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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Summary of Loss Before Provision for Incomes Taxes | For the years ended December 31, 2025, 2024 and 2023, the loss before income taxes consisted of the following (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Domestic | $ | (308,990) |  |  | $ | (514,354) |  |  | $ | (890,986) |
Foreign | (4,610) |  |  | (33,154) |  |  | (1,954) |
Total | $ | (313,600) |  |  | $ | (547,508) |  |  | $ | (892,940) |
Summary of Income Taxes Expenses (Benefit) Incurred During the Period | For the years ended December 31, 2025, 2024 and 2023, the Company recorded the following income tax expense (benefit) (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |
State | $ | 873 |  |  | $ | 566 |  |  | $ | 690 |
Foreign | (346) |  |  | (109) |  |  | 123 |
Total current | 527 |  |  | 457 |  |  | 813 |
Deferred: |  |  |  |  |
Federal | — |  |  | — |  |  | — |
State | — |  |  | — |  |  | — |
Foreign | (1,364) |  |  | (936) |  |  | (884) |
Total deferred | (1,364) |  |  | (936) |  |  | (884) |
Income tax benefit | $ | (837) |  |  | $ | (479) |  |  | $ | (71) |
Summary of Reconciliation of the Statutory Corporate Income Tax Rate to the Effective Tax Rate | A reconciliation of income tax benefit computed by applying the 21% statutory U.S. Federal income tax rate to income before income taxes after the adoption of ASU 2023-09 for year ended December 31, 2025 is as follows:
| Year Ended December 31,
| 2025
| (in thousands) | Percent
Tax at U.S. Statutory Rate | $ | (65,856) |  | 21.0 | %
State and Local Income Taxes (1) | 663 |  | (0.2) | %
Foreign Tax Effects |  |
Other foreign jurisdictions | (743) |  | 0.2 | %
Nontaxable or Nondeductible Items |  |
Stock compensation | 14,728 |  | (4.7) | %
Limitation on executive compensation | 1,495 |  | (0.5) | %
Gain/Loss on investments | 3,446 |  | (1.1) | %
Other | 461 |  | (0.1) | %
Tax Credits |  |
Research & Development Credits | (1,079) |  | 0.4 | %
Changes in Valuation Allowance | 45,212 |  | (14.4) | %
Other Items |  |
Other | 836 |  | (0.3) | %
Effective tax rate | $ | (837) |  | 0.3 | %
(1)The states and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include Massachusetts and New York state and city. A reconciliation of income tax benefit computed at the statutory corporate income tax rate to the effective income tax rate for the years ended December 31, 2024 and 2023 is as follows:
| Year Ended December 31,
| 2024 |  | 2023
Federal income tax at statutory rate | 21.0 | % |  | 21.0 | %
State income tax | 0.1 | % |  | 1.3 | %
Change in valuation allowance | (10.4) | % |  | 13.6 | %
Stock-based compensation | (7.7) | % |  | (14.2) | %
Executive compensation | 0.2 | % |  | 8.1 | %
Tax credits | 0.5 | % |  | 0.8 | %
Investments in subsidiaries and other | (0.6) | % |  | (29.0) | %
Other | (3.0) | % |  | (1.6) | %
Effective tax rate | 0.1 | % |  | — | %
Summary of Deferred Taxes Assets and Liabilities | The Company’s deferred tax assets and liabilities consist of the following (in thousands):
| Year Ended December 31,
| 2025 |  | 2024
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 459,420 |  |  | $ | 332,482 |
Tax credit carryforwards | 63,612 |  |  | 61,497 |
Capitalized research and development costs | 155,755 |  |  | 214,208 |
Accrued expenses | 201 |  |  | 986 |
Deferred revenue | 21,765 |  |  | 28,549 |
Stock-based compensation | 48,809 |  |  | 52,388 |
Amortizable intangibles | 11,755 |  |  | 10,695 |
Lease liabilities | 112,072 |  |  | 116,118 |
Investments in subsidiaries | 59,027 |  |  | 57,534 |
Property, plant, and equipment | 2,464 |  |  | — |
Other | 1,257 |  |  | 1,232 |
Deferred tax assets before valuation allowance | 936,137 |  |  | 875,689 |
Valuation allowance | (840,060) |  |  | (771,852) |
Deferred tax assets, net of valuation allowance | 96,077 |  |  | 103,837 |
Deferred tax liabilities: |  |  |
Amortizable intangibles | (10,119) |  |  | (11,660) |
Property, plant and equipment | — |  |  | (545) |
Lease right-of-use assets | (92,052) |  |  | (98,184) |
Deferred tax liabilities | (102,171) |  |  | (110,389) |
Net deferred taxes | $ | (6,094) |  |  | $ | (6,552) |
Summary of Deferred Tax Assets Valuation Allowance | Activity in the deferred tax assets valuation allowance is summarized as follows (in thousands):
| Beginning of Period |  | Additions (Subtractions) |  | End of Period
Deferred tax assets valuation allowance: |  |  |  |  |
Year ended December 31, 2025 | $ | 771,852 |  |  | $ | 68,208 |  |  | $ | 840,060 |
Year ended December 31, 2024 | $ | 711,778 |  |  | $ | 60,074 |  |  | $ | 771,852 |
Schedule of Operating Leases Supplemental Cash Flow Information | Supplemental cash flow information related to the Company’s operating leases were as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |
Operating cash flows from operating leases | $ | 61,178 |  |  | $ | 45,019 |  |  | $ | 44,051 |
Operating cash flows from finance leases | 4 |  |  | 32 |  |  | 83 |
Financing cash flows from finance leases | 354 |  |  | 897 |  |  | 1,295 |
The following table presents supplemental cash flow information for each reporting period (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Cash paid for interest | $ | 4 |  |  | $ | 32 |  |  | $ | 83 |
Cash paid for income taxes | 192 |  |  | 894 |  |  | 670 |
Non-cash investing and financing activities: |  |  |  |  |
ROU assets obtained in exchange for new operating lease liabilities | 336 |  |  | 223,853 |  |  | 27,668 |
Purchases of property and equipment included in accounts payable and accrued expenses | 46 |  |  | 2,565 |  |  | 2,915 |
Convertible financial instruments received for Cell Engineering services | — |  |  | — |  |  | 4,542 |
Equity securities and warrants received for Cell Engineering services | — |  |  | 55 |  |  | 17,450 |
Common stock issued for acquisitions | 777 |  |  | 18,245 |  |  | 6,820 |
Common stock issued as settlement of contingent consideration liabilities | — |  |  | 14,742 |  |  | 8,896 |
Common stock issued for retention payments related to business and asset acquisitions | — |  |  | 5,258 |  |  | — |
Return of investment in equity securities for reduction in deferred revenue | — |  |  | 6,760 |  |  | — |
Conversion of notes receivable for common stock | — |  |  | 10,476 |  |  | — |
Issuance costs related to ATM offering included in accounts payable and accrued expenses | 53 |  |  | — |  |  | — |
For the years ended December 31, 2025, the amount of cash income taxes paid by the Company was as follows (in thousands):
| Year Ended December 31,
| 2025
Federal | $ | — |
State and local: |
California | 12 |
South Carolina | 148 |
All other state and local | 32 |
Foreign | — |
Cash income taxes, net of refunds | $ | 192 |

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