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INCOME TAXES (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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