v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
The provision (benefit) for income taxes differs from the amount that would result by applying the federal income tax rate to income before income taxes, as follows (in thousands, except percentages):
Year Ended December 31, 2025
AmountPercent
U.S. federal statutory tax rate
$(2,437)21.0 %
State and local income taxes, net of federal income tax effect—— %
Federal R&D tax credits
(2,418)20.8 %
Stock compensation
(137)1.2 %
Other
501(4.3)%
Change in valuation allowance
3,866(33.3)%
World wide changes in unrecognized tax benefits625(5.4)%
Total
$——%

As previously disclosed for the years ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective income tax rate differs from the statutory federal income tax rate as follows:
Year Ended December 31,
20242023
Statutory rate
21.0 %21.0 %
State tax
4.3 %4.3 %
Credits
4.6 %2.3 %
Stock compensation
(1.7)%(2.0)%
Other
(0.2)%(0.3)%
Change in valuation allowance
(27.8)%(25.8)%
Total
— %— %
Schedule of Deferred Tax Assets and Liabilities The tax effects of the temporary differences and carryforwards that give rise to deferred tax assets and liabilities consists of the following (in thousands):
Year Ended December 31,
20252024
Deferred tax assets:
Net operating loss carryforwards
$88,612 $79,341
Credit carryforwards
17,220 14,876
Fixed assets
85 287
Share-based compensation
2,741 1,751
Operating lease liability
— 102
Interest carryforwards
1,087 1,593
Section 174 research and development capitalization
8,889 17,526
Other accruals and reserves
7,369 6,376
Total deferred tax assets
126,003 121,852
Deferred tax liabilities:
Intangible assets
(2,222)(2,233)
Operating lease right-of-use asset
—(110)
Deferred costs
(3,048)(3,015)
Total deferred tax liabilities
(5,270)(5,358)
Valuation allowance
(120,733)(116,494)
Deferred taxes, net of valuation allowance
$— $—
Summary of Valuation Allowance A reconciliation of the beginning and ending amount of the valuation allowance is as follows (in thousands):
Year Ended December 31,
202520242023
Valuation allowance, beginning of period
$(116,494)$(103,517)$(86,334)
Additions
(4,239)(12,977)(17,183)
Valuation allowance, end of period
$(120,733)$(116,494)$(103,517)
Summary of Operating Loss Carryforwards
As of December 31, 2025, 2024, and 2023 the Company had tax net operating loss carryforwards and tax credit carryforwards as follows (in thousands):
Year Ended December 31,
202520242023
Net operating loss carryforwards, federal
$358,221$317,173 $306,885 
Net operating loss carryforwards, state
219,928 206,626 203,782 
Tax credit, federal
15,802 13,384 10,616 
Tax credit, state
8,802 7,933 7,056 
Summary of Tax Credit Carryforwards
As of December 31, 2025, 2024, and 2023 the Company had tax net operating loss carryforwards and tax credit carryforwards as follows (in thousands):
Year Ended December 31,
202520242023
Net operating loss carryforwards, federal
$358,221$317,173 $306,885 
Net operating loss carryforwards, state
219,928 206,626 203,782 
Tax credit, federal
15,802 13,384 10,616 
Tax credit, state
8,802 7,933 7,056 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of the Company’s unrecognized tax benefits during the years ended December 31, 2025, 2024, and 2023 is as follows (in thousands):
Year Ended December 31,
202520242023
Balance, beginning of period
5,1734,262$3,528 
Increases related to current year tax positions
803911791 
Lapse of the applicable statute of limitations
——(57)
Reductions for tax positions of prior years(19)$— $— 
Balance, end of period
$5,957 $5,173 $4,262