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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

For the years ended December 31, 2025, 2024 and 2023, income tax expense totaled $0.3 million, $0.6 million and $0.9 million, respectively, and consisted of the following:

			Year Ended December 31,
(dollars in millions)			2025						2024						2023
Current:
U.S.:
Federal			$	(0.3)					$	—					$	(1.7)
State and local			0.6						0.6						2.6
Total current			0.3						0.6						0.9
Deferred:
U.S.:
Federal			—						—						—
State and local			—						—						—
Total deferred			—						—						—
Income tax expense			$	0.3					$	0.6					$	0.9

Schedule of Reconciliation of the U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate for the years ended December 31, 2025, 2024 and 2023 were as follows:

			Year ended December 31,
			2025												2024												2023
(dollars in millions)			Amount						Percent						Amount						Percent						Amount						Percent
U.S. Federal statutory tax rate			$	(16.9)					21.0		%				$	(41.6)					21.0		%				$	(76.4)					21.0		%
State and local income taxes, net of federal income tax effect			0.1						(0.1		%)				4.6						(2.3		%)				2.1						(0.6		%)
Tax credits
Research and development tax credit			(6.8)						8.5		%				(9.1)						4.6		%				(28.0)						7.6		%
Changes in valuation allowance			16.6						(20.6		%)				43.8						(22.1		%)				98.2						(26.9		%)
Nontaxable or nondeductible items
Stock compensation			7.5						(9.3		%)				2.1						(1.1		%)				4.5						(1.2		%)
Other			(0.2)						0.1		%				0.8						(0.4		%)				0.5						(0.2		%)
Effective tax rate			$	0.3					(0.4		%)				$	0.6					(0.3		%)				$	0.9					(0.3		%)

Schedule of Income Tax Paid, Net of Refunds

The following table summarizes income taxes paid, net of refunds received for the years ended December 31, 2025, 2024 and 2023:

			Year ended December 31,
(dollars in millions)			2025						2024						2023
US federal			$	(0.4)											$	0.7											$	—
US state and local
California			*												*												1.3
Massachusetts			*												*												1.2
New York			*												0.8												2.4
New York City			*												0.5												2.2
New Jersey			*												*												1.1
Pennsylvania			*												*												1.9
Other			—												0.3												1.0
Total income taxes paid, net of refunds received			$	(0.4)											$	2.3											$	11.1

•The amount of income taxes paid during the year does not meet the 5% disaggregation threshold.

Schedule of Deferred Income Tax Benefits and Liabilities

Temporary differences and carryforwards that give rise to a significant portion of the deferred income tax benefits and liabilities were as follows as of December 31, 2025 and 2024:

			December 31,
(dollars in millions)			2025						2024
Deferred income tax assets:
Loss carryforwards			$	145.4					$	31.7
Capitalized research and development			131.9						161.3
Deferred revenue			81.9						155.6
Tax credits			62.1						55.8
Stock compensation			56.6						60.1
Other			4.4						8.3
Total deferred income tax assets			482.3						472.8
Deferred income tax liabilities:
Property, equipment and leasehold improvements			(0.9)						(1.4)
Total deferred income tax liabilities			(0.9)						(1.4)
Less valuation allowance			(481.4)						(471.4)
Net deferred income tax liability			$	—					$	—

Schedule of Unrecognized Tax Benefits

Changes in the Company's gross unrecognized tax benefits were as follows:

			Year ended December 31,
(dollars in millions)			2025						2024						2023
Beginning of period balance - gross			$	5.9					$	5.9					$	4.1
Increases for tax positions taken during the current period			—						—						1.8
End of period balance - gross			$	5.9					$	5.9					$	5.9

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