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Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

12. INCOME TAXES

The Company's effective tax rates were (0.4)% and (0.9)% for the three and six months ended June 30, 2026, respectively; and

(0.9)% and (0.6)% for the three and six months ended June 30, 2025, respectively. The effective tax rate in 2026 differs from 2025 primarily due to tax expense recorded in Australia. The income tax provision and effective tax rate are driven primarily by a valuation allowance in the United States, partially offset by income tax expense recorded for Australian operations. The Australian subsidiary is profitable due to its research and development tax credit and transfer pricing agreement with Seaport Therapeutics, Inc. and is subject to income tax expense.

The Company maintains a valuation allowance on the majority of its deferred tax assets, and it has concluded that it is more likely than not that the deferred assets will not be utilized.