XML 26 R16.htm IDEA: XBRL DOCUMENT v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company did not record a federal or state income tax provision or benefit for the three and nine months ended September 30, 2025 and 2024 as it has incurred net losses since inception. In addition, the net deferred tax assets generated from net operating losses are fully offset by a valuation allowance as the Company believes it is not more likely than not that the benefit will be realized.
The Company accounts for the uncertainty in income taxes by utilizing a comprehensive model for the recognition, measurement, presentation and disclosure in financial statements of any uncertain tax positions that have been taken or are expected to be taken on an income tax return. There has been no change in the estimated uncertain tax benefits recorded as of December 31, 2024.
In July 2025, the One Big Beautiful Bill Act, or OBBBA, was enacted. The OBBBA, among other changes, eliminates the requirement to capitalize U.S. research and development expenses and permanently extends certain
provisions of the Tax Cuts & Jobs Act of 2017. The new legislation has multiple effective dates, with certain provisions effective in 2025 and others in the future. The OBBBA did not have a material impact on the Company’s effective tax rate due to the Company’s taxable loss and full valuation allowance position. The Company is in the process of evaluating the financial statement impact of these provisions to future periods, but does not expect the OBBBA to have a material impact on the Company’s financial statements.