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Income Taxes
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company did not record any income tax expense for the three and six months ended June 30, 2026 and 2025. The Company has incurred net operating losses for all the periods presented and has not reflected any benefit of such net operating loss carryforwards in the accompanying financial statements. The Company has recorded a full valuation allowance against all of its deferred tax assets as it is not more likely than not that such assets will be realized in the near future.
It is the Company's policy to record penalties and interest related to income taxes as a component of income tax expense. The Company has not recorded any interest or penalties related to income taxes during the three and six months ended June 30, 2026 and 2025. The Company has not identified any uncertain tax positions in the periods since inception.
Unit : in thousandThree Months EndedSix Months Ended
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Provision (benefit) for income taxes$— $— $— $— 
Effective income tax rate— %— %— %— %
The effective tax rates differ from the statutory tax rates for the three months ended June 30, 2026 and 2025 primarily due to the Company’s full valuation allowance position against domestic deferred tax assets. The provision for income taxes for the three and six months ended June 30, 2026 and 2025 included estimated federal, state and foreign income taxes in jurisdictions in which the Company does not have sufficient tax attributes.
As of June 30, 2026 the Company has a valuation allowance of approximately $23 million against all net domestic deferred tax assets for which realization cannot be considered more likely than not at this time. Management assesses the need for the valuation allowance on a quarterly basis. In assessing the need for a valuation allowance, the Company considers all positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and past financial performance. As a result, management has concluded, as of June 30, 2026, it is more likely than not the Company’s net domestic deferred tax assets will not be realized, and a full valuation allowance against all net domestic deferred tax assets is still warranted as of June 30, 2026. The valuation allowance against these deferred tax assets may require adjustment in the future based on changes in the mix of temporary differences, changes in tax laws, and operating performance. If and when the Company determines the valuation allowance should be released (i.e., reduced), the adjustment would result in a tax benefit reported in that period’s Consolidated Statements of Operations, the effect of which would be an increase in reported net income.
During the period, the Company completed its domestication from the Cayman Islands to Texas. Management evaluated the income tax consequence of the transaction, including the impact on deferred tax assets and liabilities, the realizability of tax attributes and potential limitations under Section 382 of the Internal Revenue Code. The Company does not believe the domestication resulted in a change in tax status requiring a discrete tax adjustment, as the Company was previously subject to US income tax reporting through its existing US operations.