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Income Taxes (Tables)

12 Months Ended

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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