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INCOME TAXES | 6 Months Ended
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Jun. 30, 2026
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 JUNE 30, |  | SIX MONTHS ENDED JUNE 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Income tax (provision) benefit | — |  |  | 2,222 |  |  | — |  |  | (7,821) |
Effective tax rate | — | % |  | (6.8) | % |  | — | % |  | 6.2 | %
The Company did not record any income tax provision during the six months ended June 30, 2026 as the Company was in a net loss position during the period. The income tax (provision) benefit and the effective tax rate for the three and six months ended June 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 the deferred tax assets. Management has considered the Company’s history of cumulative net 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 the deferred tax assets. Accordingly, a full valuation allowance is maintained against the net deferred tax assets.

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