v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Loss Before Income Taxes
The components of loss before provision for income taxes were as follows (in thousands):
Year ended December 31,
20252024
Domestic$(44,007)$(44,671)
Foreign(17)— 
Total$(44,024)$(44,671)
Schedule of Provision for Income Tax
A reconciliation of the provision for income taxes to the amount computed by applying the 21.0% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows (Dollars in thousands):
Year ended December 31,
2025
AmountPercent
Tax at U.S. statutory rate$(9,245)21.0 %
State and local income taxes— — %
Foreign tax effects
China(1)0.0 %
Effect of cross-border tax laws
GILTI inclusion3 0.0 %
Tax credits
Research and development tax credits(1,064)2.4 %
Changes in valuation allowances13,433 (30.5)%
Nontaxable and nondeductible items
Share-based payment awards(6,777)15.4 %
Section 162(m)3,588 (8.2)%
Others63 (0.1)%
Effective tax rate$— $— 
A reconciliation of the provision for income taxes to the amount computed by applying the 21.0% statutory U.S. federal income tax rate to income before income taxes for the year prior to the adoption of ASU 2023-09 is as follows (Dollars in thousands):
Year ended December 31,
2024
U.S. federal statutory tax rate21.0 %
Expected benefit at U.S. federal statutory tax rate(9,381)
State tax(277)
Change in valuation allowance9,323 
Stock-based compensation543 
Other(208)
Provision for income taxes$— 
Schedule of Deferred Tax Assets and Liabilities
The components of deferred tax assets and deferred tax liabilities were as follows (in thousands):
December 31,
20252024
Deferred tax assets:
Net operating loss (“NOL”) carryforwards$31,090 $23,045 
Operating lease liabilities8,820 8,434 
Tax credits3,073 1,515 
Capitalized research and development1,801 2,490 
Accruals and other2,893 1,560 
Stock-based compensation926 892 
Total deferred tax assets48,603 37,936 
Valuation allowance(44,286)(30,451)
Deferred tax assets4,317 7,485 
Deferred tax liabilities:
Operating lease right-of-use assets(4,317)(7,485)
Net deferred taxes$— $— 
Summary of Operating Loss Carryforwards
NOL and tax credit carryforwards were as follows as of December 31, 2025 (in thousands):
AmountExpiration
years
NOL, federal (after December 31, 2017)$127,163 Do not expire
NOL, federal (before January 1, 2018)$3,799 2037
NOL, state$52,775 2037 to 2045
NOL, foreign
$17 2030
Tax credits, federal$2,753 2037 to 2045
Tax credits, state$1,701 Do not expire
Schedule of Unrecognized Tax Benefits Roll Forward a reconciliation of the unrecognized tax benefits (in thousands):
Year ended December 31,
20252024
Balance at beginning of year$551 $393 
Addition based on tax positions during the current year561 158 
Addition of tax positions from prior years2 — 
Balance at end of year$1,114 $551