v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) Before Taxes Related to our United States and Foreign Operations
Income (loss) before taxes related to the Company’s United States and foreign operations for the years ended December 31, 2025 and 2024 consists of the following (in thousands):
December 31,
20252024
United States$(39,476)$(51,728)
Foreign(95)(170)
Loss before income taxes$(39,571)$(51,898)
Schedule of Effective Income Tax Rate Reconciliation A reconciliation between the federal statutory income tax amount and rate to the Company's actual effective amount and rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows (in thousands):
Year Ended Year Ended December 31, 2025
$%
US federal statutory income tax rate
$(8,310)21.0 %
Domestic state and local taxes, net of federal effect— — %
Foreign tax effects20 (0.1)%
Tax credits:
Research and development credits(1,126)2.9 %
Nontaxable or nondeductible items:
Nondeductible stock based compensation
310 (0.8)%
Change in fair value of warrants402 (1.0)%
Other nontaxable and nondeductible items244 (0.6)%
Changes in valuation allowance8,460 (21.4)%
Provision for income taxes and effective income tax rate$— 0.0 %
A reconciliation between the federal statutory income tax rate and the Company's effective income tax rate prior to the adoption of ASU 2023-09 for the year ended December 31, 2024 is as follows:
Year Ended December 31, 2024
Statutory federal income tax rate21.0 %
State tax, net of federal benefits(2.4)%
Permanent differences(3.5)%
Federal research and development credits3.6 %
State research and development credits0.6 %
Other differences0.1 %
Change in valuation allowance(19.4)%
Effective income tax rate0.0 %
Schedule of Deferred Tax Assets and Liabilities
The principal components of the Company's net deferred tax assets at December 31, 2025 and 2024 is as follows (in thousands):
December 31,
20252024
Deferred tax assets (liabilities):
Net operating loss carryforwards$77,260 $64,646 
Research and development tax credits16,534 15,117 
Capitalized research and development13,412 17,585 
Lease liability1,301 1,548 
Other3,023 2,704 
ROU asset(1,218)(1,470)
Property and equipment(8)(13)
Total deferred tax assets110,304 100,117 
Less: Deferred tax asset valuation allowance(110,304)(100,117)
Net deferred tax assets$— $— 
Schedule of Unrecognized Tax Benefits
A reconciliation of the unrecognized tax benefits for the years ended December 31, 2025 and 2024 is as follows (in thousands):
Year Ended December 31,
20252024
Gross unrecognized tax benefit, beginning of period$4,141 $4,141 
Increase (decrease) recognized in the income statement——
Gross unrecognized tax benefit, end of period$4,141 $4,141