v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Loss (Income) Before Taxes
The following were components of loss (income) before taxes for the years ended December 31, 2025 and December 31, 2024.
Years Ended December 31,
20252024
Pre-tax book income (loss)
Domestic$(45,724)$7,167 
Foreign— — 
Total pre-tax book income (loss)$(45,724)$7,167 
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company’s deferred tax assets and deferred tax liabilities are as follows (in thousands):
Years Ended December 31,
20252024
Noncurrent deferred tax assets:
Net operating loss carryforwards$73,788 $51,777 
Contribution carryforwards26 26 
Lease liability1,345 1,671 
Deferred revenue— 5,681 
Capitalized R&D costs22,533 31,282 
Other assets12,816 14,845 
Tax credits36,036 33,701 
Less: valuation allowance(145,281)(136,872)
Total deferred tax assets, noncurrent1,263 2,111 
Noncurrent deferred tax liability:
Investments in equity securities43 577 
Right of use asset1,220 1,534 
Total deferred tax liabilities, noncurrent1,263 2,111 
Net deferred tax assets$— $— 
Schedule of Reconciliation of Federal Statutory Income Tax Rate and Income Tax Benefit
The reasons for the difference between actual income tax benefit for the years ended December 31, 2025 and December 31, 2024 and the amount computed by applying the statutory federal income tax rate to losses before income tax benefit after the adoption of ASU 2023-09 are as follows (in thousands):
Year Ended December 31, 2025Year Ended December 31, 2024
Amount% of Pre-Tax
Loss		Amount% of Pre-Tax
Loss
US federal statutory tax rate$(9,602)21.0%$1,501 21.0%
State and local income taxes, net of federal income taxes— —%— —%
Effect of changes in tax laws or rates enacted in the current period— —%— 0.0%
Tax credits
Research and development tax credits(2,336)5.1%(2,944)(41.2%)
Changes in valuation allowances9,730 (21.3%)5,691 79.6%
Nontaxable or nondeductible items
Equity compensation4,359 (9.5%)2,137 29.9%
Change in warrant liability(2,337)5.1%(6,218)(87.0%)
Other182 (0.4%)(4)(0.0%)
Changes in unrecognized tax benefits— —%— —%
Other Adjustments
Provision to return— —%(130)(1.8%)
Other4 0.0%(33)(0.5%)
Effective tax rate$— 0.0%$— 0.0%
Schedule of Cash Income Taxes Paid (Received)
The amounts of cash income taxes paid (received) by the Company were as follows:
Years Ended December 31,
2025
Federal$— 
State and local— 
Foreign— 
Income taxes, net of amounts refunded$—