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Income taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income tax (benefit) expense consists of the following (in thousands):


	Years Ended December 31,
	2025		2024
Current tax provision:
Current federal provision	$	—	$	—
Current state provision	121		131
Current foreign provision	—		—
Total current provision	121		131
Deferred tax provision:
Deferred federal provision	—		—
Deferred state provision	—		—
Deferred foreign provision	—		—
Total tax provision	$	121	$	131

Schedule of effective income tax rate reconciliation

A reconciliation of the expected income tax (benefit) expense computed at the statutory federal rate to income taxes as reflected in the consolidated financial statements was as follows:


	December 31, 2025		%
Expected provision at statutory federal rate	$	(22,025)	21.0	%
State and local income tax - net of federal benefit1	$	95	(0.1)	%
Foreign tax effects	$	—	—	%
Effect of changes in tax laws or rates enacted in the current period	$	—	—	%
Effect of cross-border tax laws	$	—	—	%
Tax Credits
R&D credits	$	(3,008)	2.8	%

Change in valuation allowance	$	23,093	(22.0)	%
Nontaxable or nondeductible items
Stock-based compensation	$	1,910	(1.8)	%
Other permanent difference & true up	$	52	—	%
Change in unrecognized tax benefits	$	—	—	%
Others	$	4	—	%
Total Income Tax Provision	$	121	(0.1)	%

1 State taxes in Massachusetts made up the majority (greater than 50%) of the tax effect in this category.

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


			December 31, 2024
Income tax benefit computed at federal statutory tax rate			21.0%
Stock-based compensation			(4.2)%
State tax - net of federal			6.4%
State credits			1.3%
Federal credits			3.0%
Valuation allowance			(26.6)%
Withholding Tax			—%
Other permanent differences			(1.0)%
Total			(0.1)%

Schedule of deferred tax assets and liabilities

Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and (b) operating losses and tax

credit carryforwards. Significant components of the Company’s deferred tax assets and deferred tax liabilities were as follows (in thousands):


	As of December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	100,151	$	62,429
Capitalized Research and Experimental Expenditures	50,877		68,370
R&D and investment tax credits	27,984		23,646
Deferred revenue	6,160		6,671
Stock-based compensation	13,684		11,003
Operating lease liability	17,395		19,083
Capitalized start-up costs	230		392
Other	22		25
Total gross deferred tax assets	216,503		191,619
Deferred tax liabilities:
Right-of-use asset	(11,754)		(16,697)
Fixed assets	(1,112)		(1,382)
Total deferred tax liabilities	(12,866)		(18,079)
Less: valuation allowance	(203,637)		(173,540)
Net deferred taxes	$	—	$	—

Schedule of Cash Flow, Supplemental Disclosures

The amounts of income taxes paid (net of refunds received) disaggregated by federal, states and foreign were as follows for the tax years ended (in thousands):


	Years Ended December 31,
	2025		2024
Domestic	$	—	$	—
State	131		76
MA	131		76
Foreign	—		—
Total Income Taxes Paid	$	131	$	76