v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of income before taxes are as follows (in thousands):
Years Ended December 31,
20252024
Domestic$3,338 $12,279 
Foreign18 (46)
Income before income taxes3,356 12,233 
Schedule of Taxes on Income
The components of the provision for income taxes are as follows (in thousands):
Years Ended December 31,
20252024
Current
Federal$— $6 
State88 40 
Foreign5 — 
93 46 
Deferred
Federal— — 
State— — 
Foreign— — 
— — 
Provision for income taxes$93 $46 
Schedule of Effective Income Tax Rate Reconciliation
The following reconciles the differences between income taxes computed at the federal statutory rate and the provision for income taxes, under newly adopted ASU 2023-09 "Improvements to Income Tax Disclosures," which we adopted for the year ended 2025 on a retrospective basis (in thousands):
Years Ended December 31,
20252024
Federal statutory rate $705 21.0 %$2,607 21.0 %
State blended statutory rate(1)
962 28.7 %157 1.3 %
Income taxed to owners of non-controlling interests(297)(9)%(1,219)(9.8)%
Foreign tax impact1 — %— — %
Stock based compensation— — %1,446 11.7 %
Other permanent items 35 1.0 %65 0.5 %
Research and development credits(1,287)(38.4)%(1,298)(10.5)%
Meals and entertainment— — %286 2.3 %
Executive compensation401 12.0 %282 2.3 %
Change in valuation allowance (627)(18.7)%(3,045)(24.5)%
Tax receivable agreement revaluation200 6.0 %455 3.7 %
Fines and penalties— — %310 2.5 %
Provision for income taxes$93 2.8 %$46 0.4 %
(1) State taxes in California comprise the majority of the state and local taxes for each of the years presented.
Schedule of Composition of Deferred Tax Balances
The significant components of the net deferred tax assets were as follows (in thousands):
December 31, 2025December 31, 2024
Deferred tax assets
Investment in partnership$109,435 $120,258 
Tax receivable agreement36,631 36,908 
Net operating loss carryovers32,373 20,973 
Tax credit carryovers7,001 5,303 
Other463 534 
 Total deferred tax asset185,903 183,976 
Less: valuation allowance(185,903)(183,976)
Net deferred tax asset$— $— 
Schedule of Unrecognized Tax Benefits
The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):
December 31, 2025December 31, 2024
Unrecognized tax benefits at beginning of year$1,315 $1,024 
Additions/reductions related to prior year tax provisions43 (34)
Additions/reductions related to current year tax provisions362 325 
Unrecognized tax benefits at end of year$1,720 $1,315