Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of income tax expense (benefit) from continuing operations to the amount computed by applying the statutory federal income tax rate to the net loss from continuing operations is summarized as follows (in thousands):


	Year Ended December 31,
	2025				2024
Tax expense (benefit) at the U.S. statutory rate	$	(15,806)	21.0	%	$	(12,954)	21.0	%
State income taxes, net of federal income tax effect(1)	—		—	%	—		—	%
Effects of changes in tax laws or rates enacted in the current period	—		—	%	—		—	%
Tax credits
Research and development tax credits	(1,969)		2.6	%	(1,452)		2.4	%
Nontaxable or nondeductible Items
Stock-based compensation	(1,371)		1.8	%	304		(0.5	%)
Limitations on executive compensation	1,068		(1.4	%)	—		—	%
Other permanent differences	(54)		0.1	%	25		—	%
Other adjustments	(43)		0.1	%	—		—	%
Change in valuation allowance	18,175		(24.2	%)	14,077		(22.9	%)
Effective tax rate	$	—	0.0	%	$	—	0.0	%

(1)State taxes in Massachusetts make up the majority of the tax effect in this category.

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and liabilities are comprised of the following (in thousands):


	Year Ended December 31,
	2025		2024
Net operating loss carryforward	$	40,906	$	18,075
Tax credits	6,848		4,056
Fixed assets	64		36
Stock-based compensation	2,268		885
Capitalized research costs	20,330		23,229
Accrued expenses	1,256		524
Intangibles	4,098		4,362
Lease liability	2,327		2,582
Other temporary differences	23		21
Total deferred tax assets	$	78,120	$	53,770
Less valuation allowance	(76,144)		(51,606)
Net deferred tax asset	$	1,976	$	2,164
Right of use assets	$	(1,857)	$	(2,083)
Other deferred tax liabilities	(119)		(81)
Total deferred tax liabilities	$	(1,976)	$	(2,164)
Net deferred tax asset (liability)	$	—	$	—