Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Reconciliation of Income Taxes Computed Using U.S Federal Statutory Tax Rate

A reconciliation of income taxes computed using the U.S. federal statutory rate to that reflected in operations follows:

	Year Ended December 31,
	2024			2023
Federal statutory tax		21.00	%		21.00	%
State income tax, net of federal benefit		(6.31	)		15.38
Valuation allowance		(18.00	)		(45.30	)
Success payment liabilities		0.55			0.58
Contingent consideration		0.05			3.02
Tax credits		3.83			6.59
Other		(1.12	)		(1.27	)
Effective income tax rate		0.00	%		0.00	%

The Company adopted ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures for the year ended December 31, 2025.

	Year Ended December 31, 2025
	(in thousands)
Federal statutory tax	$	(51,275	)	21.00	%
Valuation allowance		44,102		(18.06	)
Non-taxable or non-deductible items:
Stock-based compensation		5,431		(2.22	)
Contingent consideration		3,097		(1.27	)
Success payment liabilities		2,864		(1.17	)
Other non-deductible items		908		(0.37	)
Tax credits:
Research and development credits		(5,222	)	2.14
Other		95		(0.04	)
Effective income tax rate	$	—		0.00	%

Components of Net Deferred Tax Assets

The principal components of the Company’s net deferred tax assets are as follows:

	December 31,
	2025			2024
	(in thousands)
Deferred tax assets:
Net operating loss carryforwards	$	299,757		$	227,866
Capitalized research and development		73,895			101,732
Tax credit carryforwards		88,713			81,697
Lease liabilities		20,454			24,040
Stock-based compensation		10,766			13,258
Intangibles		6,875			8,902
Accrued liabilities and allowances		4,090			4,329
Fixed assets		12,339			1,935
Success payment liabilities		354			82
Other		401			1,475
Gross deferred tax assets		517,644			465,316
Valuation allowance		(507,814	)		(450,666	)
Deferred tax assets, net of valuation allowance		9,830			14,650
Deferred tax liabilities:
Right-of-use assets		(9,830	)		(14,650	)
Net deferred taxes assets	$	—		$	—

Summary Of Valuation Allowance

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

	2025			2024
	(in thousands)
Beginning balance	$	(450,666	)	$	(402,659	)
Change charged to income tax expense		(57,148	)		(48,007	)
Ending balance	$	(507,814	)	$	(450,666	)