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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Summary of Income (Loss) Before Provision for Income Taxes

For financial reporting purposes, income (loss) before provision for income taxes, includes the following components (in thousands):
 

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

Domestic

 

$

(31,885

)

 

$

(63,118

)

Foreign

 

 

(1,491

)

 

 

 

Loss before income taxes

 

$

(33,376

)

 

$

(63,118

)

Summary of Reconciliation of Effective Tax Rate and Federal Statutory Tax Rate

A reconciliation of the Company’s effective tax rate and federal statutory tax rate is summarized as follows (in thousands):

 

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal income tax provision at statutory rate

 

$

(7,009

)

 

 

21.0

%

 

$

(13,255

)

 

 

21.0

%

Foreign tax effects

 

 

(161

)

 

 

0.5

%

 

 

 

 

 

%

Tax credits:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

(513

)

 

 

1.5

%

 

 

(1,439

)

 

 

2.3

%

Change in valuation allowance

 

 

6,571

 

 

 

(19.7

%)

 

 

12,832

 

 

 

(20.3

%)

Nontaxable or nondeductible items:

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

620

 

 

 

(1.9

%)

 

 

1,830

 

 

 

(2.9

%)

Other

 

 

492

 

 

 

(1.4

%)

 

 

32

 

 

 

(0.1

%)

Effective income tax rate

 

$

 

 

 

%

 

$

 

 

 

%

 

Summary of Significant Components of Deferred Tax Assets and Liabilities for Federal and State Income Taxes Significant components of our deferred tax assets for federal and state income taxes are as follows (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforward

 

$

66,024

 

 

$

53,485

 

Research tax credits

 

 

12,169

 

 

 

11,353

 

Capitalized research and development expenses

 

 

21,547

 

 

 

27,436

 

Lease liability

 

 

6,605

 

 

 

7,137

 

Stock-based compensation

 

 

2,243

 

 

 

2,256

 

Reserves and accruals

 

 

551

 

 

 

1,585

 

Intangible assets

 

 

110

 

 

 

127

 

Total deferred tax assets

 

 

109,249

 

 

 

103,379

 

Less valuation allowance

 

 

(103,593

)

 

 

(96,870

)

Net deferred tax assets

 

 

5,656

 

 

 

6,509

 

Deferred tax liabilities:

 

 

 

 

 

 

Right-of-use assets

 

 

(5,532

)

 

 

(6,159

)

Property and equipment

 

 

(73

)

 

 

(311

)

Prepaid assets

 

 

(51

)

 

 

(39

)

Total deferred tax liabilities

 

 

(5,656

)

 

 

(6,509

)

Net deferred tax assets

 

$

 

 

$

 

Schedule of Reconciliation of Change in Valuation Allowance The following table presents a reconciliation of the total change in the valuation allowance (in thousands):

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

Balance at beginning of period

 

$

96,870

 

 

$

83,680

 

Change charged to income tax expense

 

 

6,723

 

 

 

13,190

 

Balance at end of period

 

$

103,593

 

 

$

96,870

 

Summary of Gross Unrecognized Tax Benefits

The following table summarizes the activity in the Company’s gross unrecognized tax benefits (in thousands):

 

 

 

Years Ended December 31,

 

 

 

2025

 

 

2024

 

Balance at beginning of period

 

$

23,832

 

 

$

18,748

 

Decrease related to prior year positions

 

 

 

 

 

 

Increase related to current year positions

 

 

2,943

 

 

 

5,084

 

Balance at end of period

 

$

26,775

 

 

$

23,832