Income Taxes |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Income Taxes | |
| Income Taxes | 13. Income Taxes The Company did not record a provision or benefit for income taxes during the three and nine month periods ended September 30, 2026 and 2025. The Company continues to maintain a full valuation allowance against its deferred tax assets. The Company has evaluated the positive and negative evidence involving its ability to realize its deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and its lack of any commercially ready products. The Company has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Management reevaluates the positive and negative evidence involving its ability to realize its deferred tax assets at each reporting period. Under the provisions of Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the “IRC”), certain substantial changes in the Company’s ownership may have limited, or may limit in the future, the amount of net operating loss and research and development credit carryforwards that can be used to reduce future income taxes. We have not performed a detailed analysis to determine whether an ownership change under Section 382 of the IRC occurred. The effect of an ownership change would be the imposition of an annual limitation on the use of losses and credits attributable to periods before the change and could result in a reduction in the total losses and credits available. In addition, if the proposed Merger with Avere is completed, the transaction is expected to result in a significant change in ownership of the Company. As a result, the Company's ability to utilize its net operating loss carryforwards, tax credits and other tax attributes may become substantially limited under Sections 382 and 383 of the IRC. Any such limitation could significantly reduce the future tax benefits associated with these tax attributes. |