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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Summary of Loss Before Provision for Income Taxes

Loss before provision for income taxes for the years ended December 31, 2025 and 2024 consisted of the following (in thousands):

 

 

Year Ended
December 31,

 

 

2025

 

 

2024

 

Federal

 

$

(43,438

)

 

$

(69,167

)

Foreign

 

 

 

 

 

 

Loss before provision for income taxes

 

$

(43,438

)

 

$

(69,167

)

 

Schedule of Provision for Income Taxes

The provision for income taxes for the years ended December 31, 2025 and 2024 consisted of the following (in thousands):

 

 

December 31,

 

 

 

2025

 

 

2024

 

 Current income tax (benefit) expense:

 

 

 

 

 

 

 Federal

 

$

 

 

$

 

 State

 

 

 

 

 

 

 Foreign

 

 

 

 

 

 

 Total current income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 Deferred income tax (benefit) expense:

 

 

 

 

 

 

 Federal

 

 

 

 

 

 

 State

 

 

 

 

 

 

 Foreign

 

 

 

 

 

 

 Total deferred income tax benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

Total income tax expense (benefit):

 

$

 

 

$

 

Schedule of Reconciliation of Effective Tax Rate for Income Taxes

The reconciliation of the effective tax rate for income taxes from the federal statutory rate for the years ended December 31, 2025 and 2024 was as follows (in thousands):

 

 

 

Year Ended
December 31,

 

 

 

2025

 

 

2024

 

Income tax computed at federal statutory rate

 

$

(9,122

)

 

21.0

%

 

$

(14,525

)

 

21.0

%

State taxes

 

 

 

 

0.0

%

 

 

 

 

0.0

%

Tax credits - research and development tax credits

 

 

375

 

 

-0.9

%

 

 

(378

)

 

0.5

%

Change in valuation allowance

 

 

8,545

 

 

-19.6

%

 

 

11,642

 

 

-16.8

%

Nontaxable or nondeductible items

 

 

 

 

 

 

 

 

 

 

Loss on extinguishment and on issuance of convertible promissory notes

 

 

 

 

0.0

%

 

 

3,571

 

 

-5.2

%

Other

 

 

202

 

 

-0.5

%

 

 

(310

)

 

0.5

%

Effective income tax rate

 

$

 

 

0.0

%

 

$

 

 

0.0

%

Schedule of Significant Components of Deferred Tax Assets and Liabilities

The following table presents significant components of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024 (in thousands):

 

 

 

December 31,

 

 

 

2025

 

 

2024

 

Deferred tax assets:

 

 

 

 

 

 

Net operating loss carryforwards

 

$

24,990

 

 

$

7,360

 

Capitalized R&D expenditures

 

 

24,869

 

 

 

5,115

 

Research credits

 

 

1,851

 

 

 

2,226

 

Accrued expenses and reserves

 

 

1,561

 

 

 

1,472

 

Other

 

 

 

 

 

3

 

R&D funding arrangement

 

 

9,037

 

 

 

7,291

 

Total deferred tax assets

 

 

62,308

 

 

 

23,467

 

Less valuation allowance

 

 

(62,308

)

 

 

(23,467

)

Net deferred tax assets

 

$

 

 

$

 

Summary of Income Taxes Paid (Net of Refunds Received)

The following summarizes the Company's income taxes paid (net of refunds received) for the years ended December 31, 2025 and 2024 (in thousands):

 

 

Year Ended
December 31,

 

 

2025

 

 

2024

 

Federal

 

$

 

 

$

 

State

 

 

 

 

 

 

Foreign

 

 

 

 

 

 

Total

 

$

 

 

$

 

Schedule of Reconciliation of Beginning and Ending Balances of Unrecognized Tax Benefits

A reconciliation of the beginning and ending balances of the unrecognized tax benefits during the years ended December 31, 2025 and 2024, is as follows (in thousands):

 

 

Year Ended
December 31,

 

 

2025

 

 

2024

 

 Beginning Balance

 

$

680

 

 

$

514

 

 Increase (decrease) based on current year tax positions

 

 

 

 

 

166

 

 Increase (decrease) for prior year tax positions

 

 

(125

)

 

 

 

 Ending Balance

 

$

555

 

 

$

680