Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components Of Loss Before Income Taxes

The components of loss before income taxes were as follows (in thousands):

	Year Ended December 31,
	2025
Domestic	$	(311,351	)
Total loss before income taxes	$	(311,351	)

Rate Reconciliation of U.S. Statutory Income Tax Rate to Company's Effective Tax Rate

The following table reconciles the U.S. federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2025 (in thousands):

	Year Ended December 31, 2025
	Amount ($)			Percentage (%)
Federal statutory income tax rate	$	(65,384	)		21.0		%
State income taxes, net of federal income tax effect		(99	)		0.0
Research and development tax credits		(6,982	)		2.2
Changes in valuation allowances		72,265			(23.2	)
Nontaxable or nondeductible items:
Excess tax benefits on share-based payments		9485			(3.0	)
Stock-based compensation		(9407	)		3.0
Other		122			0.0
Effective income tax rate	$	—			0.0		%

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differed from the federal statutory income tax rate as follows:

	Year Ended December 31,
	2024		2023
Federal statutory income tax rate	21.0	%	21.0	%
State income taxes, net of federal benefit	7.9		6.8
Federal and state research and development tax credits	6.1		4.6
Stock-based compensation	0.3		(1.5)
Disallowed Expenditures	(2.3)		(2.3)
Change in deferred tax asset valuation allowance	(33.0)		(28.6)
Effective income tax rate	0.0	%	0.0	%

Schedule of Significant Components of Net Deferred Income Taxes

The significant components of the Company’s net deferred income taxes were as follows (in thousands):

	December 31,
	2025			2024
Deferred Tax Assets:
Net operating loss carryforwards	$	159,311		$	61,531
Research and development credit carryforwards		54,742			42,549
Lease liabilities		21,716			22,980
Deferred revenue		—			3,603
Accruals and reserves, stock and other		18,633			18,794
Capitalized Research and Development		96,991			110,333
Total deferred tax assets	$	351,393		$	259,790
Valuation allowance		(330,285	)		(236,206	)
Total deferred tax assets, net of valuation allowance	$	21,108		$	23,584
Deferred Tax Liabilities:
Operating right-of-use assets		(9,477	)		(10,632	)
Depreciation		(11,631	)		(12,952	)
Total deferred tax liabilities		(21,108	)		(23,584	)
Net deferred tax assets	$	—		$	—

Schedule Of Changes In The Valuation Allowance

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

	Year Ended December 31,
	2025
Beginning balance	$	236,206
Domestic federal income taxes		72,265
Domestic state & local income taxes		21,814
Ending balance	$	330,285