v3.26.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2025
INCOME TAXES  
Schedule of profit (loss) from operations before income taxes

​

​

​

​

​

​

​

​

​

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

United States

​

​

(2,291)

​

​

(1,294)

Foreign

​

​

(8,242)

​

​

(9,035)

Loss before income taxes

​

$

(10,533)

​

$

(10,329)

​

​

​

​

​

​

​

Schedule of reconciliation of the statutory income tax rate to company's effective tax rate

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​

​

​

​

​

​

​

​

For the year ended December 31, 2025

(in thousands)

​

Amount

​

Percentage

U.S. federal statutory tax rate

​

$

(2,212)

​

21.0%

State and local income taxes, net of federal income tax effect (1)

​

​

1

​

0.0%

Foreign tax effects

​

​

​

​

​

United Kingdom

​

​

​

​

​

Statutory tax rate difference between United Kingdom and the United States

​

​

(326)

​

3.1%

Changes in valuation allowances

​

​

1,362

​

(12.9)%

Nondeductible research expense

​

​

723

​

(6.9)%

Other

​

​

(54)

​

0.5%

Effect of changes in tax laws or rates enacted in the current period

​

​

—

​

0.0%

Effect of cross-border tax laws

​

​

—

​

0.0%

Tax credits

​

​

—

​

0.0%

Changes in valuation allowances

​

​

364

​

(3.5)%

Nontaxable or nondeductible items

​

​

​

​

​

Stock compensation

​

​

109

​

(1.0)%

Other

​

​

1

​

0.0%

Changes in unrecognized tax benefits

​

​

—

​

0.0%

Other adjustments

​

​

7

​

(0.1)%

Provision for income taxes and effective tax rate

​

$

(24)

​

0.2%

​

​

​

​

​

​

​

​

(1)   During the year ended December 31, 2025, state taxes in California made up the majority of tax effects in this category.

​

​

​

​

​

​

​

​

For the year ended December 31,

(in thousands)

​

​

2024

Taxes at domestic rate

​

​

21.0%

State and local income taxes

​

​

0.0%

Non-US statutory rates

​

​

3.5%

Permanent items

​

​

-2.4%

Nondeductible Research Expense

​

​

-6.1%

Change in valuation allowance

​

​

-17.2%

Warrant revaluation

​

​

1.4%

Prior year true-up

​

​

0.2%

Effective tax rate

​

​

0.4%

​

​

​

​

Schedule of components of income tax provision/(benefit)

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​

​

​

​

​

​

​

​

​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Current

 

​

  ​

 

​

  ​

Federal

​

$

—

​

$

—

State

​

​

1

​

​

1

Foreign

​

​

(25)

​

​

—

Total Current

​

$

(24)

​

$

1

​

​

​

​

​

​

​

Deferred

​

​

​

​

​

​

Federal

​

​

—

​

​

—

State

​

​

—

​

​

—

Foreign

​

 

—

​

​

—

Total Deferred

​

​

—

​

​

—

Total

​

$

(24)

​

$

1

​

​

​

​

​

​

​

Schedule of deferred tax assets and liabilities

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​

​

​

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​

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  ​ ​ ​

December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

Deferred tax assets/(liabilities):

​

​

  ​

 

​

  ​

Net operating loss carryforwards

​

$

14,817

​

$

12,356

Stock Compensation

​

 

378

​

 

263

Property plant and equipment

​

 

(45)

​

 

(67)

Other

​

 

49

​

 

79

​

​

 

15,199

​

 

12,631

Valuation allowance

​

 

(15,199)

​

 

(12,631)

Deferred tax assets, net of allowance

​

$

—

​

$

—

​

​

​

​

​

​

​

Schedule of income taxes paid (net of refunds received)

​

​

​

​

​

​

​

​

For the year ended December 31,

(in thousands)

​

​

2025

U.S. Federal

​

$

—

State:

​

​

​

California

​

​

1

Other states

​

​

(0)

State subtotal

​

​

1

​

​

​

​

Foreign:

​

​

​

United Kingdom

​

​

(25)

Foreign subtotal

​

​

(25)

​

​

​

​

Total cash paid for income taxes (net of refunds)

​

$

(24)

​

​

​

​