v3.25.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The components of loss before the provision for income taxes are as follows (in thousands):
|  |  |  |  |  | Years Ended December 31,
|  |  |  |  |  | 2025 |  | 2024 |  | 2023
United States |  |  |  |  |  | $ | (91,633) |  |  | $ | (29,969) |  |  | $ | (310,243) |
Foreign |  |  |  |  |  | 7,229 |  |  | 3,612 |  |  | 4,200 |
Total |  |  |  |  |  | $ | (84,404) |  |  | $ | (26,357) |  |  | $ | (306,043) |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes consists of the following (in thousands):
|  |  |  |  |  | Years Ended December 31,
|  |  |  |  |  | 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |  |  |  |  |  |
Federal |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
State |  |  |  |  |  | 241 |  |  | (13) |  |  | 246 |
Foreign |  |  |  |  |  | 2,387 |  |  | 1,182 |  |  | 1,640 |
Total current |  |  |  |  |  | 2,628 |  |  | 1,169 |  |  | 1,886 |
Deferred: |  |  |  |  |  |  |  |  |  |
Federal |  |  |  |  |  | — |  |  | — |  |  | — |
State |  |  |  |  |  | — |  |  | — |  |  | — |
Foreign |  |  |  |  |  | 108 |  |  | (323) |  |  | 8 |
Total deferred |  |  |  |  |  | 108 |  |  | (323) |  |  | 8 |
Total provision for income taxes |  |  |  |  |  | $ | 2,736 |  |  | $ | 846 |  |  | $ | 1,894 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. federal statutory income tax rate to our effective tax rate is as follows (in thousands):
| Years Ended December 31,
| 2025 |  | 2024 |  | 2023
| Amounts | % |  | Amounts | % |  | Amounts | %
U.S. federal statutory income tax rate | $ | (17,725) |  | 21.0 | % |  | $ | (5,534) |  | 21.0 | % |  | $ | (64,270) |  | 21.0 | %
Domestic federal |  |  |  |  |  |  |  |
Tax credits |  |  |  |  |  |  |  |
Nontaxable or nondeductible items |  |  |  |  |  |  |  |
Non-deductible compensation | 15,113 |  | (17.9) | % |  | 4,654 |  | (17.7) | % |  | 6,295 |  | (2.1) | %
ISO/ESPP disqualifying dispositions | (6,544) |  | 7.8 | % |  | (221) |  | 0.8 | % |  | (316) |  | 0.1 | %
Loss on debt borrowings | 16,724 |  | (19.8) | % |  | 5,458 |  | (20.7) | % |  | — |  | — | %
Loss on SK Equity Transaction | — |  | — | % |  | — |  | — | % |  | 11,811 |  | (3.9) | %
Other nontaxable or nondeductible items | 601 |  | (0.7) | % |  | 403 |  | (1.5) | % |  | 654 |  | (0.2) | %
Excess tax (benefits)/deficits of stock-based compensation | (31,552) |  | 37.4 | % |  | 5,992 |  | (22.7) | % |  | 1,828 |  | (0.6) | %
Cross-border tax laws |  |  |  |  |  |  |  |
Global intangible low-taxed income | — |  | — | % |  | 428 |  | (1.6) | % |  | 86 |  | — | %
Changes in valuation allowance | 25,008 |  | (29.6) | % |  | (10,288) |  | 39.0 | % |  | 43,271 |  | (14.1) | %
Other |  |  |  |  |  |  |  |
Tax on noncontrolling interest | (272) |  | 0.3 | % |  | (425) |  | 1.6 | % |  | 1,222 |  | (0.4) | %
Domestic state and local income taxes, net of federal effect | 241 |  | (0.3) | % |  | (13) |  | — | % |  | 246 |  | (0.1) | %
Foreign tax effects |  |  |  |  |  |  |  |
India |  |  |  |  |  |  |  |
Statutory tax rate difference between India and U.S. | 182 |  | (0.2) | % |  | 290 |  | (1.1) | % |  | 18 |  | — | %
Prior Year return-to-provision true-up | 375 |  | (0.4) | % |  | 56 |  | (0.2) | % |  | 239 |  | (0.1) | %
Other | 14 |  | — | % |  | (68) |  | 0.3 | % |  | (58) |  | — | %
Japan |  |  |  |  |  |  |  |
Change in valuation allowance | (407) |  | 0.5 | % |  | (1,090) |  | 4.1 | % |  | 240 |  | (0.1) | %
Prior Year return-to-provision true-up | 367 |  | (0.4) | % |  | 1,034 |  | (3.9) | % |  | — |  | — | %
Other | 51 |  | (0.1) | % |  | 188 |  | (0.7) | % |  | 13 |  | — | %
Korea |  |  |  |  |  |  |  |
Statutory tax rate difference between Korea and U.S. | 496 |  | (0.6) | % |  | 329 |  | (1.2) | % |  | 243 |  | (0.1) | %
Prior Year return-to-provision true-up | (56) |  | 0.1 | % |  | (287) |  | 1.1 | % |  | (222) |  | 0.1 | %
Other | 51 |  | (0.1) | % |  | (25) |  | 0.1 | % |  | 26 |  | — | %
Other foreign jurisdictions | 69 |  | (0.1) | % |  | (35) |  | 0.1 | % |  | 568 |  | (0.2) | %
Provision for income taxes/Effective tax rate | $ | 2,736 |  | (3.2) | % |  | $ | 846 |  | (3.2) | % |  | $ | 1,894 |  | (0.6) | %
1 For the year ended December 31, 2025, state taxes in Massachusetts and West Virginia comprise the majority of the state and local income taxes, net of federal effect category. For the year ended December 31, 2024, state taxes in Massachusetts and New York comprise the majority of the state and local income taxes, net of federal effect category. For the year ended December 31, 2023, state taxes in Oregon and New Jersey comprise the majority of the state and local income taxes, net of federal effect category. 2 None of the remaining foreign jurisdictions for which there are foreign tax effects reconciling items meet the 5% threshold in any of the years presented. There are no additional reconciling items by nature in any of the remaining foreign jurisdictions that meet the 5% threshold in any of the years presented.
Schedule of Cash Flow, Supplemental Disclosures | A reconciliation of the income tax paid table by jurisdictions is as follows (in thousands):
|  |  |  |  |  | Years Ended December 31,
|  |  |  |  |  | 2025 |  | 2024 |  | 2023
Income Taxes paid (net of refunds) |  |  |  |  |  |  |  |  |  |
U.S. federal |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |
U.S. state and local |  |  |  |  |  |  |  |  |  |
Connecticut |  |  |  |  |  | * |  | * |  | 94 |
Oregon |  |  |  |  |  | * |  | * |  | 160 |
New York |  |  |  |  |  | 89 |  |  | * |  | *
Other |  |  |  |  |  | 90 |  |  | 86 |  |  | 67 |
|  |  |  |  |  | 179 |  |  | 86 |  |  | 322 |
Foreign |  |  |  |  |  |  |  |  |  |
India |  |  |  |  |  | 906 |  |  | 357 |  |  | 380 |
Korea |  |  |  |  |  | 342 |  |  | 825 |  |  | 677 |
Japan |  |  |  |  |  | * |  | * |  | *
Taiwan |  |  |  |  |  | 173 |  |  | * |  | *
Other |  |  |  |  |  | 106 |  |  | 156 |  |  | 76 |
|  |  |  |  |  | 1,527 |  |  | 1,338 |  |  | 1,133 |
Total |  |  |  |  |  | $ | 1,706 |  |  | $ | 1,424 |  |  | $ | 1,455 |
* The amount of income taxes paid during the year does not meet the 5% disaggregation threshold
Schedule of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities consist of the following (in thousands):
|  |  |  |  |  | December 31,
|  |  |  |  |  | 2025 |  | 2024
Tax credits and net operating loss carryforwards |  |  |  |  |  | $ | 623,907 |  |  | $ | 604,681 |
Lease liabilities |  |  |  |  |  | 104,672 |  |  | 103,313 |
Research and development expenditures capitalization |  |  |  |  |  | 63,373 |  |  | 71,229 |
Accruals and reserves |  |  |  |  |  | 61,781 |  |  | 29,509 |
Disallowed Interest expenses |  |  |  |  |  | 26,078 |  |  | 27,873 |
Stock-based compensation |  |  |  |  |  | 20,969 |  |  | 18,808 |
Depreciation and amortization |  |  |  |  |  | 11,256 |  |  | 14,131 |
Investment in partnerships |  |  |  |  |  | 11,173 |  |  | — |
Deferred revenue |  |  |  |  |  | 9,963 |  |  | 9,603 |
Other items—deferred tax assets |  |  |  |  |  | 7,098 |  |  | 2,544 |
Gross deferred tax assets |  |  |  |  |  | 940,270 |  |  | 881,691 |
Valuation allowance |  |  |  |  |  | (872,631) |  |  | (816,257) |
Net deferred tax assets |  |  |  |  |  | 67,639 |  |  | 65,434 |
Right-of-use assets and leased assets |  |  |  |  |  | (59,835) |  |  | (60,043) |
Capitalized Commission |  |  |  |  |  | (6,024) |  |  | (3,503) |
Gross deferred tax liabilities |  |  |  |  |  | (65,859) |  |  | (63,546) |
Net deferred tax asset |  |  |  |  |  | $ | 1,780 |  |  | $ | 1,888 |
Summary of Operating Loss Carryforwards | The expiration of federal and California net operating loss carryforwards is summarized as follows (in billions):
|  | Federal |  | California
Expire in 2026 - 2030 |  | $ | 0.4 |  |  | $ | 0.3 |
Expire in 2031 - 2035 |  | 1.0 |  |  | 0.6 |
Expire beginning in 2035 |  | 0.2 |  |  | 0.5 |
Carryforward indefinitely |  | 0.6 |  |  | — |
Total |  | $ | 2.3 |  |  | $ | 1.5 |
Summary of Tax Credit Carryforwards | The expiration of the federal and California credit carryforwards is summarized as follows (in millions):
|  | Federal |  | California
Expire in 2026 - 2030 |  | $ | 6.3 |  |  | $ | — |
Expire in 2031 - 2035 |  | 11.7 |  |  | — |
Expire beginning in 2035 |  | 36.5 |  |  | — |
Carryforward indefinitely |  | — |  |  | 21.8 |
Total |  | $ | 54.5 |  |  | $ | 21.8 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits were as follows (in thousands):
|  |  |  |  |  | Years Ended December 31,
|  |  |  |  |  | 2025 |  | 2024 |  | 2023
Unrecognized tax benefits beginning balance |  |  |  |  |  | $ | 63,951 |  |  | $ | 58,157 |  |  | $ | 48,389 |
Gross decrease for tax positions of prior year |  |  |  |  |  | (326) |  |  | (145) |  |  | (152) |
Gross increase for tax positions of prior year |  |  |  |  |  | — |  |  | — |  |  | 1,307 |
Gross increase for tax positions of current year |  |  |  |  |  | 6,655 |  |  | 5,939 |  |  | 8,613 |
Unrecognized tax benefits end balance |  |  |  |  |  | $ | 70,280 |  |  | $ | 63,951 |  |  | $ | 58,157 |

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