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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The provision for income taxes for the three and nine months ended September 30, 2025 was approximately $0.6 million and $2.2 million, respectively. The (benefit from) provision for income taxes for the three and nine months ended September 30, 2024 was approximately $(3.9) million and $0.5 million, respectively. The provision for income taxes for the three and nine months ended September 30, 2025 and September 30, 2024 consisted primarily of U.S. state tax expense as a result of tax attribute utilization limitations, foreign current income tax expense as a result of income produced by the Company's intercompany cost-plus operating model, and a measurement period adjustment related to the deferred tax liabilities of Acqueon Inc. ("Acqueon"), acquired during 2024, to reduce the Company's 2024 benefit from the partial U.S. valuation allowance release, discussed below. The Company's projected U.S. income tax expense decreased as compared to prior quarters primarily due to the impact from H.R.1, the One Big Beautiful Bill Act, signed into law on July 4, 2025. The impact included immediate expensing of domestic research and development expenditures under Section 174A and reinstatement of 100% bonus depreciation for certain assets. The benefit from income taxes for the three months ended September 30, 2024 was primarily related to the Company's acquisition of Acqueon, which included a domestic net deferred tax liability balance of $4.8 million and provided the Company with a source of taxable income to release a portion of the consolidated domestic valuation allowance. The provision for income taxes for the nine months ended September 30, 2024 consisted primarily of U.S. federal and state expense as a result of Section 174 and tax attribute utilization limitations, and foreign current income tax expense as a result from income produced by the Company's intercompany operating model, which were partially offset by the benefit related to the Company's acquisition of Acqueon, discussed above. For the three and nine months ended September 30, 2025, the provision for income taxes differed from the statutory amount primarily due to the U.S. valuation allowance maintained against the U.S. net deferred tax assets. For the three and nine months ended September 30, 2024, the provision for income taxes differed from the statutory amount primarily due to certain U.S. and foreign jurisdictions where a full valuation allowance was maintained against the net deferred tax assets. The realization of tax benefits from deferred tax assets is dependent upon future levels of taxable income, of an appropriate character, to be recognized in the periods the items are expected to be deductible or taxable. Based on the weight of the available objective evidence, the Company does not believe it is more likely than not that the U.S. net deferred tax assets will be realizable. Accordingly, the Company has provided a full valuation allowance against such net deferred tax assets as of September 30, 2025 and December 31, 2024. The Company intends to maintain the valuation allowance until sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance. During the three and nine months ended September 30, 2025, there were no material changes to the total amount of unrecognized tax benefits.

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