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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of effective income tax rate reconciliation

The following tables present reconciliations of the U.S. federal statutory income tax rate of 21% to the Company’s effective income tax rate for the years ended December 31, 2025, 2024 and 2023 (dollar values in thousands):

	Year Ended December 31, 2025
U.S. federal statutory income tax rate	$	(89,206	)			21.0	%
State and local income tax, net of federal (national) income tax effect		585				(0.1	)%
Foreign tax effects		—				—	%
Effect of changes in tax laws or rates enacted in the current period		—				—	%
Effect of cross-border tax laws		—				—	%
Tax credits
Orphan drug credit		(27,137	)			6.4	%
R&D credit		1,061				(0.3	)%
Changes in valuation allowances		114,819				(27.0	)%
Nontaxable or nondeductible items
Section 162(m) limitation		12,316				(2.9	)%
Stock-based compensation		(12,413	)			2.9	%
Permanent adjustments		113				—	%
Changes in unrecognized tax benefits		—				—	%
Other adjustments		447				(0.1	)%
Effective income tax rate	$	585				(0.1	)%

	Year Ended December 31,
	2024				2023
U.S. federal statutory income tax rate		21.0	%			21.0	%
State income taxes, net of federal benefit		6.7	%			8.3	%
Tax credits generated		14.3	%			5.7	%
Change in deferred tax asset valuation allowance		(45.8	)%			(38.7	)%
Stock-based compensation		3.6	%			3.5	%
Other		(0.1	)%			0.2	%
Effective income tax rate		(0.3	)%			—	%

Schedule of deferred tax assets and liabilities

Net deferred tax assets consisted of the following (in thousands):

		December 31,
		2025				2024
Deferred tax assets:
Net operating loss carryforwards		$	139,120			$	56,677
Capitalized research and development			103,127				94,002
Research and development tax credit carryforwards			82,361				52,117
Change in fair value of related party revenue share liability			19,284				4,785
Stock-based compensation			14,225				9,705
Other, net			4,648				2,714
Total gross deferred tax assets			362,765				220,000
Valuation allowance			(362,495	)			(220,000	)
Total net deferred tax assets			270				—
Deferred tax liabilities:
Other			(270	)			—
Total gross deferred tax liabilities			(270	)			—
Net deferred tax assets		$	—			$	—

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- 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
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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

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