XML 33 R21.htm IDEA: XBRL DOCUMENT v3.25.3
Income Taxes
9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes

12. Income Taxes

As a result of the Company’s history of net operating losses (“NOL”), the Company continues to maintain a full valuation allowance against its domestic net deferred tax assets. For the three and nine months ended September 30, 2025, the Company recognized an income tax benefit of $1,217 and $1,060, respectively, primarily due to federal, state and foreign income tax benefit. During the three and nine months ended September 30, 2024, the Company recorded income tax (benefit) expense of $(149) and $1,223, respectively, primarily due to federal, state and foreign income tax expense.

On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the United States. The OBBBA includes significant changes to federal tax law and other regulatory provisions that may impact the Company. The legislation was signed into law in the Company’s third quarter of 2025, and did not have a material impact on the Company's operating results for the three and nine months ended September 30, 2025. The Company will continue to evaluate the impact of the newly enacted tax law and it's impact on the forecasted annual effective tax rate in future periods, taking into consideration the Company continues to forecast a large taxable loss with a corresponding full valuation allowance.