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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Income Taxes

The components of the Company’s income (loss) before income taxes are as follows (in thousands):

			YEAR ENDED DECEMBER 31,
			2025						2024
United States			$	(140,053)					$	1,687,574
Foreign			—						—
Loss provision for before income taxes			$	(140,053)					$	1,687,574

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense were as follows for the years ended December 31, 2025 and December 31, 2024, respectively (in thousands):

			YEAR ENDED DECEMBER 31,
			2025						2024
Current:
State			$	2					$	2
Total current			$	2					$	2

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income tax expense computed at the U.S. federal statutory income tax rate to the Company's income tax expense is as follows (in thousands) (after the adoption of ASU 2023-09):

			YEAR ENDED DECEMBER 31,
			2025
Federal income taxes at 21%			$	(29,411)					21.0		%
State taxes, net of federal benefit (1)			1						—		%
Change in valuation allowance			29,552						(21.1)		%
Other			(140)						0.1		%
Effective tax rate			$	2					—		%

(1) 50% or more of our state tax provision relates to the California state jurisdiction.

A reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to the loss from operations is summarized as follows (in thousands) (prior to the adoption of ASU 2023-09):

									YEAR ENDED DECEMBER 31,
									2024
Expected income tax expense at federal statutory rate									$	354,390
State income tax expense, net of federal benefit									10,106
Permanent items									6,842
R&D credits									(28,602)
Unrecognized tax benefits (FIN 48)									(4,651)
Elimination of deferred tax assets and liabilities upon Transaction with Acquirer									195,694
Non-taxable gain related to Transaction with Acquirer									(410,226)
336(e) election									665
Valuation allowance									(124,216)
Income tax expense									$	2

Schedule of Deferred Tax Assets and Liabilities

The components of net deferred tax assets and liabilities are as follows (in thousands):

			AS OF DECEMBER 31,
			2025						2024
Deferred tax assets
Net operating loss carryforward			$	40,276					$	4,726
Section 174 research and development capitalization			8,183						15,718
Stock compensation			2,355						809
Accrued expenses			1,427						893
Operating lease liabilities			1,414						1,776
Intangibles			46						56
Property and equipment			18						—
Other			2						5
Gross deferred tax assets			53,721						23,983
Less: Valuation allowance			(52,508)						(21,789)
Total deferred tax assets after valuation allowance			1,213						2,194
Deferred tax liabilities
Property and equipment			—						(575)
Operating lease right-of-use assets			(1,213)						(1,619)
Total deferred tax liabilities			(1,213)						(2,194)
Net deferred tax assets (liabilities)			$	—					$	—

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands):

			AS OF DECEMBER 31,
			2025						2024
Beginning balance			$	—					$	4,651
Increases (decreases) related to current year tax positions			—						(4,651)
Ending balance			$	—					$	—

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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.

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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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Tabular disclosure of the change in unrecognized tax benefits.

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