INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Benefit (Expense)

The Company's loss before income taxes was taxed as follows (in thousands):

	Year Ended December 31,
	2025		2024		2023
Domestic	$	(747,237)	$	(276,930)	$	(176,423)
Foreign	2,125		1,799		1,890
Total loss before income taxes	$	(745,112)	$	(275,131)	$	(174,533)

The following table summarizes the components of the Company’s provision for income taxes (in thousands):

	Year Ended December 31,
	2025		2024		2023
Current:
Federal	$	—	$	—	$	29
State	—		106		63
Foreign	518		644		305
Total current provision for income taxes	$	518	$	750	$	397
Deferred:
Federal	$	—	$	—	$	—
State	—		—		—
Foreign	238		(236)		633
Total deferred provision (benefit) for income taxes	238		(236)		633
Provision for income taxes	$	756	$	514	$	1,030

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective U.S. federal income tax rate is as follows:

	Year Ended December 31,
	2025		2024		2023
Income taxes computed at federal statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	1.6	%	2.8	%	2.2	%
Other permanent differences	(1.3	%)	(1.1	%)	(1.4	%)
Prior year credit true-up	—	%	1.1	%	(4.5	%)
Loss on issuance of convertible preferred stock	(10.7	%)	—	%	—	%
Credits	1.1	%	2.1	%	2.3	%
Change in valuation allowance	(11.8	%)	(26.1	%)	(20.2	%)
Effective income tax rate	(0.1	%)	(0.2	%)	(0.6	%)

Schedule of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets and liabilities consist of the following (in thousands):

	As of December 31,
	2025		2024
Deferred tax assets:
Net operating losses	$	129,985	$	90,330
Tax credits	29,707		22,046
Stock-based compensation	3,847		2,046
Lease liabilities	5,271		8,294
Reserves	—		379
Capitalized research and development expenses	127,402		90,202
Accruals and other temporary differences	4,575		3,000
Total deferred tax assets	300,787		216,297
Valuation allowance	(279,370)		(191,734)
Total deferred tax assets, net of valuation allowance	$	21,417	$	24,563
Deferred tax liabilities:
Depreciation	$	(17,106)	$	(16,904)
Right-of-use asset	(4,366)		(7,476)
Total deferred tax liabilities	(21,472)		(24,380)
Net deferred tax (liabilities) assets	$	(55)	$	183

Schedule of Deferred Tax Assets Valuation Allowance

Activity in the deferred tax assets valuation allowance is summarized as follows (in thousands):

As of December 31, 2023	$	120,116
Additions	71,618
Reductions/charges	—
As of December 31, 2024	$	191,734
Additions	87,636
Reductions/charges	—
As of December 31, 2025	$	279,370