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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 | Income before the provision for (benefit from) income taxes consisted of the following:
(in millions) |  |  |  |  |  |
Year Ended December 31, |  | 2025 |  | 2024 |  | 2023
Domestic |  | $ | 69.8 |  |  | $ | 7.7 |  |  | $ | 9.7 |
Foreign |  | (1.6) |  |  | (2.7) |  |  | (3.4) |
Total |  | $ | 68.2 |  |  | $ | 5.0 |  |  | $ | 6.3 |
Schedule of Components of Provision for (Benefit from) Income Tax | The components of the provision for (benefit from) income taxes are as follows:
(in millions) |  |  |  |  |  |
Year Ended December 31, |  | 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |  |
Federal |  | $ | 0.6 |  |  | $ | 17.8 |  |  | $ | 13.8 |
State |  | 2.9 |  |  | 2.9 |  |  | 4.8 |
Total |  | 3.5 |  |  | 20.7 |  |  | 18.6 |
Deferred: |  |  |  |  |  |
Federal |  | 15.2 |  |  | (39.5) |  |  | — |
State |  | 1.1 |  |  | (6.1) |  |  | — |
Foreign |  | (0.3) |  |  | (0.5) |  |  | (0.5) |
Total |  | 16.0 |  |  | (46.1) |  |  | (0.5) |
Provision for (benefit from) income taxes |  | $ | 19.5 |  |  | $ | (25.4) |  |  | $ | 18.1 |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate is as follows:
(in millions) |  |  |  |  |  |
Year Ended December 31, |  | 2025 |  | 2024 |  | 2023
Tax at federal statutory rate |  | $ | 14.3 |  |  | $ | 1.1 |  |  | $ | 1.3 |
Permanent items |  | (0.5) |  |  | (0.5) |  |  | (0.6) |
Foreign rate differential |  | — |  |  | 0.6 |  |  | 0.3 |
Stock-based compensation |  | 2.3 |  |  | 1.3 |  |  | 1.2 |
Tax credits |  | (2.1) |  |  | (4.7) |  |  | (8.0) |
Change in U.S. valuation allowance |  | (0.2) |  |  | (26.3) |  |  | 20.0 |
Tax contingency and interest |  | 1.1 |  |  | 1.5 |  |  | 1.9 |
State taxes |  | 4.8 |  |  | 1.7 |  |  | 2.2 |
Other |  | (0.2) |  |  | (0.1) |  |  | (0.2) |
Tax at effective tax rate |  | $ | 19.5 |  |  | $ | (25.4) |  |  | $ | 18.1 |
Schedule of Deferred Tax Assets and Liabilities | The Company’s deferred tax assets and liabilities are as follows:
(in millions) |  |  |  |
As of December 31, |  | 2025 |  | 2024
Deferred tax assets: |  |  |  |
Accruals and reserves |  | $ | 2.0 |  |  | $ | 1.6 |
Tax credits |  | 12.7 |  |  | 12.1 |
Stock-based compensation |  | 3.4 |  |  | 3.9 |
Capitalized research and development expenses |  | 30.4 |  |  | 55.5 |
Net operating loss carryforwards |  | 5.5 |  |  | 3.2 |
Lease liabilities |  | 2.0 |  |  | 1.6 |
Other |  | 0.4 |  |  | 0.4 |
Total gross deferred tax assets |  | 56.4 |  |  | 78.3 |
Deferred tax liabilities: |  |  |  |
Prepaid expenses and other |  | (0.5) |  |  | (0.4) |
ROU assets |  | (1.8) |  |  | (1.3) |
Basis difference for fixed assets and intangibles |  | (10.3) |  |  | (17.1) |
Total gross deferred tax liabilities |  | (12.6) |  |  | (18.8) |
Valuation allowance for deferred tax assets |  | (14.4) |  |  | (14.1) |
Net deferred tax asset |  | $ | 29.4 |  |  | $ | 45.4 |
Schedule of Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits, excluding accrued interest and penalties, are as follows:
(in millions) |  |  |  |  |  |
Year Ended December 31, |  | 2025 |  | 2024 |  | 2023
Balance as of beginning of year |  | $ | 13.6 |  |  | $ | 11.9 |  |  | $ | 9.9 |
Increases related to prior year tax positions |  | — |  |  | 0.5 |  |  | 0.5 |
Decreases related to prior year tax positions |  | — |  |  | — |  |  | (1.1) |
Expiration of statute of limitations |  | — |  |  | (0.1) |  |  | (0.4) |
Current year increases |  | 0.6 |  |  | 1.3 |  |  | 3.0 |
Balance as of end of year |  | $ | 14.2 |  |  | $ | 13.6 |  |  | $ | 11.9 |

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