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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Components of Income (Loss) Before Income Taxes | The components of income (loss) before taxes are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
U.S. |  | $ | (75,233 | ) |  | $ | (31,758 | ) |  | $ | (142,447 | )
Foreign |  |  | 34,616 |  |  |  | 43,337 |  |  |  | 12,801 |
(Loss) income before taxes |  | $ | (40,617 | ) |  | $ | 11,579 |  |  | $ | (129,646 | )
Summary of Provision for Income Taxes | The provision for income taxes consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Current: |  |  |  |  |  |  |  |  |
U.S. federal |  | $ | (696 | ) |  | $ | 3,696 |  |  | $ | 1,398 |
Foreign |  |  | 13,853 |  |  |  | 12,161 |  |  |  | 16,546 |
State and local |  |  | 310 |  |  |  | (476 | ) |  |  | 694 |
Total current |  |  | 13,467 |  |  |  | 15,381 |  |  |  | 18,638 |
Deferred: |  |  |  |  |  |  |  |  |
U.S. federal |  |  | — |  |  |  | (10 | ) |  |  | 19 |
Foreign |  |  | 2,318 |  |  |  | (2,748 | ) |  |  | (8,113 | )
State and local |  |  | (63 | ) |  |  | (175 | ) |  |  | (502 | )
Total deferred |  |  | 2,255 |  |  |  | (2,933 | ) |  |  | (8,596 | )
Provision for income taxes |  | $ | 15,722 |  |  | $ | 12,448 |  |  | $ | 10,042 |
Component of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands):
|  | December 31, |
|  | 2025 |  |  | 2024 |
Deferred tax assets: |  |  |  |  |  |
Loss carryforward |  | $ | 25,977 |  |  | $ | 33,497 |
Research credits |  |  | 24,207 |  |  |  | 14,998 |
Foreign tax credits |  |  | 20,217 |  |  |  | 10,026 |
Accrued expenses |  |  | 15,806 |  |  |  | 16,377 |
Fixed and intangible assets |  |  | 1,703 |  |  |  | 6,216 |
Deferred revenue |  |  | 9,007 |  |  |  | 9,768 |
Capitalized R&D |  |  | 90,391 |  |  |  | 95,281 |
Lease liabilities |  |  | 6,674 |  |  |  | 8,981 |
Other tax credits |  |  | — |  |  |  | 2,378 |
Other |  |  | 1,249 |  |  |  | 1,668 |
Gross deferred tax assets |  |  | 195,231 |  |  |  | 199,190 |
Valuation allowance |  |  | (162,253 | ) |  |  | (152,235 | )
Net deferred tax assets |  |  | 32,978 |  |  |  | 46,955 |
Deferred tax liabilities: |  |  |  |  |  |
Fixed and intangible assets |  |  | (21,620 | ) |  |  | (27,391 | )
ROU assets |  |  | (5,958 | ) |  |  | (7,603 | )
Other |  |  | (1,547 | ) |  |  | (6,224 | )
Gross deferred tax liabilities |  |  | (29,125 | ) |  |  | (41,218 | )
Net deferred tax assets |  | $ | 3,853 |  |  | $ | 5,737 |
Summary of Deferred Tax Assets for Tax Effects of Following Gross Tax Loss and Gross Capital Loss Carryforwards | As of December 31, 2025, the Company had recorded deferred tax assets for the tax effects of the following gross tax loss carryforwards (in thousands):
|  | Carry forward Amount |  |  | Years of Expiration
Federal |  | $ | 24,742 |  |  | 2027—Indefinite
State (post-apportionment) |  | $ | 113,555 |  |  | 2026—Indefinite
As of December 31, 2025, the Company had recorded deferred tax assets for the tax effects of the following gross capital loss carryforwards (in thousands):
|  | Carry forward Amount |  |  | Years of Expiration
Federal |  | $ | 79,033 |  |  | 2029
Schedule of Credits Available to Reduce Future Income Tax Expense | As of December 31, 2025, the Company had the following credits available to reduce future income tax expense (in thousands):
|  | Carry forward Amount |  |  | Years of Expiration
Federal research and development credits |  | $ | 15,709 |  |  | 2031—2045
State research and development credits |  | $ | 22,530 |  |  | Indefinite
Foreign tax credits |  | $ | 20,217 |  |  | 2030—2035
Schedule of Changes in Deferred Tax Asset Valuation Allowance | The deferred tax asset valuation allowance and changes in the deferred tax asset valuation allowance consisted of the following (in thousands):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Balance at beginning of period |  | $ | 152,235 |  |  | $ | 157,595 |  |  | $ | 111,779 |
Charged (credited) to expenses |  |  | 9,996 |  |  |  | (5,051 | ) |  |  | 46,397 |
Charged (credited) to other accounts |  |  | 22 |  |  |  | (309 | ) |  |  | (581 | )
Balance at end of period |  | $ | 162,253 |  |  | $ | 152,235 |  |  | $ | 157,595 |
Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Tax | The following is a reconciliation of the federal statutory income tax rate to the Company’s effective tax rate, upon the adoption of ASU 2023-09, for the year ended December 31, 2025, summarized in reporting currency and income tax rate (amounts in thousands):
|  | Year Ended December 31, |
|  | 2025 |
|  | Amount |  |  | Tax Rate |
U.S. federal statutory rate |  | $ | (8,529 | ) |  |  | 21.0 | %
State, net of federal benefit (1) |  |  | 746 |  |  |  | (1.8 | )
Foreign tax effects: |  |  |  |  |  |
Canada |  |  |  |  |  |
Other |  |  | (14 | ) |  |  | — |
Foreign withholding tax |  |  | 2,309 |  |  |  | (5.7 | )
China |  |  |  |  |  |
Other |  |  | (49 | ) |  |  | 0.1 |
Foreign withholding tax |  |  | 1,353 |  |  |  | (3.3 | )
Costa Rica |  |  |  |  |  |
Foreign withholding tax |  |  | 783 |  |  |  | (1.9 | )
India |  |  |  |  |  |
Tax holiday |  |  | (477 | ) |  |  | 1.2 |
Other |  |  | 538 |  |  |  | (1.3 | )
|  | Year Ended December 31, |
|  | 2025 |
|  | Amount |  |  | Tax Rate |
Ireland |  |  |  |  |  |
Statutory tax rate difference between Ireland and U.S. |  | $ | (2,956 | ) |  |  | 7.3 | %
Changes in valuation allowance |  |  | (2,842 | ) |  |  | 7.0 |
Other |  |  | (224 | ) |  |  | 0.6 |
Norway |  |  |  |  |  |
Changes in valuation allowance |  |  | (2,657 | ) |  |  | 6.5 |
Entity rationalization |  |  | 4,891 |  |  |  | (12.0 | )
Other |  |  | 225 |  |  |  | (0.6 | )
Panama |  |  |  |  |  |
Foreign withholding tax |  |  | 1,143 |  |  |  | (2.8 | )
Poland |  |  |  |  |  |
Research tax credit |  |  | (2,521 | ) |  |  | 6.2 |
Other |  |  | (531 | ) |  |  | 1.3 |
Puerto Rico |  |  |  |  |  |
Foreign withholding tax |  |  | 672 |  |  |  | (1.7 | )
Turkey |  |  |  |  |  |
Foreign withholding tax |  |  | 939 |  |  |  | (2.3 | )
United Kingdom |  |  |  |  |  |
Statutory tax rate difference between United Kingdom and U.S. |  |  | 829 |  |  |  | (2.0 | )
Changes in valuation allowance |  |  | (591 | ) |  |  | 1.5 |
Research tax credit |  |  | (436 | ) |  |  | 1.1 |
Other |  |  | (4 | ) |  |  | — |
Other foreign jurisdictions |  |  |  |  |  |
Other foreign withholding tax |  |  | 1,473 |  |  |  | (3.6 | )
Other |  |  | 305 |  |  |  | (0.8 | )
Effect of cross-border tax laws: |  |  |  |  |  |
Global intangible low-taxed income |  |  | 4,000 |  |  |  | (9.9 | )
Foreign income inclusion |  |  | 787 |  |  |  | (1.9 | )
Other cross-border tax |  |  | 26 |  |  |  | (0.1 | )
Tax credits |  |  |  |  |  |
Foreign tax credit |  |  | (8,825 | ) |  |  | 21.7 |
Research tax credit |  |  | (7,063 | ) |  |  | 17.4 |
Changes in valuation allowance |  |  | 13,204 |  |  |  | (32.5 | )
Changes in unrecognized tax benefits |  |  | (2 | ) |  |  | — |
Nontaxable or nondeductible items |  |  |  |  |  |
Stock-based compensation |  |  | 3,754 |  |  |  | (9.2 | )
Executive compensation limitation |  |  | 508 |  |  |  | (1.3 | )
Cancellation of debt |  |  | 5,278 |  |  |  | (13.0 | )
Partnership income |  |  | 2,423 |  |  |  | (6.0 | )
Entity rationalization |  |  | 7,536 |  |  |  | (18.6 | )
Other |  |  | (279 | ) |  |  | 0.7 |
Total |  | $ | 15,722 |  |  |  | (38.7 | )%
(1) California and Tennessee represent the majority of the tax effect in this category. For the years ended December 31, 2024 and 2023, income tax expense differed from the amounts computed by applying the U.S. federal income tax rate to income (loss) before income taxes as a result of the following (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
U.S. federal statutory rate |  | $ | 2,432 |  |  | $ | (27,226 | )
State, net of federal benefit |  |  | 501 |  |  |  | 532 |
Stock-based compensation |  |  | 5,390 |  |  |  | 6,758 |
Executive compensation limitation |  |  | 560 |  |  |  | 1,911 |
Research tax credit |  |  | (3,998 | ) |  |  | (6,983 | )
Foreign withholding tax |  |  | 11,051 |  |  |  | 12,811 |
Restructuring and transaction costs |  |  | 1,394 |  |  |  | 649 |
Divestiture-related activity |  |  | 5,339 |  |  |  | (26,915 | )
Foreign rate differential |  |  | (10,651 | ) |  |  | (7,354 | )
Foreign tax credit |  |  | (10,338 | ) |  |  | (10,124 | )
Change in valuation allowance |  |  | 5,412 |  |  |  | 50,314 |
Effect of cross-border tax laws |  |  | 2,580 |  |  |  | 10,151 |
Unrecognized tax benefits |  |  | (238 | ) |  |  | 746 |
Change in estimates |  |  | 3,387 |  |  |  | 3,844 |
Change in other comprehensive income |  |  | (826 | ) |  |  | — |
Non-deductible expense |  |  | 184 |  |  |  | — |
Others |  |  | 269 |  |  |  | 928 |
Total |  | $ | 12,448 |  |  | $ | 10,042 |
Summary of Unrecognized Tax Benefits and Amounts Affect Effective Tax Rate Upon Recognition | The following table summarizes the total unrecognized tax benefits and the amounts of which that would affect the effective tax rate upon recognition of such as of December 31, 2025, 2024 and 2023 (in thousands):
|  | December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Total unrecognized tax benefits |  | $ | 15,526 |  |  | $ | 15,376 |  |  | $ | 23,587 |
Amount affecting the effective tax rate upon recognition of unrecognized tax benefits |  | $ | 1,130 |  |  | $ | 1,198 |  |  | $ | 9,592 |
Reconciliation of Unrecognized Tax Benefits | The reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2025, 2024 and 2023 is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Total unrecognized tax benefits at January 1 |  | $ | 15,376 |  |  | $ | 23,587 |  |  | $ | 19,354 |
Changes due to separation, mergers, and dispositions |  |  | — |  |  |  | (6,858 | ) |  |  | — |
Increases for tax positions related to the current year |  |  | 1,203 |  |  |  | 2,009 |  |  |  | 4,070 |
Increases for tax positions related to prior years |  |  | 104 |  |  |  | 33 |  |  |  | 961 |
Decreases for tax positions related to prior years |  |  | (1,157 | ) |  |  | (3,395 | ) |  |  | (798 | )
Total unrecognized tax benefits at December 31 |  | $ | 15,526 |  |  | $ | 15,376 |  |  | $ | 23,587 |
Summary of Disaggregation of Income Taxes Paid by Jurisdiction, Net of Refunds Received | The following table summarizes the disaggregation of income taxes paid by jurisdiction, net of refunds received, pursuant to the disclosure requirements of ASU 2023-09 (in thousands):
|  | Year Ended December 31, |
|  | 2025 |
U.S. federal |  | $ | — |
State and local |  |  | (567 | )
Foreign |  |  |
Canada |  |  | 2,244 |
China |  |  | 1,818 |
Costa Rica |  |  | 896 |
India |  |  | 1,274 |
Panama |  |  | 1,161 |
Poland |  |  | (699 | )
Puerto Rico |  |  | 957 |
United Kingdom |  |  | 3,036 |
All other foreign jurisdictions |  |  | 2,905 |
Income taxes paid, net of refunds received |  | $ | 13,025 |

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