Income Taxes

6 Months Ended

Jun. 30, 2025

Income Taxes [Abstract]

Income Taxes

10.  Income Taxes

We recorded nominal income tax provisions for the three and six months ended June 30, 2025 and 2024.

In July 2025, the One Big Beautiful Bill Act, or OBBBA, was signed into law, introducing significant changes to U.S. federal tax law. The new law restores current expensing of domestic R&D costs and allows us to accelerate the deduction for a significant amount of such costs capitalized since 2022. The law also permanently allows one hundred percent bonus depreciation for qualified business property, including machinery, equipment and certain improvements to nonresidential real property. The impact of the tax law changes from the OBBBA, which we do not anticipate will have a material effect on our 2025 effective tax rate, will be included in our financial statements beginning in the third quarter of 2025.

We continue to maintain a full valuation allowance on all of our net deferred tax assets.