Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Components of Deferred Tax Assets and Liabilities

The primary components of the deferred tax assets and liabilities were as follows:


	December 31,
	2025			2024
	(In thousands)
Deferred tax assets:
Net operating loss carryforwards	$	59,350		$	49,953
Research and development credit carryforwards		2,494			1,951
Stock-based and other compensation		3,131			1,997
Lease liabilities		669			828
Razor investment		—			2,303
Capitalized R&D (1)		5,800			6,711
Capital loss carryforward		7,675			5,372
Intangibles and fixed assets		926			—
Other		70			1
Total deferred tax assets		80,115			69,116
Valuation allowance		(79,637	)		(64,436	)
Deferred tax assets, net of valuation allowance		478			4,680
Deferred tax liabilities:
ROU assets		(478	)		(564	)
Intangibles and fixed assets		—			(4,116	)
Total deferred tax liabilities		(478	)		(4,680	)
Net deferred taxes	$	—		$	—

(1)

Relates to research and development expenditures required to be capitalized as of December 31, 2025 and 2024.

Schedule of Income Tax Reconciliation

A reconciliation of the difference between the federal statutory tax rates and the Company’s effective tax rates is as follows:


	Years Ended December 31,
	2025						2024 (1)
	Amount			Percent			Amount			Percent
	(Amounts in thousands)
U.S. federal statutory tax rate	$	(10,547	)		21	%	$	(12,739	)		21	%
State and local income taxes, net of federal income tax effect (2)		(182	)		0	%		(113	)		0	%
Foreign tax effects
Germany
Statutory tax rate difference between Germany and the U.S.		4			0	%		(8	)		0	%
Effect of changes in tax laws or rates enacted in the current period		—			—			—			—
Effect of cross-border tax laws		—			—			—			—
Tax Credits
Research and development tax credits		(721	)		1	%		(151	)		0	%
Changes in valuation allowances		9,179			(18	)%		(472	)		1	%
Nontaxable or nondeductible items
Permanent adjustments		31			0	%		54			0	%
Stock-based payment awards		445			(1	)%		310			(1	)%
Change in fair value of contingent consideration		1,249			(2	)%		(898	)		2	%
Section 382 limitation		—			—			15,225			(25	)%
Changes in unrecognized tax benefits		542			(1	)%		(1,208	)		2	%
Effective tax rates	$	—			0	%	$	—			(0	)%

(1)

The 2024 numbers have been reclassified to conform to the 2025 presentation in connection with the adoption of ASU 2023-09, see Note 2, “Principles of Consolidation and Basis of Presentation – Reclassifications” for additional information.

(2)

State taxes in California, Tennessee and Florida made up 100 percent of the tax effect in this category.

Schedule of Unrecognized Tax Benefit

A reconciliation of the annual beginning and ending UTBs is as follows:


	Years Ended December 31,
	2025		2024
	(In thousands)
Balance at the beginning of the year	$	1,087	$	2,296
Additions based on tax positions related to current year		542		189
Adjustments based on tax positions related to prior years		—		(1,398	)
Settlements		—		—
Balance at end of year	$	1,629	$	1,087