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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 Company calculated the year-to-date income tax provision by applying the estimated annual effective tax rate to the year-to-date pre-tax income for each applicable jurisdiction and adjusted for discrete tax items in the period. The following table presents benefit (provision) for income taxes:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in thousands, except percentages)
Loss before income tax benefit (provision) | $ | (6,361) |  |  | $ | (10,931) |  |  | $ | (23,266) |  |  | $ | (48,308) |
Income tax benefit (provision) | 1,848 |  |  | (1,310) |  |  | (1,593) |  |  | (3,719) |
Effective tax rate | 29.1 | % |  | (12.0) | % |  | (6.8) | % |  | (7.7) | %
The difference between the statutory rate and the Company’s effective tax rate for the three and nine months ended September 30, 2025 was primarily due to the BEAT and changes in the valuation allowances on U.S. and UK deferred income tax assets. The Tax Cuts and Jobs Act of 2017 introduced the BEAT, which is essentially a minimum tax on certain otherwise deductible payments made by U.S. entities to non-U.S. affiliates. Prior to the first quarter of 2025, the Company was not subject to the BEAT. The difference between the statutory rate and the Company’s effective tax rate for the three and nine months ended September 30, 2024 was primarily due to valuation allowances on U.S. and UK tax assets. The effective tax rate for all periods were also impacted by state taxes and earnings realized in foreign jurisdictions. On July 4, 2025, the OBBBA was enacted into law. The OBBBA introduced significant changes to the U.S. tax law, including the extension and modification of several key provisions of the Tax Cuts and Jobs Act. Significant changes include allowing for immediate expensing of U.S. R&D expenditures, limitations on deductions for interest expense, and accelerated fixed asset depreciation. The immediate expensing of U.S. R&D expenditures had a favorable impact to the Company’s domestic tax liability during the three months ended September 30, 2025.

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