Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Summary of components of income tax benefit

The components of the income tax benefit are as follows:

		Years ended December 31,
		2025		2024
		Amount	Percent	Amount	Percent
Federal tax at statutory rate		($12,499)	21.0 %	($11,061)	21.0 %
State taxes, net of federal deduction*		(1,997)	3.4 %	(1,697)	3.2 %
Effect of Changes in Tax Laws or Rates Enacted in the Current Period		(39)	0.0 %	—	0.0 %
Tax Credits
	R&D credits	—	0.0 %	(45)	0.1 %
Non-deductible Items
	Stock based compensation	917	(1.5)%	193	(0.4)%
	Other	3	0.0 %	9	0.0 %
Other Adjustments		(13,414)	22.5 %	988	(1.9)%
Change in valuation allowance		27,029	(45.4)%	11,613	(22.0)%
Income tax benefit		$0	0.0 %	$0	0.0 %
* State taxes in Colorado for 2025 and 2024 made up the majority (greater than 50%) of the tax effect in this category.

Components of net deferred taxes asset and liabilities

Significant components of deferred income taxes are as follows (in thousands):

	As of December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	58,177		$	53,984
R&D tax credit		19,363			837
Deferred R&D expenses		36,095			32,729
Accrued expenses		840			1,903
Share-based compensation		2,423			978
Intangible assests		7,005			424
Other		91			—
Total deferred tax assets		123,994			90,855
Valuation allowance		(123,994	)		(90,855	)
Deferred tax assets, net of valuation allowance		—			—