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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Taxes [Abstract] |
Income Taxes | 10. Income Taxes We recorded nominal income tax expense for the three and nine months ended September 30, 2025 compared to income tax benefit of $3.6 million and $3.5 million for the same periods in 2024. The benefit for the three and nine months ended September 30, 2024 was primarily related to the 2023 tax return position for the royalty purchase agreement with Royalty Pharma that we finalized during the third quarter of 2024. In July 2025, the One Big Beautiful Bill Act, or OBBBA, was signed into law, introducing significant changes to U.S. federal tax law. The new law restores current expensing of domestic R&D costs and allows us to accelerate the deduction for a significant amount of such costs we capitalized since 2022. The tax law changes from the OBBBA did not have a material effect on our tax expense for the three and nine months ended September 30, 2025. We continue to maintain a full valuation allowance on all of our net deferred tax assets.

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