v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of deferred tax assets and liabilities as of December 31, 2025 and 2024:
As of December 31,
(Amounts in thousands)20252024
Deferred tax assets (liabilities):
Net operating loss carryforwards$154,741 $142,819 
Accrued settlements599 1,870 
Pass-through equity interests7,339 8,029 
Fair market value adjustments(4,571)(8,746)
Tax credit carryforwards863 1,643 
Reserves3,972 3,773 
Stock-based compensation1,351 1,962 
Depreciation and amortization(90,103)(69,118)
Interest expense carryforward20,910 17,020 
Right of use assets249 270 
Other1,332 485 
Total deferred tax assets, net96,682 100,007 
Less valuation allowance(96,682)(100,007)
Net deferred tax assets$— $— 
Schedule of effective income tax rate reconciliation
Upon adoption of ASU 2023-09, Improvements to Income Tax Disclosures, the reconciliation of taxes at the federal statutory rate to our provision for (benefit from) income taxes for the year ended December 31, 2025 was as follows:

Year Ended
December 31, 2025
(Amounts in thousands)AmountPercent
US federal statutory income tax rate$(5,866)21.0 %
State taxes, net of federal benefit— — %
Effects of changes in tax law or rates enacted in the current period— — %
Tax credits
Research and development tax credits780 (2.8)%
Changes in valuation allowance(2,565)9.2 %
Nondeductible/nontaxable items
Stock based compensation16 (0.1)%
Fair market value adjustments1,150 (4.1)%
Other 177 (0.6)%
Other adjustments
Return to accrual(355)1.3 %
Net operating loss adjustments5,638 (20.2)%
RSU forfeitures/cancellations272 (1.0)%
Sec 163(j) adjustment826 (3.0)%
Other(73)0.3 %
Effective tax rate$— — %


For the year ended December 31, 2025, state taxes for California, New Jersey and New York made up the majority (greater than 50%) of the tax affect.

The reconciliation of taxes at the federal statutory rate to our provision for (benefit from) income taxes for the year ended December 31, 2024 in accordance with the guidance prior to the adoption of ASU 2023-09 was as follows:
Year Ended
December 31, 2024
U.S. federal statutory rate21.0 %
State taxes, net of federal benefit8.7 %
Change in fair value of warrant liability— %
Option and RSU expense— %
Goodwill impairment(1.9)%
Other(1.9)%
True-up to prior years' return9.5 %
Change in valuation allowance(35.4)%
Purchase accounting— %
Effective tax rate— %