v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Provision
The income tax provision consisted of the following for the years ended December 31, 2025 and 2024 (in thousands):
December 31,
20252024
Current:
   Federal$— $— 
   State— — 
Total Current— — 
Deferred:
   Federal25 24 
   State140 90 
Total Deferred165 114 
Total Income Tax Expense$165 $114 
Schedule of Components of Deferred Tax Assets (Liabilities)
The net deferred tax assets (liabilities) consisted of the following for the years ended December 31, 2025 and 2024 (in thousands):
 December 31,
 20252024
Deferred tax assets:        
Net operating losses$61,737 $42,689 
Tax credit carryforwards7,675 6,263 
Capitalized research and development8,161 10,803 
Stock-based compensation3,260 1,651 
Basis difference in tangible and intangible assets, net1,586 1,811 
Accrued compensation1,041 691 
Installment sale496 462 
Derivative liability4,723 2,073 
Other13 148 
Lease liability112 225 
Valuation allowance(87,559)(65,656)
Total net deferred tax assets1,245 1,160 
Deferred tax liabilities:
Goodwill(1,249)(1,022)
Prepaid expenses(342)(227)
Right-of-use asset(88)(181)
Total net deferred tax liabilities(1,679)(1,430)
Deferred tax liability, net$(434)$(270)
Schedule of Reconciliation of Income Tax Expenses Between Federal Statutory Rate and Effective Income Tax Rate
The income tax expense for the years ended December 31, 2025 and 2024 differed from the amounts computed by applying the U.S. federal income tax rate of 21% as follows:
 December 31,
 20252024
AmountPercentAmountPercent
U.S. Federal statutory rate$(16,400)21.0 %$(7,353)21.0 %
State and Local Income Tax, Net of Federal Income Tax Effect140 (0.2)%90(0.3)%
Tax Credits (Research & Development)(1,412)1.7 %(409)1.2 %
Changes in Valuation Allowances16,656 (21.3)%5,816 (16.6)%
Nontaxable or Nondeductible Items
Warrants and related transaction costs— — %(6,954)19.9 %
Acquired in-process research and development— — %5,805 (16.6)%
Stock compensation353 (0.4)%3,846 (11.0)%
Executive Compensation821 (1.0)%(564)1.6 %
Other— %— %
Other Adjustments— %(165)0.5 %
Effective Tax Rate$165 (0.2)%$114 (0.3)%