Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of components of deferred tax assets and liabilities

The components of deferred tax assets and liabilities were as follows (in thousands):

	December 31,
	2025		2024
Deferred tax assets:
Accrued compensation	$	256	$	283
Accrued other expense		153		469
Stock compensation		2,022		1,941
Start-up costs and other intangibles		6,643		10,834
Net operating losses		41,973		35,966
Lease liability		240		378
Other deferred assets		18		24
Capitalized research and development expenses		8,087		11,090
		59,392		60,985
Less: valuation allowance		(59,137)		(59,560)
Total deferred tax assets		255		1,425
Deferred tax liabilities:
Depreciation		(34)		(53)
ROU Asset		(221)		(384)
Convertible notes		—		(988)
Total deferred tax liabilities		(255)		(1,425)
Net deferred income taxes	$	—	$	—

Schedule of reconciliation of the difference between the provision (benefit) for income taxes and income taxes at the statutory U.S. federal income tax rate

		December 31,
		2025
Tax expense (benefit) at statutory federal rate	$	(8,237)	21.0	%
State and local income tax, net of federal income tax effect		—	—
Foreign tax effects		—	—
Effect of changes in tax laws or rates enacted in the current period		—	—
Effect of cross-border tax laws		—	—
Tax credits		—	—
Changes in valuation allowance		3,238	(8.3)
Nontaxable and nondeductible Items
Stock compensation		261	(0.7)
Officers compensation		468	(1.2)
Contingent consideration		(1,951)	4.9
Forward purchase agreements		(735)	1.9
Private placement liabilities		2,748	(7.0)
Convertible notes		4,116	(10.5)
Other		92	(0.1)
Total tax provision and effective tax rate	$	—	—	%

	2024
Income tax at statutory rate	21.0	%
Convertible notes	—
Contingent consideration	(50.4)
Forward purchase agreements	9.8
Private placement liabilities	—
Warrants	7.4
Stock compensation	1.0
Officers compensation	1.4
Transaction costs	0.5
Change in valuation allowance	9.3
Other	—
Effective tax rate	0.0	%

Schedule of reconciliation of unrecognized tax benefits

	2024
Income tax at statutory rate	21.0	%
Convertible notes	—
Contingent consideration	(50.4)
Forward purchase agreements	9.8
Private placement liabilities	—
Warrants	7.4
Stock compensation	1.0
Officers compensation	1.4
Transaction costs	0.5
Change in valuation allowance	9.3
Other	—
Effective tax rate	0.0	%

A reconciliation of unrecognized tax benefits at the beginning and end of 2025 and 2024 is as follows (in thousands):

	December 31,
	2025		2024
Balance, beginning of year	$	16,115	$	14,670
Increases due to current year tax positions		297		1,445
Decreases due to prior year tax positions		—		—
Balance, end of year	$	16,412	$	16,115