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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 calculates income taxes at each interim reporting period based on the estimated annual effective tax rate for the full year, adjusted for any discrete events which are recorded in the period they occur. Cumulative adjustments to the income tax provision are recorded in the interim reporting period in which a change in the estimated annual effective tax rate is determined. The Company’s income tax (provision) benefit and effective tax rate are presented below (income tax (provision) benefit in thousands):
| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Income tax (provision) benefit | 1,424 |  |  | — |  |  | (6,397) |  |  | — |
Effective tax rate | (16.4) | % |  | — | % |  | 5.5 | % |  | — | %
The increase in the income tax (provision) benefit and the effective tax rate for the three and nine months ended September 30, 2025 is primarily due to taxable income during the period resulting from the Takeda Agreement, partially offset by available net operating loss and tax credit carryforwards. The Company has evaluated the positive and negative evidence bearing upon its ability to realize its net deferred tax assets. Management has considered the Company’s history of cumulative losses incurred since inception and its lack of commercialization of any products that would generate revenue from product sales and has concluded that it is more likely than not that the Company will not realize the benefits of its net deferred tax assets. Accordingly, a full valuation allowance is maintained against the net deferred tax assets. On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA"), which includes a broad range of tax reform provisions, was signed into law in the United States and the Company does not expect the OBBBA to have a material impact on its income tax (provision) benefit and estimated annual effective tax rate in 2025.

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