v3.26.1
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Taxes  
Income Taxes

7.

Income Taxes

The Company’s provision (benefit) for income taxes in 2025 and 2024 consisted of the following:

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December 31,

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2025

  ​ ​ ​

2024

Current provision (benefit):

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  ​

​

​

  ​

Federal

​

$

—

​

$

—

State

​

​

—

​

​

—

Total current provision

​

​

—

​

​

—

Deferred tax provision (benefit):

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​

​

​

​

​

Federal

​

​

(9,936)

​

​

(7,368)

State

​

​

(1,876)

​

​

(1,860)

Change in valuation allowance

​

​

11,812

​

​

9,228

Total deferred provision

​

​

—

​

​

—

Total provision (benefit) for income taxes

​

$

—

​

$

—

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The Company is required to establish a valuation allowance for deferred tax assets if, based on the weight of available evidence, it is more likely than not that some or all the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers projected future taxable income and tax planning strategies in making this assessment. As of December 31, 2025 and 2024, the Company established a full valuation allowance against its net deferred tax assets.

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Net deferred tax assets as of December 31, 2025 and 2024 are presented in the table below:

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December 31,

​

​

2025

  ​ ​ ​

2024

Deferred tax assets:

 

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  ​

 

​

  ​

Net operating loss carryforwards

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$

39,504

​

$

27,812

Research and development costs

​

 

13,244

​

 

10,950

Stock-based compensation

​

 

9,642

​

 

10,534

Deferred revenue

​

 

945

​

 

1,527

Lease liability

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4,392

​

 

4,985

Tenant incentive

​

​

1,088

​

​

1,359

Accruals and other

​

 

1,401

​

 

1,912

Deferred tax liabilities:

​

 

​

​

 

​

ROU asset

​

 

(2,673)

​

 

(2,976)

Depreciation and other

​

 

(1,006)

​

 

(1,234)

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​

 

66,537

​

 

54,869

Valuation allowance

​

 

(66,537)

​

 

(54,869)

Net deferred tax assets

​

$

—

​

$

—

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The difference between the expected income tax provision (benefit) from applying the U.S. Federal statutory rate to pre-tax income (loss) and the actual income tax provision (benefit) for the year ended December 31, 2025 relates primarily to the effect of the following:

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Year Ended December 31, 2025

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Amount

  ​ ​ ​

Percent

  ​ ​ ​

U.S Federal statutory rate

​

$

(9,372)

​

$

21.0

%

Changes in valuation allowance

​

​

12,472

​

​

(27.9)

%

Establishment of deferred tax assets and deferred tax liabilities related to SeQure acquisition

​

​

(5,885)

​

​

13.2

%

Nontaxable or nondeductible items

​

​

​

​

​

​

​

Stock compensation

​

​

796

​

​

(1.8)

%

Goodwill impairment

​

​

746

​

​

(1.7)

%

Other

​

​

1,243

​

​

(2.8)

%

Total Income Tax Expense

​

$

—

​

$

—

%

​

​

​

​

​

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As described in Note 2, Summary of Significant Accounting Policies, the Company elected to adopt the guidance of ASU 2023-09 retrospectively. The table below reconciles the difference between the expected income tax provision (benefit) from applying the U.S. Federal statutory rate to pre-tax income (loss) and the actual income tax provision (benefit) for the year ended December 31, 2024:

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Year Ended December 31, 2024

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​

Amount

  ​ ​ ​

Percent

  ​ ​ ​

U.S Federal statutory rate

​

$

(8,583)

​

$

21.0

%

Changes in valuation allowance

​

​

7,805

​

​

(19.1)

%

Nontaxable or nondeductible items

​

​

​

​

​

​

​

Stock compensation

​

​

393

​

​

(1.0)

%

Other

​

​

385

​

​

(0.9)

%

Total Income Tax Expense

​

$

—

​

$

—

%

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On August 16, 2022, the U.S. Inflation Reduction Act of 2022 (the “Inflation Reduction Act”) was signed into law. The Inflation Reduction Act includes, among other provisions, (i) a new corporate alternative minimum tax of 15 percent on the adjusted financial statement income (AFSI) of corporations with average AFSI exceeding $1.0 billion over a three-year period, and (ii) a new excise tax of 1 percent on the fair market value of net corporate stock repurchases. The provisions of the Inflation Reduction Act are effective for tax years beginning after December 31, 2022. The Company does not expect the Inflation Reduction Act to have a material impact on its provision for income taxes.

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The Tax Cuts and Jobs Act of 2017 (the “TCJA”) amended IRC Section 174 to require capitalization of all research and developmental (“R&D”) costs incurred in tax years beginning after December 31, 2021. These costs were required to be amortized over five years if the R&D activities are performed in the United States or over 15 years if the activities were performed outside the United States. The One Big Beautiful Bill Act, passed in 2025, revoked the mandatory capitalization of domestic R&D, however a Company may still elect to capitalize R&D and amortize these costs over ten years. The Company capitalized approximately $20,152 and $19,670 of R&D expenses incurred during the years ended December 31, 2025 and 2024, respectively.

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