Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2025 is as follows:

	Rate (%)			Amount (in thousands)
U.S. federal statutory tax rate	21.0	%	Year Ended	$	(42,240)
State and local taxes, net of federal effect	—	%	Year Ended	—
Tax credits			Year Ended
Research and development credit	2.3	%	Year Ended	(4,634)
Changes in valuation allowances	(22.3)	%	Year Ended	44,865
Nontaxable or nondeductible items			Year Ended
Stock compensation	(0.3)	%	Year Ended	633
162(m) Comp Limit	—	%	Year Ended	62
Other items	(0.1)	%	Year Ended	291
Other Adjustments	(0.6)	%	Year Ended	1,023
Effective income tax rate	—	%	Year Ended	$	—

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2024 is as follows:

	Rate (%)
Federal income tax expense at statutory rate	21.0	%
State income taxes, net of federal benefit	7.4	%
Tax credits	2.6	%
Permanent differences	(0.9)	%
Other	0.8	%
Change in valuation allowance	(30.8)	%
Effective income tax rate	—	%

Schedule of Deferred Tax Assets and Liabilities

Net deferred tax assets (liabilities) consisted of the following:

	December 31,
(in thousands)	2025		2024
Deferred tax assets:
Capitalized research and development costs	$	50,092	$	74,605
U.S. and state net operating loss carryforwards	116,777		61,501
Depreciation and amortization	14,060		12,829
Tax credits	30,004		22,986
Accrual	19,830		2,334
Lease Liability	31,826		12,228
Stock Compensation	11,315		6,005
Other	—		141
Total deferred tax assets	273,904		192,629
Deferred tax liabilities:
Right of Use Asset	(34,491)		(12,852)
Total deferred tax liabilities	(34,491)		(12,852)
Valuation allowance	(239,413)		(179,777)
Net deferred tax assets (liabilities)	$	—	$	—

Schedule Of Net Operating Loss And Tax Credit Carryforwards

The following is a summary of the Company’s net operating loss and tax credit carryforwards, both of which may be available to reduce future tax liabilities:

	December 31,
(in thousands)	2025		2024
U.S. federal net operating loss - do not expire	$	429,230	$	226,904
State net operating loss - expire at various dates beginning in 2039	421,882		219,351
Federal research and development tax credits - expire at various dates beginning in 2040	19,717		15,082
State research and development tax credits - expire at various dates beginning in 2036	13,021		10,005

Summary of Valuation Allowance

For the year ended December 31, 2025, the valuation allowance increased primarily due to the increases in net operating loss carryforwards, capitalized research and development costs, and research and development tax credit carryforwards. The changes in the valuation allowance were as follows:

	Year Ended December 31,
(in thousands)	2025		2024
Valuation allowance at beginning of year	$	179,777	$	119,250
Increases (decreases) recorded to income tax provision	59,636		60,527
Valuation allowance at end of year	$	239,413	$	179,777