Annual report [Section 13 and 15(d), not S-K Item 405]

INCOME TAXES (Tables)

v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Components of the net loss consist of the following (in thousands):

Components of the net loss consist of the following (in thousands):

               
    Year ended December 31,  
    2025     2024  
Foreign   $ (89,988 )   $ (49,444 )
Domestic     (34,033 )     (80,592 )
Total   $ (124,021 )   $ (130,036 )
A reconciliation of the anticipated income tax benefit computed by applying the statutory federal income tax rate of 21%

The Company adopted ASU 2023-09 and applied the new disclosure requirements prospectively for the year ended December 31, 2025. A reconciliation of the anticipated income tax benefit computed by applying the statutory federal income tax rate of 21% to loss before income taxes to the amount reported in the statement of operations and comprehensive loss after the adoption of ASU 2023-09 is as follows:

 

                 
    Year Ended December 31,
    2025
    Amount   Percent
         
Tax at U.S. Statutory Rate     (26,044 )     21.0 %
State and Local Income Taxes, Net of Federal Income Tax Effect     —         0.0 %
Foreign Tax Effects                
Ireland                
Change in Foreign Valuation Allowance     11,261       -9.1 %
Statutory tax rate difference between Ireland and United States     7,657       -6.2 %
Other Foreign Jurisdiction     (32 )      0.0 %
Change in Domestic Valuation Allowance     5,056       -4.0 %
Nontaxable and Nondeductible items     456       0.4 %
Attributable reduction from control change     1,273       -1.0 %
Others     373       -0.3 %
Effective Tax Rate     —         0.0 %
A reconciliation of the effect of applying the federal statutory rate to the net loss and the effective income tax rate used to calculate the Company’s income tax provision is as follows:

A reconciliation of the effect of applying the federal statutory rate to the net loss and the effective income tax rate used to calculate the Company’s income tax provision is as follows:

                 
    Year Ended December 31,  
    2024     2023  
Statutory federal income tax     (21.0 )%     (21.0 )%
Change in valuation allowance     14.4 %     11.7 %
Permanent differences     (1.0 )%     0.2 %
Foreign loss not subject to income tax     3.2 %     7.2 %
Attribute reduction from control change     4.3 %     0.9 %
Other     0.1 %     1.0 %
Income Tax Provision     0.0 %     0.0 %

Deferred tax assets (liabilities) and related valuation allowance as of December 31, 2025 and 2024 were as follows (in thousands):

Deferred tax assets (liabilities) and related valuation allowance as of December 31, 2025 and 2024 were as follows (in thousands):

 

                 
    December 31,  
    2025     2024  
Deferred tax assets/(liabilities):                
Net operating loss carryforward   $ 55,377     $ 39,255  
Stock-based compensation     11,492       9,170  
Fixed assets     9,254       9,617  
Other     6,109       4,829  
Total deferred assets     82,232       62,871  
                 
Valuation allowance     (82,232 )     (62,871 )
                 
Net deferred tax assets   $ —     $ —