Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax (benefit) expense are as follows (in thousands):

	Years Ended December 31,
	2025		2024		2023
Current tax expense
U.S. federal	$	(254)	$	663	$	—
State and local	1,126		1,255		324
Total current	872		1,918		324
Deferred tax benefit
U.S. federal	(6,081)		1,622		33
State and local	(147)		(221)		(256)
Total deferred	(6,228)		1,401		(223)
Total income tax (benefit) expense	$	(5,356)	$	3,319	$	101

Schedule of Effective Income Tax Rate Reconciliation

The differences between income taxes expected at the U.S. federal statutory rate (21%) and the reported income tax benefit, following the adoption of ASU 2023-09, are summarized as follows (in thousands):

	Year Ended December 31, 2025
	$		%
Pre-tax loss	$	(29,514)
U.S. federal statutory income tax rate	(6,199)		21.0	%
State and local income taxes, net of federal effect	742		(2.5)	%
Tax credits:
R&D tax credit	(2,078)		7.0	%
Non-taxable and non-deductible items:
Non-deductible meals and entertainment	2,032		(6.9)	%
Stock-based compensation	2,374		(8.0)	%
Other	119		(0.4)	%
Change in valuation allowance	(2,401)		8.1	%
Other	55		(0.2)	%
Income tax benefit	$	(5,356)	18.1	%

The differences between income taxes expected at the U.S. federal statutory rate (21%) and the reported income tax expense, prior to the adoption of ASU 2023-09, are summarized as follows (in thousands):

	Years Ended December 31,
	2024		2023
Pre-tax income (loss)	$	21,564	$	(57,365)
U.S. federal taxes at statutory rate	4,528		(12,046)
State income taxes	683		925
R&D tax credit	(3,381)		(2,186)
Change in valuation allowance	(4,469)		5,207
Stock-based compensation	1,528		4,323
Non-deductible officers’ compensation	2,651		2,377
Permanent differences	1,712		1,474
Other	67		27
Income tax expense	$	3,319	$	101

Schedule of Income Taxes Paid Net Of Refunds

Income taxes paid (net of refunds) that exceed 5% of total income taxes paid (net of refunds) by jurisdictions following the adoption of ASU 2023-09, are as follows (in thousands):

	Year Ended December 31, 2025
U.S. federal	$	1,172
State and local
Michigan	127
Pennsylvania	244
Virginia	(138)
Other	196
Total income taxes paid, net of refunds received	$	1,601

Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities are as follows (in thousands):

	As of December 31,
	2025		2024
Deferred tax assets:
NOL carryforwards	$	33,831	$	31,782
Accrued liabilities	10,048		7,301
Capitalized R&D costs	8,925		15,485
Lease liabilities	7,050		3,774
Stock-based compensation	6,464		5,128
R&D tax credit	13,002		9,747
Total deferred tax assets	79,320		73,217
Less valuation allowance	(48,662)		(50,536)
Deferred tax assets, net	$	30,658	$	22,681
Deferred tax liabilities:
Prepaid expenses	$	(213)	$	(185)
Property and equipment	(8,457)		(6,374)
Intangible assets	(18,032)		(14,986)
ROU assets	(5,654)		(2,558)
Other	(637)		(185)
Total deferred tax liabilities	(32,993)		(24,288)
Net deferred tax liability	$	(2,335)	$	(1,607)