Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Provision For Income Taxes

The components of the Company’s income (loss) before provision for income taxes are as follows (in thousands):

	Year Ended December 31,
	2025
Domestic	$	29,843
Foreign		—
Total income (loss) before income taxes	$	29,843

Schedule of Components of Income Tax Expense

The Company has had immaterial tax expense due to operating losses incurred since inception and no deferred tax provision in the current period.

Schedule of Reconciliation Federal Statutory Income Tax Rate to Effective Income Tax Rate

The following table reconciles the U.S. federal statutory income tax rate to the Company’s effective income tax rate for the year ended December 31, 2025:

	Year Ended December 31, 2025
	Amount (in thousands)			Percentage
Federal statutory income tax rate	$	6,267			21.0		%
State and local income taxes, net of       federal income tax effect		(2	)		—		%
Foreign tax effects:
Other foreign jurisdictions		—			—		%
Tax credits:
Research and development tax credits		(103	)		(0.3	)	%
Changes in valuation allowances		(6,712	)		(22.5	)	%
Nontaxable or nondeductible items
Excess tax benefits on share-based payments		361			1.2		%
Other		189			0.6		%
Effective income tax rate		—			—		%

As previously disclosed for the year ended December 31, 2024, prior to the adoption of ASU 2023-09, the effective income tax rate differed from the federal statutory income tax rate as follows:

	Year Ended December 31,
	2024
Federal income tax expense at statutory rate		21.0		%
State income taxes, net of federal benefit		9.1
Permanent differences		(0.8	)
Stock-based compensation expense		1.3
Gain/loss on convertible note conversion		7.1
CVR liability revaluation		0.7
Research and development tax credits		3.8
Change in valuation allowance		(42.2	)
Effective income tax rate		—		%

Schedule of Components of Net Deffered Income Taxes

The significant components of the Company’s net deferred income taxes were as follows (in thousands):

	December 31,
	2025			2024
Deferred tax assets:
Net operating loss carryforwards	$	58,663		$	32,554
Capitalized R&D expenditures		27,599			46,552
Tax credit carryforwards		8,136			7,978
Capitalized intangible assets		3,282			3,591
Operating lease liability		1,529			1,682
Stock compensation and other		1,387			733
Contingent liability		—			14,801
Accruals and reserves		673			743
Total deferred tax assets		101,269			108,634
Valuation allowance		(98,471	)		(106,876	)
Total deferred tax assets, net of valuation allowance		2,798			1,758
Deferred tax liabilities:
Operating right-of-use asset		(1,384	)		(1,540	)
Fixed assets		(129	)		(218	)
Installment sale		(1,285	)		—
Total deferred tax liabilities		(2,798	)		(1,758	)
Net deferred tax assets	$	—		$	—