v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes

The provision from income taxes for the years ended December 31, 2025 and 2024 is as follows (in thousands):

 

 

 

Year ended December 31,

 

Current:

 

2025

 

 

2024

 

Federal

 

$

 

 

$

 

State

 

 

1

 

 

 

1

 

Total current tax expense

 

 

1

 

 

 

1

 

Deferred:

 

 

 

 

 

 

Federal

 

 

 

 

 

 

State

 

 

 

 

 

 

Total deferred tax expense

 

 

 

 

 

 

Income tax provision

 

$

1

 

 

$

1

 

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the effective tax rates of the Company and the U.S. federal statutory tax rate is as follows:

 

 

 

Year ended December 31,

 

 

 

2025

 

 

2024

 

Statutory tax rate

 

 

21.0

%

 

 

21.0

%

Changes in income taxes resulting from:

 

 

 

 

 

 

State taxes (net of federal tax benefits)

 

 

0.3

%

 

 

(5.1

%)

Increase in valuation allowance

 

 

(24.9

)%

 

 

(17.9

)%

Non-deductible interest and other expenses

 

 

(2.1

)%

 

 

(1.1

)%

Return to provision adjustments

 

 

3.9

 %

 

 

(0.2

)%

Tax credits

 

 

1.8

 %

 

 

3.3

 %

Effective income tax rate

 

 

 %

 

 

 %

Schedule of Deferred Tax Assets and Liabilities

The temporary differences of the Company that give rise to significant portions of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024, are as follows (in thousands):

 

Deferred tax assets:

 

December 31, 2025

 

 

December 31, 2024

 

Net operating losses

 

$

14,906

 

 

$

8,121

 

Capitalized research and development

 

 

8,521

 

 

 

11,454

 

Accruals

 

 

1

 

 

 

436

 

Stock-based compensation

 

 

1,144

 

 

 

413

 

Tax credits

 

 

4,870

 

 

 

2,696

 

Leases

 

 

760

 

 

 

815

 

Gross deferred tax assets

 

 

30,202

 

 

 

23,935

 

Valuation allowance

 

 

(29,671

)

 

 

(23,390

)

Total deferred tax assets

 

 

531

 

 

 

545

 

Deferred tax liabilities:

 

 

 

 

 

 

Depreciable asset basis differences

 

 

(38

)

 

 

(15

)

Unrealized gain - other comprehensive income

 

 

(35

)

 

 

(24

)

Operating lease right-of-use assets

 

 

(458

)

 

 

(506

)

Total deferred tax liabilities

 

 

(531

)

 

 

(545

)

Net deferred tax assets

 

$

 

 

$