Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Note 11. Income Taxes

The income tax provision for the years ended December 31, 2025 and 2024 is summarized as follows:

	Year Ended December 31,
	2025		2024
Current tax expense:
Federal	$	—	$	—
State	—		—
Total current tax expense	$	—	$	—
Deferred tax (benefit) expense:
Federal	$	(11,725)	$	(10,493)
State	—		—
Valuation allowance	11,725		10,493
Total deferred tax expense	$	—	$	—

The components of deferred taxes at December 31, 2025 and 2024 are summarized as follows:

	December 31,
	2025		2024
Deferred tax assets:
Federal net operating loss carryforwards	$	93,958	$	72,697
State net operating loss carryforwards	491		491
Operating lease obligation	918		1,426
Section 174 expenditures	19,892		28,445
R&D tax credit	4,714		4,714
Other	1,780		1,676
Intangible assets, net	4,748		5,159
Total deferred tax assets	126,501		114,608
Less: valuation allowance	(125,021)		(113,296)
Deferred tax assets, net of valuation allowance	1,480		1,312
Deferred tax liabilities:
Operating lease right of use asset, net	728		1,140
Property and equipment, net	752		172
Total deferred tax liabilities	1,480		1,312
Net deferred tax assets	$	—	$	—

The reconciliation of taxes at the federal statutory rate to the Company’s provision for income taxes for the years ended December 31, 2025 and 2024 is summarized as follows:

	Year Ended December 31,
	2025
U.S. statutory federal income tax rate	$	(12,009)	21	%
Changes in valuation allowances	11,725		(21)	%
Non-taxable or non-deductible items:
Section 162(m) limitation	615		(1)	%
Other non-taxable or non-deductible items	(331)		1	%
Effective tax rate	$	—	—	%

	Year Ended December 31,
	2024
Provision at statutory rate of 21%	$	(10,930)
Other	437
Changes in valuation allowances	10,493
	$	—

In assessing the realizability of deferred tax assets, management considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considered the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will not realize the benefits of these deductible differences at December 31, 2025.

The Company had federal net operating loss carryforwards of $447.4 million and $346.2 million at December 31, 2025 and 2024, respectively. At December 31, 2025, $10.5 million of this amount will begin to expire in 2036 and the remaining $436.9

million has an indefinite carryforward period. The Company had state net operating loss carryforwards of $12.5 million and $12.5 million at December 31, 2025 and 2024, respectively, that will begin to expire beginning in 2036. The Company had federal and state R&D credits of $4.7 million that will begin to expire in 2037. The Company’s ability to utilize a portion of net operating loss carryforwards and credits to offset future taxable income, and tax, respectively, is subject to certain limitations under Section 382 of the Internal Revenue Code upon changes in equity ownership of the Company. Due to such limitation, $2.0 million of the Company’s net operating loss and less than $0.1 million of the Company’s R&D credits will expire unused, regardless of taxable income in future years.

The Company files a United States federal income tax return, as well as income tax returns in various states. The tax returns for years 2022 and thereafter remain open for examination. However, the taxing authorities have the ability to review the propriety of tax losses created in closed tax years to the extent such losses are utilized in an open tax year.