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Income Taxes (Tables)

12 Months Ended

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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