Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of (loss) income before income taxes

	Year Ended
	December 31,
	2025		2024
	(in thousands)
United States	$	(190,185)	$	(102,253)
Foreign		1,130		547
Total	$	(189,055)	$	(101,706)

Schedule of provision for income taxes

	Year Ended
	December 31,
	2025		2024
	(in thousands)
Provision for income taxes:
Current:
Federal	$	—	$	—
State		32		—
Foreign		166		173
Total current	$	198	$	173
Deferred:
Federal		—		—
State		—		—
Foreign		—		—
Total deferred	$	—	$	—
Provision for income taxes:	$	198	$	173

Schedule of federal statutory income tax rate

	Year Ended December 31,
	2025				2024
	Amount		Percent		Amount		Percent
U.S Federal Statutory Tax Rate	$	(39,702)	21.0	%	$	(21,358)	21.0	%
State and Local Income Tax, Net of Federal Income Tax Effect*	$	34	0.0	%	$	—	0.0	%
Foreign Tax Effects	$	(71)	0.0	%	$	58	(0.1)	%
Changes in Valuation Allowances	$	34,486	(18.2)	%	$	11,643	(11.4)	%
Nontaxable or Nondeductible Items
Non-deductible Officers Compensation	$	2,378	(1.3)	%	$	3,066	(3.0)	%
Fair Value Adjustments	$	3,088	(1.6)	%	$	6,764	(6.7)	%
Other Adjustments	$	(15)	0.0	%	$	-	0.0	%
Effective Tax Rate	$	198	(0.1)	%	$	173	(0.2)	%

Schedule of deferred tax assets and liabilities

		Year Ended
		December 31,
	2025		2024
	(in thousands)
Deferred tax assets
Net operating loss carryforwards	$	74,307	$	50,167
Stock compensation		909		1,148
Basis in underlying investments		71,539		76,913
Section 163(j) interest limitation		9,096		5,905
Change in FV of conversion option		20,498		—
Other deferred balances		3,288		274
Total Deferred tax assets	$	179,637	$	134,407
Valuation allowance		(178,562)		(133,165)
Total Deferred tax assets, net of valuation allowance	$	1,075	$	1,242
Deferred tax liabilities
Intangibles		(1,075)		(1,242)
Total deferred tax liabilities	$	(1,075)	$	(1,242)
Total net deferred tax asset (liability)	$	—	$	—