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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Loss Before Provision For (Benefit From) Income Taxes | Loss before income taxes for the years ended December 31, 2025 and 2024 consisted of the following (in thousands):
| YEAR ENDED DECEMBER 31,
| 2025 |  | 2024 |  |
United States | $ | 74,804 |  |  | $ | (189,315) |  |  |
Foreign | 17,093 |  |  | 2,262 |  |  |
Income (loss) before income taxes | $ | 91,897 |  |  | $ | (187,053) |  |  |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes for the years ended December 31, 2025 and 2024 consisted of the following (in thousands):
| YEAR ENDED DECEMBER 31,
| 2025 |  | 2024 |  |
Current income tax provision: |  |  |  |  |
Federal | $ | — |  |  | $ | — |  |  |
State | — |  |  | — |  |  |
Foreign | 4,883 |  |  | 300 |  |  |
Total current income tax provision | $ | 4,883 |  |  | $ | 300 |  |  |
Total deferred income tax provision | $ | — |  |  | $ | — |  |  |
Total income tax provision | $ | 4,883 |  |  | $ | 300 |  |  |
Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate | The following is a reconciliation of the Company’s U.S. federal statutory income tax rate to the Company’s effective income tax rate for the years ended December 31, 2025 in accordance with the guidance in the ASU No. 2023-09, which the Company has elected to prospectively adopt:
| YEAR ENDED DECEMBER 31,
| 2025 |  |
U.S Federal statutory tax rate | $ | 19,298 |  |  | 21.0 | % |  |
State and local income tax, net of federal income tax effect2 | 734 |  |  | 0.8 |  |  |
Foreign tax effects |  |  |  |  |
Australia |  |  |  |  |
Difference between local tax rare and U.S. federal statutory tax rate | 1,538 |  |  | 1.7 |  |  |
Other | (245) |  |  | (0.3) |  |  |
Effect of changes in taw laws or rates enacted in the current period | — |  |  | — |  |  |
Effect of cross-border tax laws | — |  |  | — |  |  |
Tax credits |  |  |  |  |
Research and development tax credits | 13,664 |  |  | 14.9 |  |  |
Changes in valuation allowances | (33,331) |  |  | (36.3) |  |  |
Nontaxable or nondeductible items |  |  |  |  |
Nondeductible executive compensation | 5,048 |  |  | 5.5 |  |  |
Stock compensation | 1,263 |  |  | 1.4 |  |  |
Other | 6 |  |  | — |  |  |
Changes in unrecognized tax benefits | (2,784) |  |  | (3.0) |  |  |
Other | (308) |  |  | (0.4) |  |  |
Effective tax rate | $ | 4,883 |  |  | 5.3 | % |  |
The following is a reconciliation of the Company’s U.S. federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2024 prior to adoption of ASU No. 2023-09:
| YEAR ENDED DECEMBER 31,
| 2024 |  |
Income at U.S. statutory rate | 21.0 | % |  |
State taxes | 8.8 |  |  |
Stock compensation | (0.6) |  |  |
Other permanent differences | (1.3) |  |  |
Research and development credits | 1.2 |  |  |
Impact of foreign operations | (0.1) |  |  |
Foreign withholding taxes | (0.2) |  |  |
Other | (3.2) |  |  |
Tax credits | 1.2 |  |  |
Change in valuation allowance | (27.0) |  |  |
Effective tax rate | (0.2) | % |  |
Schedule of Net Deferred Tax Assets | The net deferred income tax asset balance as of December 31, 2025 and 2024 related to the following (in thousands):
| YEAR ENDED DECEMBER 31,
| 2025 |  | 2024
Net operating loss carryforwards | $ | 35,141 |  |  | $ | 45,084 |
Research and development tax credits | 409 |  |  | 16,184 |
Capitalized research and development expenses | 53,477 |  |  | 78,413 |
Stock-based compensation | 7,667 |  |  | 7,558 |
Operating lease liability | 4,620 |  |  | 5,068 |
Accrued expenses | 1,447 |  |  | 2,626 |
Other | 79 |  |  | 269 |
Total deferred tax assets | $ | 102,840 |  |  | $ | 155,202 |
Valuation allowance | $ | (97,991) |  |  | $ | (150,037) |
Net deferred tax assets | $ | 4,849 |  |  | $ | 5,165 |
Deferred tax liability |  |  |
Operating lease right-of-use asset | (4,608) |  |  | (5,165) |
Other | (241) |  |  |
Net deferred tax assets | $ | — |  |  | $ | — |

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