v3.26.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Current and Deferred Tax Provision

A summary of the Company’s current and deferred tax provision is as follows:

 

   2025   2024 
   Year Ended December 31, 
   2025   2024 
Current income tax expense:          
Federal  $—   $— 
State   —    — 
Total current income tax expense   —    — 
Deferred income tax expense (benefit):          
Federal   1    1 
State   2    (1)
Total deferred tax expense   3    — 
Total income tax expense  $3   $— 
Schedule of Reconciliation of the U.S federal statutory income tax and effective income tax rate

A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:

 

   Amount   Rate   Amount   Rate 
   Year Ended December 31, 
   2025   2024 
   Amount   Rate   Amount   Rate 
Federal statutory income tax rate 

$

(19,268)   21.0%  $

(12,156

)   21.0%
State income taxes, net of federal benefits   2    —%   

(1

)   —%
Change in valuation allowance   17,466    (19.0)%   11,619    (20.1)%
Nontaxable/non-deductible items:   

 

         

 

      
Interest accretion expense   —    —%   

(41

)   0.1%
Mark to market warrant   1,599    (1.7)%   

20

    —%
Other permanent items   203    (0.3)%   

559

    (1.0)%
Effective income tax rate  $3    —%  $—    —%
Schedule of Deferred tax assets and liabilities

Net deferred income tax assets and liabilities as of December 31, 2025 and 2024 consisted of the following:

 

   2025   2024 
   Year Ended December 31, 
   2025   2024 
Deferred tax assets:          
Net operating loss carryforwards  $137,964   $121,804 
Research and development tax credit carryforwards   4,346    5,674 
Stock-based compensation expense   20,301    17,717 
Intangible assets   —    3,028 
Deferred revenue   1,364    1,469 
Capitalized research and development   16,086    22,903 
IRC Section 163j interest   4,612    1,471 
Other   10,897    7,341 
Total deferred tax assets   195,570    181,407 
Deferred tax liabilities          
Intangible assets  $

(3,006

)  $

—

 

Total deferred tax liabilities

   

(3,006

)   

—

 
Valuation allowance   (192,576)   (181,416)
Net deferred tax liabilities  $(12)  $(9)
Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

 

  

Unrecognized

Tax Benefits

 
Balance at January 1, 2024  $1,028 
Decrease related to current year tax provision   — 
Balance at December 31, 2024   1,028 
Decrease related to current year tax provision   — 
Balance at December 31, 2025  $1,028