v3.26.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2025
INCOME TAXES  
Schedule of components of net deferred tax assets

  ​ ​ ​

Year Ended December 31, 

(in thousands)

2025

  ​ ​ ​

2024

Deferred tax assets:

  ​

  ​

Net operating losses

$

31,076

$

55,899

Capitalized research expenses

 

2,298

 

3,120

Fixed asset depreciation

 

427

 

477

Other

 

457

 

585

ASC 842 Right of Use Liability

 

286

 

300

Total deferred tax assets

 

34,544

 

60,381

Valuation allowance

 

(34,311)

 

(60,096)

Deferred tax assets

$

233

$

285

Deferred tax liabilities:

 

  ​

 

  ​

ASC 842 Right of Use Asset

$

(233)

$

(285)

Deferred tax liabilities

$

(233)

$

(285)

Net deferred tax assets

$

-

$

-

Schedule of reconciliation statutory federal income tax rate to the company's effective tax rate

  ​ ​ ​

Year Ended December 31, 

 

2025

  ​ ​ ​

2024

 

Tax at federal statutory rate

21

%  

21

%

State tax, net of federal benefit

 

1

 

3

Change in valuation allowance

 

201

 

(22)

Change in warrant valuation

 

(9)

 

2

Net operating loss reduction due to Section 382 limitation

 

(213)

 

(1)

Permanent items

 

(2)

 

(1)

Deferred adjustments, return to provision

 

1

 

(2)

Effective income tax rate

 

-

%  

-

%

Schedule of reconciliation change in the company's unrecognized tax benefits

(in thousands)

  ​ ​ ​

Federal Tax

  ​ ​ ​

State Tax

  ​ ​ ​

Total

Balance at December 31, 2023

$

4,657

$

6,067

$

10,724

Return to provision true up

 

(282)

 

(211)

 

(493)

Decrease due to expirations during 2024

 

(974)

 

-

 

(974)

Balance at December 31, 2024

 

3,401

 

5,856

 

9,257

Decrease due to Section 383 limitations during 2025

 

(3,401)

 

(5,856)

 

(9,257)

Balance at December 31, 2025

$

-

$

-

$

-