v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate is as follows (in thousands):
Year Ended December 31,
2025
At statutory rate$(6,527)21.0 %
Change in valuation allowance6,925 (22.3)%
Tax credits(323)1.0 %
Other(75)0.3 %
Provision for income taxes$— 
Effective income tax rate— %
The provision (benefit) for income taxes for the year ended December 31, 2024 and 2023 consists of the following (in thousands):
December 31,
20242023
U.S. statutory tax benefit$(4,747)$(5,453)
Partnership income (federal) not subject to tax to the Company891 1,200 
Foreign withholding tax79 — 
State taxes (net of federal benefit)(928)(2)
Research and development tax credit(373)(273)
Other190 (64)
Change in valuation allowance4,988 4,592 
Provision for income taxes$100 $— 
Effective income tax rate(0.4)%0.0 %
Schedule of Net Deferred Tax Assets/(Liabilities)
December 31,
20252024
Deferred tax assets:
Net operating loss carryforwards$37,094 $27,819 
R&D Tax Credit carryforwards2,815 2,491 
Investment in partnerships9,789 3,322 
Capital loss carryforward383 395 
Other47 2 
Total deferred tax assets50,128 34,030 
Valuation allowance(50,128)(34,030)
Net deferred tax assets$— $—