v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Taxes  
Schedule of reconciliation of income taxes

A reconciliation of the Company’s total tax using the statutory income tax rate to the Company’s total tax using their effective income tax rate is as follows (in thousands):

For the Year Ended

 

December 31, 

 

  ​ ​ ​

2025

  ​ ​ ​

2024

 

Amount

%

Amount

%

Pre-tax loss

$

(18,214)

$

(29,397)

U.S. federal statutory tax rate

 

(3,824)

21.0

%

 

(6,173)

21.0

%

Tax credits:

Research and development tax credits

(2,597)

14.3

%

%

Orphan drug tax credit

(6,010)

33.0

%

%

Change in valuation allowance

 

11,372

(62.5)

%

 

5,735

(19.5)

%

Nontaxable or nondeductible items:

Debt extinguishment

(380)

2.1

%

%

Change in fair value of debt

1,038

(5.7)

%

%

Transaction costs

344

(1.9)

%

%

Stock-based compensation

(82)

0.5

%

25

(0.1)

%

Disallowed interest expense

137

(0.8)

%

412

(1.4)

%

Other

2

%

1

%

Total income tax

$

%

$

%

Schedule of components of deferred tax assets

The Company’s significant components of deferred tax assets are as follows (in thousands):

As of December 31, 

  ​ ​ ​

2025

  ​ ​ ​

2024

Capitalized research and development expense

$

35,076

$

8,652

Net operating loss carryforwards

 

103,459

 

9,903

Tax credits

 

9,023

 

417

Other

 

994

 

180

Total deferred tax assets before valuation allowance

 

148,552

 

19,152

Valuation allowance

 

(148,552)

 

(19,152)

Total deferred tax assets after valuation allowance

Net deferred tax assets (liabilities)

$

$