v3.25.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2025
INCOME TAXES  
Schedule of reconciliation of statutory U.s federal rate to the company's effective tax rate

  ​ ​ ​

For the year-ended

Percentage of pre-tax income

Statutory federal income tax rate

 

21%

 

21%

State taxes, net of federal tax benefit

 

6%

 

6%

R&D Tax Credit

 

(5)%

 

(5)%

Change in valuation allowance

(22)%

(22)%

Income taxes provision (benefit)

—%

—%

Schedule of deferred tax assets and liabilities

  ​ ​ ​

As of

  ​ ​ ​

As of

December 31, 2025

December 31, 2024

(in thousands USD)

(in thousands USD)

Deferred tax asset:

 

  ​

 

  ​

Net operating loss carry forward

 

15,132

 

11,616

Share Compensation

 

5,165

 

3,542

Research and Development credits

 

52

 

52

Accruals and reserves

 

6,227

 

4,318

Total deferred tax assets

 

26,576

 

19,528

Valuation allowance

 

(26,576)

 

(19,528)

Deferred tax assets recognized

 

 

Summary of reconciliation of allowances

  ​ ​ ​

As of

  ​ ​ ​

As of

December 31, 2025

December 31, 2024

(in thousands USD)

(in thousands USD)

Balance at beginning of the year

 

19,528

 

14,491

Additions to valuation allowance

 

7,048

 

5,037

Balance at end of the year

 

26,576

 

19,528