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

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details)

v3.25.4
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:      
Accrued expenses and reserves $ 7,287 $ 456  
Capitalized research and development expenses 8,722 4,528  
Tax credit carryforwards 618 243  
Deferred revenue 3,652 1,367  
Net operating loss carryforwards 80,436 38,676  
Interest disallowance 18,164 10,007  
Equity-based compensation 4,430 2,643  
Lease liability 9,183 4,956  
Other assets 50 62  
Total deferred tax assets 132,542 62,938  
Less: valuation allowance (70,704) (45,324) $ (23,821)
Deferred tax assets, net of valuation allowance 61,838 17,614  
Deferred tax liabilities:      
Right-of-use asset (8,425) (4,291)  
Tax on undistributed profits (8,741) 0  
Depreciation and amortization (79,471) (13,616)  
Other (3,559) (217)  
Deferred tax liabilities (100,196) (18,124)  
Total net deferred tax assets (liabilities) $ (38,358) $ (510)