Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Temporary Differences Between Basis of Deferred Tax Assets and Liabilities

Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. Deferred tax assets consist of the following (in thousands):


		December 31,
		2025				2024
Deferred tax assets:
Net operating loss carryforwards		$	108,888			$	102,145
Tax credit carryforwards			10,926				10,931
Accrued expenses			210				132
Property and equipment			—				28
Lease liabilities			—				—
Equity compensation			1,089				2,191
Amortizable intangibles			867				984
Amortizable research expenditures (1)			12,236				17,958
Other			64				64
Gross deferred tax assets			134,280				134,433
Deferred tax liabilities:
Right of use assets			—				—
Gross deferred tax liabilities			—				—
Valuation allowance			(134,280	)			(134,433	)
Net deferred tax assets		$	—			$	—

(1) Under the Tax Cuts and Jobs Act (TCJA), research and experimental (R&D) expenditures are capitalized and amortized under section 174 for tax years beginning after December 31, 2021. These costs are amortized for tax purposes over 5 years since the R&D was performed in the U.S. The One Big Beautiful Bill Act (OBBBA) was enacted on July 4, 2025. OBBBA includes modifications to several provisions of TCJA, including reinstating full expensing for domestic R&D expenditures. The Company is considering the OBBBA amendments and transition rules for domestic R&D expenditures that were previously capitalized under TCJA. The unamortized balance of these costs is presented as a deferred tax asset in the table above.

Reconciliation of Statutory Federal Income Tax Rate to Company's Effective Income Tax Rate

(In thousands, except percentages)


	Year ended December 31, 2025
	Rate				Tax
U.S. federal statutory rate		21.00	%			(209	)
State income taxes, net of federal effect		—				—
Tax credits		—				—
Changes in valuation allowances		14.32	%			(142	)
Nontaxable or nondeductible items
Stock compensation		(10.39	)%			103
Fair market value change of warrant liability		48.74	%			(485	)
Other		(0.86	)%			9
Other adjustments
Cancelled stock awards		(72.99	)%			726
Other		0.18	%			(2	)
Effective income tax rate		—				—

The following table is a reconciliation of our effective income tax rate to the statutory federal income tax rate for the year ended December 31, 2024 in accordance with the guidance prior to the adoption of ASU 2023-09:


	2024
	Tax Rate
U.S. federal statutory rate		21	%
State income taxes, net of federal benefit		9	%
Other permanent differences		9	%
Tax credits		2	%
Other items		(1	)%
Net change in valuation allowance		(40	)%
Effective income tax rate		—

Summary of Net Income Tax Paid of Refund Received

The Company's cash paid for income taxes, net of refunds received, consisted of the following for the year ended December 31, 2025 (in thousands):


		2025
Federal		$	—
Massachusetts			11
Total		$	11

Schedule of Valuation Allowance

A roll-forward of the valuation allowance for the years ended December 31, 2025 and 2024 is as follows (in thousands):


		Years ended December 31,
		2025				2024
Balance at beginning of year		$	(134,433	)		$	(125,055	)
Increase in valuation allowance			153				(9,378	)
Balance at end of year		$	(134,280	)		$	(134,433	)