v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Components of Income (Loss) Before Taxes
The components of income (loss) before taxes on income are as follows (in thousands):
 
    
Year ended December 31,
  
    
2025
     
2024
     
2023
  
U.S.
    $ (2,672 )     $ 637      $ (7,696 ) 
Israel
      (3,323 )       (3,780 )       (9,358 ) 
Australia
      —         —         —   
  
 
 
     
 
 
     
 
 
  
Loss before taxes on income
    $ (5,995 )     $ (3,143 )     $ (17,054 ) 
  
 
 
     
 
 
     
 
 
  
Significant Components of Deferred Tax Assets
The significant components of the Company’s deferred tax assets were comprised of the following (in thousands):
 
    
December 31,
  
    
2025
     
2024
     
2023
  
Deferred tax assets:
         
Net operating loss carryforwards
    $ 73,691      $ 70,749      $ 69,906  
Stock-based compensation
      1,075        1,180        1,904  
Reserves and allowances
      261        463        229  
U.S. tax credits and other credits
      12,692        12,550        12,270  
Capitalized research and development expenditures
      6,881        8,825        9,750  
Operating lease
right-of-use
assets
      —         (1 )       (32 ) 
Operating lease liabilities
      —         2        33  
Other
      44        94        129  
Total deferred tax assets
      94,644        93,862        94,189  
Valuation allowance
      (94,644 )       (93,862 )       (94,189 ) 
  
 
 
     
 
 
     
 
 
  
Net deferred tax assets
    $ —       $ —       $ —   
  
 
 
     
 
 
     
 
 
  
Reconciliation of Expected Tax Expense with Actual Tax Expense
For the years ended December 31, 2025, 2024 and 2023 the expected tax expense based on the federal statutory rate is reconciled with the actual tax expense as follows:

 
 
  
 
 
  
Year ended December 31,
 
 
  
2025
 
  
2025
 
 
2024
 
  
2024
 
 
2023
 
  
2023
 
 
  
(dollar amounts in thousands)
 
U.S. federal statutory rate
   
$
(1,259
) 
     
21.0
% 
  
$
(660
) 
     
21.0
% 
  
$
(3,581
) 
     
21.0
% 
State tax rate, net of federal effect
     
2
       
(0.0
) 
    
2
       
0.1
      
2
       
0.0
  
Foreign Tax Effects
                
Statutory tax rate difference between Israel and United States
     
(67
) 
     
1.1
      
(76
) 
     
2.4
      
(187
) 
     
1.1
  
Changes in valuation allowances
     
755
       
(12.6
) 
    
868
       
(27.6
) 
    
2,157
       
(12.7
) 
Other items
     
9
       
(0.2
) 
    
1
       
(0.0
) 
    
(5
) 
     
0.0
  
Tax credits
                
Research and development credit
     
(142
) 
     
2.4
      
(280
) 
     
8.9
      
(3,426
) 
     
20.1
  
U.S. Changes in valuation allowances
     
683
       
(11.4
) 
    
(544
) 
     
17.3
      
4,695
       
(27.5
) 
Nontaxable or nondeductible items
                
Stock compensation
     
17
       
(0.3
) 
    
749
       
(23.8
) 
    
358
       
(2.1
) 
Warrant valuation
     
— 
       
— 
      
(79
) 
     
2.5
      
(334
) 
     
2.0
  
Other nontaxable or nondeductible items
     
2
       
(0.0
) 
    
19
       
(0.7
) 
    
322
       
(1.9
) 
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
Effective income tax rate
   
$
— 
       
0
% 
  
$
— 
       
0
% 
  
$
— 
       
0
%