Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consisted of the following (in thousands):

	Year Ended December 31,
	2025		2024		2023
Current:
U.S. Federal	$	—	$	—	$	—
U.S. State	—		—		—
Foreign	102		68		30
Total Current	$	102	$	68	$	30
Deferred:
U.S. Federal	$	—	$	—	$	—
U.S. State	—		—		—
Foreign	—		—		—
Total deferred	$	—	$	—	$	—
Total provision for income taxes	$	102	$	68	$	30

Schedule of Effective Tax Rate Reconciliation

The reconciliation of federal statutory income tax rate to our effective income tax rate is as follows:

	Year Ended December 31,
	2025				2024				2023
(In thousands, except percentages)	Amount		Rate		Amount		Rate		Amount		Rate
Taxes at the U.S. statutory tax rate of 21%	$	(107,612)	21.0	%	$	(88,531)	21.0	%	$	(30,490)	21.0	%
State income taxes, net of federal tax benefit	1,516		(0.3)		—		—		—		—
Foreign tax effects	51		—		15		—		27		—
Effective of cross-border tax laws	80		—		70		—		908		(0.6)
Change in valuation allowance	124,243		(24.2)		106,498		(25.3)		37,886		(26.1)
Tax Credits
Research Tax Credit	(21,990)		4.3		(24,660)		5.9		(23,011)		15.9
Effect of changes in tax laws or rates enacted in the current period	—		—		—		—		—		—
Nontaxable or Nondeductible items
Stock-based compensation	6,286		(1.2)		9,579		(2.3)		5,777		(4.0)
Nondeductible acquisition - related costs	—		—		—		—		5,040		(3.5)
Other	261		(0.1)		(2,930)		0.7		220		(0.2)
Changes in UTB	(1,573)		0.3		173		—		401		(0.3)
Other	(1,160)		0.2		(146)		—		3,273		(2.3)
Total provision for income taxes	$	102	—	%	$	68	—	%	$	30	—	%

Schedule of Deferred Tax Assets and Liabilities

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

	December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	229,535	$	113,397
Tax credit carryforwards	155,334		124,922
Research expense capitalization	161,588		176,094
Lease liabilities	9,819		11,760
Stock-based compensation	67,511		57,766
Fixed assets	8,588		6,671
Accruals and other	14,111		13,447
Gross deferred tax assets	646,486		504,057
Valuation allowance	(630,806)		(487,714)
Net deferred tax assets	15,681		16,343
Deferred tax liabilities:
Lease right-of-use assets	(15,681)		(16,343)
Net deferred tax assets	$	—	$	—

Schedule of Reconciliation of Unrecognized Tax Benefits

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

	December 31,
	2025		2024		2023
Unrecognized tax benefits at January 1	$	33,761	$	26,175	$	19,371
Additions for tax positions taken in a prior year	169		162		168
Additions for tax positions taken in the current year	7,475		7,424		6,636
Reductions for tax positions taken in the prior year	(2,100)		—		—
Audit settlements	(53)		$	—	$	—
Unrecognized tax benefits at December 31	$	39,252	$	33,761	$	26,175