Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Effective Income Tax Rate Reconciliation

Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, as described in Note 2, Summary of Significant Accounting Policies, the reconciliation of taxes at the federal statutory rate to our effective tax rate for the year ended December 31, 2025 was as follows:




(in thousands, except for percentages)	Amount		Percent
U.S. Federal Statutory Tax Rate	$	(4,579)	21.0	%

Tax Credits:
Research and development tax credit	(1,187)		5.4	%
Change in valuation allowance	5,826		(26.7)	%
Nondeductible items:
Executive compensation - Section 162(m) limitation	254		(1.2)	%
Stock-based compensation	(556)		2.6	%
Nondeductible interest expense	95		(0.4)	%
Other	147		(0.7)%



Effective tax rate	$	—	—	%

A reconciliation of the federal statutory rate to the Company’s effective tax rate for the year ended December 31, 2024 in accordance with the guidance prior to the adoption of ASU 2023-09 was as follows:


Tax at federal statutory rate	21.0	%
State taxes, net of federal benefit	6.4	%
Research and development tax credit	5.1	%
Stock-based compensation	5.5	%
Nondeductible interest expense	(2.0)	%
FIN 48 reserve	(1.2)	%
Change in valuation allowance	(21.8)	%
Federal net operating loss expiration	(10.2)	%
Other	(2.8)	%
Effective tax rate	—	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant components of the deferred tax assets and liabilities are as follows:


	December 31,
(in thousands)	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	46,029	$	42,043
Research and development credits	16,805		14,903
Research and development expenditures, capitalized for tax	12,073		12,283
Fixed assets and inventory	—		28
Accruals and reserves	1,980		1,399
Interest expense carryforward	6,709		5,747
Operating lease liability	3,076		3,515
Other	1,698		1,281
Gross deferred tax assets	88,370		81,199
Deferred tax liabilities:
Operating lease right-of-use asset	(2,607)		(3,014)
Fixed assets and inventory	(53)		—
Total deferred tax liabilities	(2,660)		(3,014)
Valuation allowance	(85,710)		(78,185)
Net deferred tax assets	$	—	$	—

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows:


	Year Ended December 31,
(in thousands)	2025		2024
Beginning balance	$	2,085	$	1,730
Increase in balance related to tax positions taken during the current year	232		355

Ending balance	$	2,317	$	2,085