v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Taxes  
Schedule of components of deferred tax assets and liabilities

The components of deferred tax assets and liabilities were as follows (in thousands):

December 31, 

2025

2024

Deferred tax assets:

  ​

 

  ​

Accrued compensation

$

256

$

283

Accrued other expense

 

153

 

469

Stock compensation

 

2,022

 

1,941

Start-up costs and other intangibles

 

6,643

 

10,834

Net operating losses

 

41,973

 

35,966

Lease liability

 

240

 

378

Other deferred assets

18

 

24

Capitalized research and development expenses

 

8,087

 

11,090

 

59,392

 

60,985

Less: valuation allowance

 

(59,137)

 

(59,560)

Total deferred tax assets

 

255

 

1,425

Deferred tax liabilities:

 

  ​

 

  ​

Depreciation

 

(34)

 

(53)

ROU Asset

 

(221)

 

(384)

Convertible notes

 

 

(988)

Total deferred tax liabilities

 

(255)

 

(1,425)

Net deferred income taxes

$

$

Schedule of reconciliation of the difference between the provision (benefit) for income taxes and income taxes at the statutory U.S. federal income tax rate

December 31, 

2025

Tax expense (benefit) at statutory federal rate

$

(8,237)

21.0

%

State and local income tax, net of federal income tax effect

Foreign tax effects

Effect of changes in tax laws or rates enacted in the current period

Effect of cross-border tax laws

Tax credits

Changes in valuation allowance

3,238

(8.3)

Nontaxable and nondeductible Items

Stock compensation

261

(0.7)

Officers compensation

468

(1.2)

Contingent consideration

(1,951)

4.9

Forward purchase agreements

(735)

1.9

Private placement liabilities

2,748

(7.0)

Convertible notes

4,116

(10.5)

Other

92

(0.1)

Total tax provision and effective tax rate

$

%

2024

 

Income tax at statutory rate

21.0

%

Convertible notes

Contingent consideration

(50.4)

Forward purchase agreements

9.8

Private placement liabilities

Warrants

7.4

Stock compensation

1.0

Officers compensation

1.4

Transaction costs

0.5

Change in valuation allowance

9.3

Other

Effective tax rate

0.0

%

Schedule of reconciliation of unrecognized tax benefits

2024

 

Income tax at statutory rate

21.0

%

Convertible notes

Contingent consideration

(50.4)

Forward purchase agreements

9.8

Private placement liabilities

Warrants

7.4

Stock compensation

1.0

Officers compensation

1.4

Transaction costs

0.5

Change in valuation allowance

9.3

Other

Effective tax rate

0.0

%

A reconciliation of unrecognized tax benefits at the beginning and end of 2025 and 2024 is as follows (in thousands):

December 31, 

2025

2024

Balance, beginning of year

$

16,115

$

14,670

Increases due to current year tax positions

 

297

 

1,445

Decreases due to prior year tax positions

 

 

Balance, end of year

$

16,412

$

16,115