v3.26.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Reconciliation between U.S. Federal Income Taxes at Statutory Rate and Provision for Income Taxes
The reconciliation between U.S. federal income taxes at the statutory rate and the Company’s provision for income taxes are as follows:
 
    
December 31,
2025
 
U.S. federal taxes at statutory rate
     21.0
State tax, net of federal tax benefit
     1.0  
Nontaxable and nondeductible items:
  
Business Combination expenses
     (6.9
Other
     (0.1
Change in valuation allowance
     (15.0
  
 
 
 
Effective income tax rate
     — 
  
 
 
 
 
    
December 31,
2024
 
U.S. federal taxes at statutory rate
     21.0
Equity compensation
     (3.0
Change in valuation allowance
     (18.0
  
 
 
 
Effective income tax rate
     — 
  
 
 
 
Components of Net Deferred Tax Assets and Related Valuation Allowance The components of the Company’s net deferred tax assets and related valuation allowance are as follows (in thousands):
 
    
December 31,
 
    
2025
    
2024
 
Deferred tax assets:
     
Net operating loss carryforwards
   $ 38,350      $ 14,517  
General business and other credit carryforwards
     1,319        1,319  
Capitalized research expenditures
     619        807  
Stock-based compensation
     492        —   
Intangible assets
     641        720  
  
 
 
    
 
 
 
Total gross deferred tax assets
     41,421        17,363  
Valuation allowance
     (41,421      (17,363
  
 
 
    
 
 
 
Total deferred tax assets
     —         —   
Deferred tax liabilities
     —         —   
  
 
 
    
 
 
 
Total net deferred tax assets
   $ —       $ —   
  
 
 
    
 
 
 
Reconciliation of Beginning and Ending amount of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
 
    
December 31,
 
    
2025
    
2024
 
Balance at the beginning of the year
   $ 354      $ 354  
  
 
 
    
 
 
 
Balance at the end of the year
   $ 354      $ 354