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Income Taxes | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes For the three and six months ended June 30, 2025 and 2024, the Company's income tax expense and effective tax rates are presented below:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands, except for rate) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Income tax expense |  | $ | — |  |  | $ | 30 |  |  | $ | — |  |  | $ | 30 |
Effective tax rate |  | — | % |  | 2 | % |  | — | % |  | 1 | %
The Company recognized pretax losses for the three months ended June 30, 2025 and six months ended June 30, 2025, but recognized no income tax benefit due to the recording of a full valuation allowance on its deferred tax assets. As a result, the effective rate for the three and six months ended June 30, 2025 was zero. The Company assesses a valuation allowance recorded against deferred tax assets at each reporting date. The determination of whether a valuation allowance for deferred tax assets is appropriate requires the evaluation of positive and negative evidence that can be objectively verified. Consideration must be given to all sources of taxable income available to realize deferred tax assets, including, as applicable, the future reversal of existing temporary differences, future taxable income forecasts exclusive of the reversal of temporary differences and carryforwards, taxable income in carryback years and tax planning strategies. In estimating income taxes, the Company assesses the relative merits and risks of the appropriate income tax treatment of transactions taking into account statutory, judicial and regulatory guidance.

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