INCOME TAXES |
6 Months Ended |
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Jun. 30, 2025 | |
| Income Tax Disclosure [Abstract] | |
| INCOME TAXES | INCOME TAXES The Company’s provision for income taxes was not material and the effective tax rate was 0% for the three and six months ended June 30, 2024 and 2025. The Company maintains a valuation allowance on all deferred tax assets except in certain foreign jurisdictions, as it has concluded that it is more likely than not that these assets will not be utilized. On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA”) was signed into law, introducing significant changes to the U.S. federal income tax code. The OBBBA includes provisions affecting corporate tax rates on specified eligible income, timing of tax deductibility of depreciation, interest expense, and research and development costs, and the taxation of foreign income. The effects of these changes will be recognized in the period in which the legislation was enacted but are not expected to be material given the Company’s full valuation allowance on its U.S. deferred tax position. The broader implications of the OBBBA, including the potential effects of future regulatory guidance and interpretations, will continue to be evaluated.
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