Income Taxes

6 Months Ended

Jun. 30, 2025

Income Tax Disclosure [Abstract]

Income Taxes

7. Income Taxes

The Company's effective tax rates for the three months ended June 30, 2025 and 2024 were 0% and (100)%, respectively. The Company's effective tax rates for the six months ended June 30, 2025 and 2024 were 1% and 17%, respectively. The effective tax rates for each of the three and six months ended June 30, 2025 were lower than the 21% U.S. statutory corporate income tax rate and primarily driven by the Company’s non-deductible expenses, tax credits, changes in valuation allowance, and certain non-recurring items including non-deductible goodwill impairment. The

effective tax rates for each of the three and six months ended June 30, 2024 were lower than the 21% U.S. statutory corporate income tax rate, primarily due to the Company’s non-deductible expenses, tax credits, and changes in valuation allowance.