XML 68 R40.htm IDEA: XBRL DOCUMENT v3.25.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Geographical Breakdown of Income (Loss) before Income Taxes

For the years ended December 31, 2025, 2024, and 2023, the geographical breakdown of our income (loss) before income taxes is as follows:

			Year ended December 31,
			2025						2024						2023
			(in thousands)
Domestic income (loss)			$	514,826					$	(493,371)					$	(92,627)
Foreign income (loss)			13,864						8,164						5,604
Income (loss) before income taxes			$	528,690					$	(485,207)					$	(87,023)

Schedule of Components of Income Tax Expense (Benefit)

For the years ended December 31, 2025, 2024, and 2023, income tax expense (benefit) consisted of the following:

			Year ended December 31,
			2025						2024						2023
			(in thousands)
Current income tax expense (benefit):
Federal			$	—					$	(141)					$	1,290
State			889						474						1,133
Foreign			2,707						851						1,468
Total current income tax expense (benefit)			3,596						1,184						3,891
Deferred income tax expense (benefit):
Federal			—						(237)						—
Foreign			(4,627)						(1,878)						(90)
Total deferred income tax expense (benefit)			(4,627)						(2,115)						(90)
Total income tax expense (benefit):
Federal			—						(378)						1,290
State			889						474						1,133
Foreign			(1,920)						(1,027)						1,378
Total income tax expense (benefit)			$	(1,031)					$	(931)					$	3,801

Reconciliation of Effective Tax Rate From Statutory Federal Rate

For the year ended December 31, 2025, following the adoption of ASU 2023-09, our tax provision and effective tax rate differed from the statutory federal rate as follows:

			Year ended December 31, 2025
			Amount						Percent
			(in thousands, except percentages)
Provision for income taxes at statutory federal income tax rate			$	111,025					21.0		%
State income taxes, net of federal income tax effect(1)			955						0.2
Foreign tax effects:
United Kingdom:
Stock-based compensation			(5,851)						(1.1)
Other			(698)						(0.1)
Other foreign jurisdictions			70						—
Tax credits:
Research and development credits			(57,630)						(10.9)
Change in valuation allowance			172,418						32.6
Non-taxable or non-deductible items:
Stock-based compensation			(285,955)						(54.1)
Non-deductible compensation			69,402						13.1
Other non-taxable or non-deductible items			1,299						0.3
Other reconciling items:
Return to provision true-ups			(6,317)						(1.2)
Other			251						—
Total tax provision and effective tax rate			$	(1,031)					(0.2)		%

______________

(1)State taxes in California made up the majority (greater than 50%) of the tax effect in this category.

For the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, our effective tax rate, as a percentage of pre-tax income (loss), differed from the statutory federal rate as follows:

			Year ended December 31,
			2024												2023
Statutory federal income tax rate			21.0		%										21.0		%
State income taxes, net of federal benefit			5.3												1.2
Non-deductible compensation			(14.0)												—
Stock-based compensation			44.4												3.9
Research and development credits			14.6												13.5
Change in valuation allowance			(71.0)												(41.1)
Other			(0.2)												(2.9)
Effective tax rate			0.1		%										(4.4)		%

Schedule of Major Components of Deferred Tax Assets and Liabilities

The major components of deferred tax assets and liabilities were as follows:

			December 31, 2025						December 31, 2024
			(in thousands)
Deferred tax assets:
Net operating loss carryforwards			$	404,212					$	149,735
Stock-based compensation			16,920						28,586
Lease liability			5,634						6,206
Capitalized research and development costs			156,429						268,232
Research and development credits			199,017						124,116
Other			12,103						13,351
Gross deferred tax assets			794,315						590,226
Valuation allowance			(779,030)						(572,894)
Total deferred tax assets, net of valuation allowance			15,285						17,332
Deferred tax liabilities:
Right-of-use asset			(4,941)						(5,436)
Acquired intangibles			(3,556)						(9,727)
Total deferred tax liabilities			(8,497)						(15,163)
Net deferred tax assets (liabilities)			$	6,788					$	2,169

Summary of Activity Related to Gross Unrecognized Tax Benefits

The following table summarizes the activity related to our gross unrecognized tax benefits during the years ended December 31, 2025, 2024, and 2023:

			Year ended December 31,
			2025						2024						2023
			(in thousands)
Beginning balance of unrecognized tax benefits			$	43,861					$	19,236					$	16,428
Increases/(decreases) related to prior year tax positions			7,434						1,444						(1,750)
Increases/(decreases) related to current year tax positions			19,115						23,181						4,558
Ending balance of unrecognized tax benefits			$	70,410					$	43,861					$	19,236

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration