Income Taxes

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

For the three and nine months ended September 30, 2025 and 2024, the Company did not record an income tax provision. The Company will continue to maintain a 100% valuation allowance on total deferred tax assets. The Company believes it is more likely than not that the related deferred tax asset will not be realized. As a result, the Company’s effective tax rate will remain at 0% because there are no estimated or discrete items that would impact the tax provision.

On July 4, 2025, the One Big Beautiful Bill Act, or OBBBA, was enacted in the United States, which includes significant changes to federal tax law and other regulatory provisions that may impact the Company. Based on the Company's assessment to date, the provisions of the OBBBA are not expected to have a material impact on the Company's effective tax rate or cash flow in the current fiscal year due to the Company's position on its deferred tax assets. The Company will continue to monitor developments and assess any future impacts as the implementation of regulations are finalized.