Income Taxes

9 Months Ended

Sep. 30, 2026

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Income tax was a nominal and $0.4 million expense for the three and nine months ended September 30, 2026, respectively. Income tax was a $0.2 million expense and $0.4 million expense for the three and nine months ended September 30, 2025, respectively. Income taxes for these periods are recorded at the Company’s estimated annual effective income tax rate, subject to adjustments for discrete events should they occur. The Company’s effective tax rate for the nine months ended September 30, 2026 and 2025 was (0.4)% and (15.4)%, respectively.

The difference between the Company’s effective tax rates in 2026 and 2025 compared to the U.S. statutory tax rate of 21% is primarily due to changes in valuation allowances associated with the Company’s assessment of the likelihood of the recoverability of deferred tax assets. The Company currently has valuation allowances against a significant portion of its deferred tax assets primarily related to its net operating loss carryforwards and tax credit carryforwards.