v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Taxes  
Schedule of income (loss) before income taxes

Year Ended

December 31, 

  ​ ​ ​

2025

  ​ ​ ​

2024

U.S.

$

9,639

$

(69,475)

Foreign

 

438

 

2,505

Income (loss) before income taxes

$

10,077

$

(66,970)

Schedule of Company's current and deferred expense for income tax

Year Ended

December 31, 

  ​ ​ ​

2025

  ​ ​ ​

2024

Current expense:

Federal

$

$

State

 

 

Foreign

 

137

 

585

Total current expense:

$

137

$

585

Deferred expense:

Federal

$

2,117

$

State

 

3,001

 

Foreign

 

Total deferred expense

$

5,118

$

Total income tax expense

$

5,255

$

585

Schedule of reconciliation of the Company's statutory income tax rate to the Company's effective income tax rate

Year Ended December 31,

Year Ended December 31,

 

2025

2024

 

  ​ ​ ​

Amount

  ​ ​ ​

Percent

  ​ ​ ​

Amount

  ​ ​ ​

Percent

 

Pretax Income (Loss)

  ​ ​ ​

$

10,077

  ​ ​ ​

  ​

$

(66,970)

  ​ ​ ​

  ​

US Federal Statutory Tax Rate

 

2,116

21.0

%  

 

(14,064)

21.0

%

State taxes, net of federal benefit

 

3,001

29.8

%  

 

0.0

%

Foreign Tax Effects:

 

  ​

  ​

 

  ​

  ​

Australia

Other

(3)

0.0

%  

131

(0.2)

%  

Change in valuation allowance

11

0.1

%  

(71)

0.1

%  

Research and development credits

38

0.4

%  

0.0

%  

Tax Credits:

 

  ​

  ​

 

  ​

  ​

Research and development credits

 

(631)

(6.3)

%  

 

(1,558)

2.3

%

Change in valuation allowance

 

638

6.3

%  

 

15,358

(22.9)

%

Nontaxable or Nondeductible Items:

 

  ​

  ​

 

  ​

  ​

Other

 

17

0.2

%  

 

409

(0.6)

%

Share based compensation

 

3,124

31.0

%  

 

380

(0.6)

%

Other Adjustments:

 

Sec. 382 tax attribute adjustments

(3,056)

(30.4)

%  

 

0.0

%

Total

$

5,255

52.1

%  

$

585

(0.9)

%

Schedule of components of the Company's deferred tax assets and liabilities

The components of the Company’s deferred tax assets and liabilities are as follows (in thousands):

Year Ended December 31, 

  ​ ​ ​

2025

  ​ ​ ​

2024

Deferred tax assets:

Federal net operating loss carryforwards

$

17,866

$

8,865

State net operating loss carryforwards

5,253

 

2,741

Research and development (R&D) tax credits

579

3,488

Capitalized R&D expenses

32,309

23,554

Start-up costs

9,583

10,386

Stock based compensation

3,962

6,696

Accrued expenses

70

911

License fees

 

505

Other

405

403

Total deferred tax assets before valuation allowance

70,027

57,549

Valuation allowance

 

(61,559)

 

(57,549)

Total deferred tax assets after valuation allowance

8,468

Deferred tax liabilities:

Unrealized gain on digital asset receivable

(13,586)

Total deferred tax liabilities

(13,586)

Net deferred tax assets (liabilities)

$

(5,118)

$