Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Federal Statutory Income Tax Rate

The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal statutory rate as follows (in thousands):


		For the Year Ended December 31,
		2025								2024
		Amount				Percent				Amount				Percent
US Federal Statutory Tax Rate		$	(22,886	)			21.0	%		$	(18,748	)			21.0	%
State and local income taxes, net of federal benefit			9				(0.01	)%			(27	)			0.03	%
Tax Credits:
Research and development tax credits			(6,681	)			6.13	%			(5,257	)			5.89	%
Change in valuation allowance			25,168				(23.09	)%			20,986				(23.50	)%
Nondeductible items:
Change in fair value of Warrant Liability and note			1,632				(1.50	)%			986				(1.10	)%
Stock-based compensation			1,405				(1.29	)%			2,031				(2.27	)%
Other			1,198				(1.09	)%			29				(0.03	)%
Worldwide changes in unrecognized tax benefits			155				(0.14	)%			—				0.0	%
Total		$	—				0.0	%		$	—				0.0	%

Schedule of Significant Components of Net Deferred Tax Asset

At December 31, 2025 and 2024, the significant components of the Company’s net deferred tax assets and liabilities are as follows (in thousands):


		For the Year Ended December 31,
		2025				2024
Deferred tax assets:
Net operating loss carryforwards		$	69,455			$	57,034
Tax credit carryforwards			13,846				7,328
Accruals and reserves			1,942				1,209
Other			65				3,429
Intangibles			4,960				4,671
Non-qualified stock options			5,767				4,433
R&E expenditures			34,172				27,709
Lease liabilities			4,213				4,116
Impairment of long-lived assets			5,987				6,115
Total deferred tax assets			140,407				116,044
Deferred tax liabilities
Right-of-use assets			(2,063	)			(1,912	)
Other			(619	)			—
Total deferred tax liabilities			(2,682	)			(1,912	)
Valuation allowance			(137,725	)			(114,132	)
Net deferred taxes		$	—			$	—