Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Effective Income Tax Rate Reconciliation [Line Items]

Schedule of unrecognized tax benefit amount

A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows (in thousands):


		Years Ended December 31,
		2025					2024
Unrecognized tax benefits - beginning		$		4,582			$	3,602
Gross increases - tax positions in prior period				52				—
Gross increase – current-period tax positions				717				980
Unrecognized tax benefits - ending		$		5,351			$	4,582

Schedule net deferred tax assets (liabilities)

The Company’s net deferred tax assets (liabilities) are as follows (in thousands):


		Years Ended December 31,
		2025				2024
Deferred tax assets:
Net operating loss carryforwards		$	51,463			$	33,799
Liability to licensor			4,159				4,159
Goodwill			2,427				2,683
Lease liability			1,302				176
Accrued compensation			—				556
Research credit carryforwards			15,424				13,221
Section 174 cost capitalization			30,808				36,951
Section 59(e) cost capitalization			6,300				7,350
Stock-based compensation			3,635				3,938
Deferred gain			1,491				—
Fixed assets			4				—
Other			81				5
Gross deferred tax assets			117,094				102,838
Less: valuation allowance			(115,932	)			(102,655	)
Total deferred tax assets			1,162				183
Deferred tax liabilities:
Fixed assets			—				(75	)
Operating lease right-of-use asset			(1,162	)			(108	)
Total deferred tax liabilities			(1,162	)			(183	)
Net deferred tax assets		$	—			$	—

U.S. Federal Statutory Income Tax Rate [Member]

Effective Income Tax Rate Reconciliation [Line Items]

Schedule of unrecognized tax benefit amount

A reconciliation of income tax expense computed at the U.S. federal statutory income tax rate to the Company’s income tax expense is as follows (in thousands):

		Year Ended December 31, 2025
		Amount				%
Tax computed at the federal statutory rate		$	(12,518	)			21.0	%
State and local income taxes, net of federal income tax effect ⁽¹⁾			—				—	%
Tax credits:
Research and development credit			(1,279	)			2.1	%
Orphan drug credit			(533	)			0.9	%
Change in valuation allowance			12,829				(21.5	)%
Non-taxable or nondeductible items:
Permanent items			117				(0.2	)%
Equity compensation			403				(0.7	)%
Nondeductible officer’s compensation			981				(1.6	)%
Changes in unrecognized tax benefits			—				—	%
Other, net			—				—	%
Provision for income taxes		$	—				—	%


⁽¹⁾	The state that contributes to the majority (greater than 50%) of the tax effect in this category was California for year ending December 31, 2025.

As previously disclosed prior to the adoption of ASU 2023-09, a reconciliation of the income tax expense computed at the U.S. federal statutory income tax rate to the Company’s income tax expense is as follows (in thousands):

		Year Ended December 31, 2024
Tax computed at the federal statutory rate		$	(14,653	)
State income taxes, net of federal tax benefit			(49	)
Nondeductible executive compensation			369
Stock-based compensation			294
Research and development and orphan drug credits			(3,789	)
Uncertain tax positions			947
Other, net			(132	)
Valuation allowance			17,013
Income tax expense		$	—