| | | | | | | | | For the year ended December 31, | ($ in thousands) | | 2025 | | | | Amount | | Percent | U.S. federal statutory tax rate | | $ | (396) | | 21.0 | % | State and local income taxes, net of federal income tax effect(1) | | | 21 | | (1.1) | % | Change in valuation allowance | | | (130) | | 6.9 | % | Non-deductible items: | | | | | | | Share-based compensation | | | 70 | | (3.7) | % | Non-deductible compensation | | | 170 | | (9.0) | % | Stock issuance costs | | | 83 | | (4.4) | % | Other adjustments: | | | | | | | Federal net operating loss | | | 274 | | (14.5) | % | Other true-ups | | | (65) | | 3.5 | % | Provision for income taxes and effective income tax rate | | | 27 | | (1.4) | % |
(1) During the year ended December 31, 2025, state taxes in Massachusetts, New York and New York City comprised greater than 50% of the tax effect in this category. | | | | | | For the year ended December 31, | | | | 2024 | | Statutory federal income tax rate | | 21 | % | State taxes, net of federal tax benefit | | 16 | % | Non-deductible items | | (1) | % | Tax credits | | 1 | % | Other | | (10) | % | Change in valuation allowance | | (27) | % | Income taxes provision (benefit) | | — | |
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