v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
For the year ended December 31, 2025, the Company adopted ASU 2023-09 on a prospective basis. The following table is a reconciliation of the U.S. federal statutory rate to the Company’s effective tax rate for the year ended December 31, 2025, in accordance with the guidance in ASU 2023-09 (in thousands):
Year Ended December 31,
2025
Federal statutory income tax rate21.0 %$(71,946)
Tax credits
Research and development credit2.8 %(9,483)
Change in valuation allowance(22.3)%76,449 
Nontaxable or nondeductible items(0.3)%986 
Other adjustments(1.2)%3,994 
Effective income tax rate— %$— 

The following table is a reconciliation of the U.S. federal statutory rate to the Company’s effective tax rate for the years ended December 31, 2024 and 2023, in accordance with the guidance prior to the prospective adoption of ASU 2023-09:
Year Ended December 31,
20242023
Federal statutory income tax rate21.0 %21.0 %
Federal and state tax credits2.2 2.3 
State income taxes, net of federal benefit5.0 5.4 
Change in valuation allowance(19.5)(27.6)
Other permanent items(3.0)(0.7)
Stock-based compensation(5.7)(0.4)
Effective income tax rate— %— %
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and liabilities are presented below:
Year Ended December 31,
202520242023
(in thousands)
Deferred tax assets:
Net operating loss carryforwards$123,892 $77,430 $67,755 
Tax credits27,973 15,056 9,231 
Accruals and reserves3,999 9,069 4,891 
Stock-based expense11,868 7,706 15,013 
Start-up costs and amortized costs15,910 12,142 12,750 
IRC § 174 capitalized costs118,269 86,847 45,979 
Unrealized gains/losses— 176 71 
Sale of future revenues14,833 — — 
Operating lease right-of-use asset, net79 85 44 
Total deferred tax assets316,823 208,511 155,734 
Valuation allowance(316,823)(208,511)(155,734)
Net deferred tax assets— — — 
Deferred tax liabilities:
Total deferred tax liabilities— — — 
Total deferred tax assets, net$— $— $—