Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Reconciliation of Federal Statutory Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the effective tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 was as follows (in thousands, except percentages):


	Year Ended December 31, 2025
U.S. federal statutory tax	$	(57,634)	21.00	%
Change in valuation allowance	53,781		(19.60)
Nontaxable or nondeductible items
Stock-based compensation	5,830		(2.12)
Fair value adjustment on PIPE	4,029		(1.47)
Other nondeductible items	(2,314)		0.84
R&D Tax credits	(3,563)		1.30
Worldwide changes in UTB	(115)		0.04
Other	(14)		0.01
Effective income tax rate	$	—	0.00	%

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


	Year Ended December 31,
	2024		2023
U.S. federal statutory tax	21.00	%	21.00	%
State tax, net of federal benefit	4.61		7.45
Change in valuation allowance	(20.39)		(29.10)
Stock-based compensation	(2.17)		(2.25)
Tax credits	2.23		2.96
IPR&D	(5.34)		—
Other	0.06		(0.06)
Effective income tax rate	0.00	%	0.00	%

Schedule of Deferred Tax Assets

The principal components of the Company’s net deferred tax assets were as follows (in thousands), noting certain prior year items were reclassified to conform to the current year presentation:


	Year Ended December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforward	$	242,841	$	176,298
Tax credit carryforward	42,501		37,611
Capital loss carryforward	14,585		14,705
Accrued liabilities and allowances	3,070		3,818
Property and equipment	10,758		10,551
Intangibles capitalized for tax	30,107		5,582
Capitalized research and development	59,709		82,389
Investment basis difference	7,761		7,820
Lease liability	14,134		16,486
Stock-based compensation	7,893		10,036
Other	819		1,061
Gross deferred tax assets	434,178		366,357
Valuation allowance	(428,947)		(359,440)
Deferred tax assets, net of valuation allowance	5,231		6,917
Deferred tax liabilities:
Operating lease right-of-use assets	(5,231)		(6,917)
Deferred tax liabilities	(5,231)		(6,917)
Net deferred tax assets	$	—	$	—

Schedule of Changes in Company’s Valuation Allowance

The changes in the Company’s valuation allowance were as follows (in thousands):


	Year Ended December 31,
	2025		2024
Beginning balance	$	359,440	$	248,420
Change charged to income tax expense	69,507		111,020
Ending balance	$	428,947	$	359,440

Schedule of Changes to Company’s Unrecognized Tax Benefits

The following table summarized changes to the Company’s unrecognized tax benefits (in thousands):


	Year Ended December 31,
	2025		2024
Beginning balance	$	3,659	$	400
Additions based on tax position related to the current year	—		1,625
Adjustments based on prior year tax positions	(202)		1,634
Ending balance	$	3,457	$	3,659