Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Net Loss Before Income Taxes

Net loss before income taxes consisted of the following (in thousands):

	Year Ended December 31,
	2025			2024			2023
Domestic	$	(510,359	)	$	(331,843	)	$	(157,761	)
Foreign		(46,334	)		255			38
Total net loss before income taxes	$	(556,693	)	$	(331,588	)	$	(157,723	)

Summary of Current and Deferred Income Tax Expense (Benefit) of Provision for Income Taxes for Federal, State and Foreign Jurisdictions

The current and deferred income tax expense (benefit) of the provision for income taxes for federal, state and foreign jurisdictions are as follows (in thousands):

	Year Ended December 31,
	2025			2024		2023
Current:
Federal	$	—		$	—	$	—
State		—			—		—
Foreign		296			59		48
Total current tax expense (benefit)	$	296		$	59	$	48
Deferred:
Federal		(33,609	)		—		—
State		(4,998	)		—		—
Foreign		(6,261	)		—		—
Total deferred tax expense (benefit)	$	(44,868	)	$	—	$	—
Total tax expense (benefit)	$	(44,572	)	$	59	$	48

Summary of reconciliation of U.S. statutory tax rate and effective tax rate

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

	Year Ended December 31, 2025
U.S. federal statutory income tax rate	$	(116,803	)	21.0	%
State and local income taxes, net of federal income tax effect(1)		(4,998	)	0.9	%
Foreign tax effects		2,992		(0.5	)%
Tax credits
Research and development tax credits		(18,978	)	3.4	%
Changes in valuation allowances		98,072		(17.5	)%
Nontaxable or nondeductible items
Share-based payment awards		(40,383	)	7.3	%
Executive compensation		32,227		(5.8	)%
Transactions costs		16,390		(3.0	)%
Warrant (gain) loss		(14,009	)	2.5	%
Other		918		(0.2	)%
Effective income tax rate	$	(44,572	)	8.1	%

(1)State taxes in California, Maryland, and New York made up the majority of the tax effect in this category.

The following table reconciles the U.S. statutory tax rate to the Company's effective tax rate for the years ended December 31, 2024 and 2023:

	Year Ended December 31,
	2024			2023
U.S. federal statutory income tax rate		21.0	%		21.0	%
State and local income taxes		3.2	%		4.5	%
R&D tax credits		5.3	%		3.1	%
Compensation		0.7	%		2.6	%
Warrant (gain) loss		(7.4	)%		(2.5	)%
Change in tax rates		0.0	%		(0.4	)%
Provision to return and deferred tax adjustments		0.1	%		(0.2	)%
Valuation allowance		(22.9	)%		(28.0	)%
Other		0.0	%		(0.1	)%
Effective tax rate		0.0	%		0.0	%

Summary of net deferred tax assets

Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

	December 31,			December 31,
	2025			2024
Deferred tax assets:
Accrued bonus	$	7,784		$	2,036
Unearned revenue		167			158
Stock-based compensation		26,654			9,793
Depreciation and amortization		5,001			3,109
Capitalized R&D costs		142,083			62,939
Lease liabilities		7,163			4,483
R&D credit carryforwards		62,606			29,800
Net operating loss carryforwards		191,698			56,204
Other		4,988			677
Gross deferred tax assets	$	448,144		$	169,199
Valuation allowance		(352,013	)		(166,287	)
Total deferred tax assets	$	96,131		$	2,912
Deferred tax liabilities:
Right of use assets		(5,243	)		(2,386	)
Intangible assets		(174,484	)		—
Other		(1,548	)		(526	)
Total deferred tax liabilities	$	(181,275	)	$	(2,912	)
Net deferred tax assets (liabilities)	$	(85,144	)	$	—

Summary of valuation allowance against its gross deferred tax assets

The following table summarizes the activity in the Company’s valuation allowance against its gross deferred tax assets (in thousands):

	2025			2024			2023
Beginning balance	$	166,287		$	90,963		$	48,212
Increases to income tax expense		160,062			75,780			44,123
Charged (credited) to other balance sheet accounts		64,270			(456	)		(1,372	)
Decreases to income tax expense		(38,606	)		—			—
Ending balance	$	352,013		$	166,287		$	90,963