Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Significant Component of Deferred Tax Assets

Significant components of the Company’s deferred tax assets at December 31, 2025 and 2024 are as follows:

	December 31,
(in thousands)	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	163,254		$	154,634
Start-up and pre-clinical studies		8,683			11,011
Research and development credit carryforwards		40,345			40,486
Stock-based compensation		766			699
Capitalized acquisition costs		556			1,050
Lease liability		—			—
Depreciation		0			1
Capitalized research expenses		0			5,400
Other		(20	)		0
		213,584			213,281
Less valuation allowance		(213,584	)		(213,281	)
Total deferred tax assets		—			—
Right-of-use asset		—			—
Total deferred tax liabilities	$	—		$	—
Net deferred taxes	$	—		$	—

Reconciliation of Income Tax Expense (Benefit)

A reconciliation of the U.S. federal statutory income tax expense (benefit) to our effective tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:

	Year Ended December 31,
(in thousands)	2025
Federal income tax at statutory rates	$	(859	)		21	%
State income tax, net of federal tax benefit		196			(5	)%
Research and development credits		-		— %
Research and development true-up		1,254			(31	)%
Stock-based compensation		18		— %
Federal/state rate change		(914	)		22	%
Change in valuation allowance		305			(7	)%
Effective tax rate	$	-			0	%

A reconciliation of the U.S. federal statutory income tax expense (benefit) to our effective tax rate for the years ended December 31, 2024 is as follows (in percentages):

	Year Ended December 31,
(in thousands)	2024
Federal income tax at statutory rates		21	%
State income tax, net of federal tax benefit		(2	)%
Research and development credits	— %
Research and development true-up		29	%
Stock-based compensation	— %
Federal/state rate change		0	%
Change in valuation allowance		(48	)%
Effective tax rate		—	%