v3.26.1
Income Taxes (FY) (Tables)
12 Months Ended
Dec. 31, 2025
Income Taxes  
Schedule of deferred tax assets and liabilities
 
 
 
 
 
 
 
December 31,
(in thousands)
 
 
2025
 
 
2024
Deferred tax assets:
 
 
 
 
 
 
Net operating loss carryforwards
 
 
$105,425
 
 
$94,923
Research and development credits
 
 
55,020
 
 
50,842
Collaboration and license agreement
 
 
2,832
 
 
3,422
 
 
 
 
 
 
 
 
 
 
 
 
 
 
December 31,
(in thousands)
 
 
2025
 
 
2024
Capitalized research and development
 
 
46,041
 
 
59,803
Share-based compensation
 
 
4,329
 
 
5,863
Accrued expenses and other
 
 
4,581
 
 
1,404
Operating lease liabilities
 
 
6,520
 
 
7,560
Depreciation and amortization
 
 
1,048
 
 
461
Total gross deferred tax assets before valuation allowance
 
 
225,796
 
 
224,278
Valuation allowance
 
 
(222,752)
 
 
(219,833)
Net deferred tax assets
 
 
3,044
 
 
4,445
Deferred tax liabilities:
 
 
 
 
 
 
Right of use assets - operating leases
 
 
(3,044)
 
 
(4,445)
Total deferred tax liabilities
 
 
(3,044)
 
 
(4,445)
Net deferred taxes
 
 
$—
 
 
$—
 
 
 
 
 
 
 
Schedule of effective income tax rate reconciliation
 
 
 
 
 
 
 
Year ended December 31,
 
 
 
2025
 
 
2024
(in thousands)
 
 
Amount
 
 
Percent
 
 
Amount
 
 
Percent
US federal statutory tax rate
 
 
$(9,560)
 
 
21.0%
 
 
$(13,601)
 
 
21.0%
Federal:
 
 
 
 
 
 
 
 
 
 
 
 
Tax credits:
 
 
 
 
 
 
 
 
 
 
 
 
Research and development tax credits
 
 
(175)
 
 
0.4
 
 
(626)
 
 
1.0
Orphan drug tax credits
 
 
(4,003)
 
 
8.8
 
 
(4,896)
 
 
7.6
Changes in valuation allowances
 
 
12,334
 
 
(27.2)
 
 
17,422
 
 
(27.0)
Nontaxable or nondeductible items:
 
 
 
 
 
 
 
 
 
 
 
 
Share-based payment awards
 
 
241
 
 
(0.5)
 
 
459
 
 
(0.7)
Expiration of share-based payment awards
 
 
1,159
 
 
(2.5)
 
 
1,233
 
 
(1.9)
Other
 
 
4
 
 
0.0
 
 
9
 
 
0.0
State and local income taxes, net of federal income tax effect1
 
 
—
 
 
—
 
 
—
 
 
—
Effective tax rate
 
 
$—
 
 
—%
 
 
$—
 
 
—%
 
 
 
 
 
 
 
 
 
 
 
 
 
1
In 2025 and 2024, state and local income taxes in Pennsylvania and Philadelphia comprise the majority of the state and local income taxes, net of federal income tax effect category.
Schedule of net operating loss carryforwards
 
 
 
 
 
 
 
December 31,
(in thousands)
 
 
2025
 
 
2024
Federal
 
 
$398,039
 
 
$339,055
State
 
 
398,035
 
 
339,051
Local
 
 
277,828
 
 
218,844
Research tax credits
 
 
55,020
 
 
50,842