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INCOME TAXES | 6 Months Ended
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Jun. 30, 2025
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES As of both June 30, 2025 and June 30, 2024, the Company concluded that it is not more likely than not that it will realize the net deferred tax asset recorded as of June 30, 2025 and June 30, 2024, respectively. As a result, the Company recorded a full valuation allowance against the net deferred tax asset recorded as of both June 30, 2025 and June 30, 2024. The valuation allowance is determined in accordance with the provisions of ASC Topic 740, Income Taxes, which require an assessment of both negative and positive evidence when measuring the need for a valuation allowance. T he Company primarily relied on its reversing taxable temporary differences to assess its valuation allowance, which resulted in recording a full valuation allowance against its net deferred tax assets during the quarter. If it is determined that a portion or all of the valuation allowance is not required, it will generally be a benefit to the income tax provision in the period such determination is made. The Company recorded income tax expense of $0.1 million and $0.3 million for the three and six months ended June 30, 2025, respectively, and $0.1 million and $0.3 million for the three and six months ended June 30, 2024, respectively. The difference between the income tax expense and the tax at the federal statutory rate of 21.0% in each period was principally due to the impact of the valuation allowance, partially offset by state income taxes. On July 4, 2025, the President of the United States signed House Resolution 1 (“H.R. 1”), which made a number of changes to tax law in the Internal Revenue Code, including the reinstatement of immediate expensing for domestic research and development expenditures and modifications to the business interest expense limitation. The Company is currently evaluating the impact of H.R. 1 on its tax provision and financial statements.

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