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 effective tax rate is as follows (in thousands):

 

 

YEAR ENDED DECEMBER 31,

 

 

2025

 

 

2024

 

Expected tax benefit at statutory rate

 

$

(17,612

)

 

 

21.00

%

 

$

(13,730

)

 

 

21.00

%

State and local income taxes, net of federal benefit (1)

 

 

(292

)

 

 

0.35

%

 

 

(246

)

 

 

0.38

%

Tax credits - Research and development

 

 

(3,224

)

 

 

3.84

%

 

 

(2,614

)

 

 

4.00

%

Nontaxable or nondeductible items:

 

 

 

 

 

 

 

 

 

 

 

 

          Executive compensation expense

 

 

456

 

 

 

-0.54

%

 

 

1,626

 

 

 

-2.49

%

          Change in fair value of SAFEs

 

 

—

 

 

 

0.00

%

 

 

755

 

 

 

-1.16

%

          Stock-based compensation expense

 

 

1,194

 

 

 

-1.43

%

 

 

(1,004

)

 

 

1.55

%

          Other

 

 

(30

)

 

 

0.04

%

 

 

11

 

 

 

-0.02

%

Other provision adjustments

 

 

9

 

 

 

-0.01

%

 

 

71

 

 

 

-0.11

%

Change in valuation allowance

 

 

18,401

 

 

 

-21.94

%

 

 

14,231

 

 

 

-21.77

%

Change in unrecognized tax benefits

 

 

1,098

 

 

 

-1.31

%

 

 

900

 

 

 

-1.38

%

Provision for income taxes

 

$

—

 

 

 

0.00

%

 

$

—

 

 

 

0.00

%

(1) 50% or more of our state tax provision relates to the California taxing jurisdiction.
Schedule of significant portions of deferred tax assets and deferred tax liabilities The principal components of the Company’s deferred tax assets and liabilities consisted of the following (in thousands):

 

 

YEAR ENDED DECEMBER 31,

 

 

2025

 

 

2024

 

Net operating loss carryforwards

 

$

54,930

 

 

$

29,693

 

Capitalized research and development

 

 

16,741

 

 

 

21,731

 

Operating lease liabilities

 

 

3,050

 

 

 

3,970

 

Intangible assets

 

 

875

 

 

 

959

 

Research and development credits

 

 

11,801

 

 

 

8,423

 

Other, net

 

 

3,879

 

 

 

3,410

 

Total deferred tax assets

 

$

91,276

 

 

$

68,186

 

Valuation allowance

 

 

(87,643

)

 

 

(63,115

)

Deferred tax assets, net of valuation allowance

 

$

3,633

 

 

$

5,071

 

Deferred tax liabilities:

 

 

 

 

 

 

Fixed assets

 

 

(688

)

 

 

(1,211

)

Operating lease assets

 

 

(2,945

)

 

 

(3,860

)

Total deferred tax liabilities

 

$

(3,633

)

 

$

(5,071

)

Net deferred tax assets / (liabilities)

 

$

—

 

 

$

—

 

 
Schedule of gross unrecognized tax benefits

A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands):

 

 

YEAR ENDED DECEMBER 31,

 

 

2025

 

 

2024

 

Unrecognized Tax Benefits - Beginning

 

$

4,995

 

 

$

3,999

 

Increases related to current year positions

 

 

1,211

 

 

 

1,012

 

Increases (decreases) related to prior year positions

 

 

—

 

 

 

(16

)

Unrecognized Tax Benefits - Ending

 

$

6,206

 

 

$

4,995