Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

The components of our provision for income taxes were as follows:

	Year Ended December 31,
(in thousands)	2025		2024		2023
Loss before provision for income taxes
U.S.	$	(60,630)	$	(38,870)	$	(65,520)
Provision for income taxes
Current
State	$	469	$	266	$	47
Foreign	500		—		500
Total current	969		266		547
Deferred
Federal	—		—		—
Total deferred	—		—		—
Total provision for income taxes	$	969	$	266	$	547

Schedule of Reconciliation of Effective Tax Rate

A reconciliation of the statutory federal income tax rate to our effective tax rate is as follows:

	Year Ended December 31,
	2025				2024				2023
($ in thousands)	$		%		$		%		$		%
Income tax at the federal statutory rate	$	(12,732)	21.0	%	$	(8,163)	21.0	%	$	(13,759)	21.0	%
State and local income taxes, net of federal effect(1)	401		(0.7)	%	191		(0.5)	%	13		—	%
Foreign tax effects	500		(0.8)	%	—		—	%	500		(0.8)	%
Tax credits
Research and development tax credits	(936)		1.5	%	—		—	%	(215)		0.3	%
Other	(500)		0.8	%	—		—	%	(500)		0.8	%
Changes in valuation allowance	9,367		(15.4)	%	8,023		(20.6)	%	13,601		(20.8)	%
Nontaxable or nondeductible items
Section 162(m) limitation	1,322		(2.2)	%	2,247		(5.8)	%	1,217		(1.9)	%
Stock-based compensation	3,672		(6.1)	%	(2,003)		5.2	%	(65)		0.1	%
Other	(125)		0.2	%	(29)		0.1	%	(245)		0.4	%
Effective tax rate	$	969	(1.7)	%	$	266	(0.6)	%	$	547	(0.9)	%

(1)State and local income taxes that made up the majority (greater than 50%) of the tax effect in this category included: Kentucky in 2025 and 2024; and South Carolina and Kentucky in 2023.

Schedule of Cash Flow, Supplemental Disclosures

The following table presents our income taxes paid, net of refunds, which are all attributable to state and local:

	Year Ended December 31,
(in thousands)	2025		2024		2023
Kentucky	$	391	$	50	*
Texas	41		18		5
South Carolina	*		105		18
New Jersey	*		*		8
New York	*		40		7
Massachusetts	*		20		*
Other	53		33		13
Total	$	485	$	266	$	51

*Jurisdiction below the threshold for the period presented.

Schedule of Components of Deferred Tax Assets

Significant components of our deferred tax assets were as follows:

	December 31,
(in thousands)	2025		2024
Deferred tax assets
Net operating loss carryforwards	$	124,100	$	103,643
Amortization and depreciation	44,703		64,237
Tax credits	17,109		15,529
Stock-based compensation	13,446		11,226
Deferred royalty obligation	6,497		6,409
Other	14,941		8,122
Deferred tax assets	220,796		209,166
Valuation allowance	(219,592)		(208,568)
Deferred tax assets net of valuation allowance	1,204		598
Deferred tax liabilities
Right-of-use asset	(1,204)		(598)
Deferred tax liabilities	(1,204)		(598)
Net deferred taxes	$	—	$	—

Schedule of Reconciliation of Unrecognized Tax Benefits

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

(in thousands)	2025		2024		2023
Balance as of January 1,	$	22,919	$	23,625	$	24,075
Additions based on tax positions related to current year	864		105		262
Additions based on tax positions related to prior year	—		—		99
Subtractions based on tax positions related to prior year	(811)		(811)		(811)
Balance as of December 31,	$	22,972	$	22,919	$	23,625