23)$37,465 $15,303 
Schedule of Reconciliation of Provision for Income Taxes
A reconciliation of the provision for income taxes compared with the amounts at the Swiss rate was:


Year ended December 31,
202520242023
AmountPercentAmountPercentAmountPercent
Swiss federal statutory rate$(11,581)8.5 %$(11,149)8.5 %$(16,298)8.5 %
Swiss cantonal (Zug) and local income taxes, net of federal income tax effect516 (0.38)1,100 (0.84)778 (0.41)
Foreign Tax Effects:
United States
Change in valuation allowance(32,228)23.65 (5,046)3.85 (31,218)16.28 
Statutory tax rate difference 11,439 (8.4)11,468 (8.74)16,906 (8.82)
State Income Taxes (1)2,075 (1.52)7,338 (5.59)4,043 (2.11)
Share based compensation1,763 (1.29)3,439 (2.62)2,178 (1.14)
Foreign-Derived Intangible Income ("FDII")886 (0.65)— — — — 
Research and development credits— — 1,856 (1.42)6,474 (3.38)
Other 542 (0.4)(345)0.26 (392)0.2 
Israel
Change in valuation allowance4,314 (3.17)1,443 (1.1)2,466 (1.29)
Statutory tax rate difference606 (0.44)508 (0.39)662 (0.35)
Tax Effects of the Encouragement of Capital Investments Law
— — 729 (0.56)— — 
Other989 (0.73)(67)0.05 1,076 (0.56)
Share based compensation— — 671 (0.51)— — 
Luxembourg
Statutory tax rate difference798 (0.59)1,621 (1.24)1,421 (0.74)
Change in valuation allowance621 (0.46)829 (0.63)(857)0.45 
Other(5)— 15 (0.01)95 (0.05)
France663 (0.49)650 0.5 210 (0.11)
Other foreign jurisdictions4,188 (3.07)2,541 (1.94)2,867 (1.5)
Effect of Changes in Tax Laws or Rates Enacted in the Current Period— — — — — — 
Effect of Cross-Border Tax Laws(32)0.02 (30)0.02 (37)0.02 
Tax Credits— — — — — — 
Changes in Valuation Allowances14,654 (10.77)20,483 (15.62)24,812 (12.91)
Nontaxable or Nondeductible Items— — — — — — 
Changes in Unrecognized Tax Benefits1 — 1 — — — 
Other Adjustments(232)0.17 (590)0.45 117 (0.06)
Effective Tax Rate$(23)(0.02)%$37,465 (27.58)%$15,303 (7.98)%

(1) Primarily California, Florida, Indiana, New Hampshire, Pennsylvania and Wisconsin.
Schedule of Significant Components of Deferred Tax Assets and Liabilities Significant components of the Company’s deferred tax assets and liabilities are as follows:
December 31,
 20252024
Deferred tax assets:
  Unamortized intangible assets (1)$1,581,633 $1,394,195 
  Net operating loss carryforwards$168,429 $127,881 
Impact of revenue recognition$51,540 $68,347 
  Share based compensation$23,809 $35,470 
Lease liabilities$9,860 $6,518 
  Capitalized research and development$— $4,036 
  Research and development$2,047 $1,613 
  Other temporary differences$9,053 $7,823 
Total gross deferred tax assets$1,846,371 $1,645,883 
Less: valuation allowance(1,833,239)(1,636,833)
Total deferred tax assets13,132 9,050 
Deferred tax liabilities:
Right of use assets8,874 6,287 
Fixed assets4,052 2,692 
Other liabilities206 71 
Total gross deferred tax liabilities$13,132 $9,050 
Net deferred taxes assets (liability)$— $— 

(1)The Company recorded an increase in the deferred tax asset related to unamortized intangible assets in the amount of $187,438. As of December 31, 2025, the balance of this deferred tax asset was offset by a full valuation allowance.
Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits
A reconciliation of the beginning and ending balances of uncertain tax benefits is as follows:
 December 31,
 202520242023
Balance at beginning of the year$18 $18 $76 
Additions (reductions) for taxes positions related to prior years1 — (58)
Balance at the end of the year$19 $18 $18 
Schedule of Income Taxes Paid Net of Refunds Received
The following table presents the income taxes paid (net of refunds received) for the years ended December 31, 2025, 2024 and 2023:

December 31,
202520242023
Switzerland :
Federal$1,087 $— $— 
Cantonal (Zug)$637 $— $— 
Foreign countries:
     United States$12,809 $16,453 $7,413 
     Luxembourg$6,953 $— $— 
     Israel$5,470 $4,945 $4,289 
     Other foreign countries$3,717 $2,065 $1,963 
Total income taxes paid (net of refunds received)$30,673 $23,463 $13,665