v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Taxes [Abstract]  
Components of Loss Before Provision for (Benefit from) Income Taxes

The following table presents components of loss before provision for (benefit from) income taxes for the periods presented (in thousands):

   
Year Ended December 31,
  
   
2025
    
2024
    
2023
  
United States
   $
(368,311
)
   $
(275,057
)
   $
(571,265
)
International
    
2,347
      
1,174
      
1,692
  
Loss before provision for (benefit from) income taxes
   $
(365,964
)
   $
(273,883
)
   $
(569,573
)
Provision for (Benefit from) Income Taxes

Provision for (benefit from) income taxes for the periods presented consisted of (in thousands):

   
Year Ended December 31,
  
   
2025
    
2024
    
2023
  
Current:
                  
U.S. federal
  
$
—
    
$
—
    
$
(150
)
U.S. state
    
11
      
—
      
(56
)
Foreign
    
327
      
(161
)
    
1,966
  
Total current:
    
338
      
(161
)
    
1,760
  
Deferred:
      —
                  
U.S. federal
    
—
      
(431
)
    
(43
)
U.S. state
    
—
      
(151
)
    
(21
)
Total deferred:
    
—
      
(582
)
    
(64
)
Total provision for (benefit from) income taxes
  
$
338
    
$
(743
)
  
$
1,696
  
Effective Income Tax Rate

As previously disclosed for the years ended December 31, 2024 and December 31, 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:
 
   
Year Ended December 31,
   
2024
    
2023
  
U.S. federal provision at statutory rate
    
21.0
%
    
21.0
%
State income taxes
    
5.6
   
5.2
Foreign taxes
    
0.1
   
(0.1
)
Tax credits
    
0.9
   
1.0
Fair value of financial instruments
    
0.1
   
0.1
Stock-based compensation expense
    
(6.9
)
    
(3.7
)
Executive compensation
    
(2.0
)
    
(0.5
)
Other permanent items
    
0.0
      
(0.2
)
Unrecognized tax benefits
    
0.0
      
0.3
Change in valuation allowance
    
(18.5
)
    
(23.4
)
Effective tax rate
    
0.3
%
    
(0.3
%)
 

The following table presents a reconciliation of the statutory federal rate and our effective tax rate (after the adoption of ASU 2023-09):

   
Year ended December 31, 2025
  
   
Amount
    
Percentage
  
Income taxes (benefit) at statutory federal rate
    
(76,852
)
    
21.0
%
State and local taxes, net of federal income tax effect (1)
    
11
      
0.0
%
Foreign tax effects:
                
Other Foreign
    
(166
)
    
0.1
%
Effect of cross-border tax laws:
                
Global intangible low-taxed income
    
1,029
      
(0.3
)%
Tax credits:
                
R&D Credit
    
(1,479
)
    
0.4
%
Changes in valuation allowance (2)
    
73,860
      
(20.2
)%
Nontaxable or nondeductible items:
                
Excess Tax (Benefit) or Deficit on Stock Awards
    
7,272
      
(2.0
)%
Deferred Compensation FV Adjustment
    
(6,023
)
    
1.7
%
Other Nontaxable or Nondeductible Items
    
2,421
      
(0.7
)%
Changes in unrecognized tax benefits
    
296
      
(0.1
)%
Other Adjustments:
                
Other Adjustments
    
(31
)
    
0.0
%
Provision / (benefit) for income taxes
    
338
      
(0.1
)%

(1)
 The state jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include California and New Jersey.

(2)
In 2024, the change in valuation allowance related to the state jurisdictions was included in the change in valuation allowance. In 2025, this amount is net in the State and local taxes.
Deferred Income Tax Assets and Liabilities

The Company’s deferred income tax assets and liabilities as of December 31, 2025 and 2024 were as follows (in thousands):

   
Year Ended December 31,
  
   
2025
    
2024
  
Deferred tax assets:
            
Net operating loss carry forward
  
$
354,545
    
$
246,178
  
Capital Loss
     2,092       —  
Tax credits
    
30,765
      
29,595
  
Accruals and reserves
    
2,505
      
881
  
Stock-based compensation expense
    
2,520
      
6,134
  
Lease liability (ASC 842)
    
4,057
      
8,666
  
Section 174 R&D capitalization
    
64,179
      
101,876
  
Inventory reserves
    
21,279
      
9,113
  
Depreciation and amortization
    
18,138
      
15,380
  
Basis difference on debt obligation
    
20,237
      
9,692
  
Deferred interest expense
    
9,097
      
3,698
  
Unrealized Gain
    
3,546
      
3,451
  
Other
    
—
      
515
  
Total deferred tax assets
    
532,960
      
435,179
  
Valuation allowance
    
(528,953
)
    
(427,222
)
Total deferred tax asset
    
4,007
   
7,957
  
Deferred tax liabilities:
                
Other
    
378
      
—
  
ROU asset (ASC 842)
    
3,629
      
7,957
  
Total deferred tax liabilities
    
4,007
   
7,957
  
Net deferred tax assets (liabilities)
  
$
—
    
$
—
  
Income Taxes Paid (Net of Refunds Received)

The amounts of cash income taxes paid by the Company were as follows:

 
  
Year ended
December 31, 2025
  
Federal
  
$
—
  
State
    
—
  
Massachusetts
     3  
New Jersey
     12  
Other states
     —  
Foreign:
        
Israel
    
44
  
India
    
208
  
Germany
    
185
  
Other Foreign
    
27
  
Total
  
$
479
  
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits as follows:
   
December 31,
  
   
2025
    
2024
  
Beginning at December 31, 2024
  
$
7,474
    
$
6,828
  
Prior Year Additions
    
—
      
70
  
Reversal of Prior Year Positions
    
(106
)
    
(677
)
Current Year Additions
    
404
      
1,253
  
Ending Balance at December 31, 2025
  
$
7,772
    
$
7,474