Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of Domestic and Foreign Components of Income (Loss) before Income Taxes

	Year Ended December 31,
	2025		2024
Domestic	$	32,032	$	(19,411)
Foreign		(217)		(68)
Income (loss) before income taxes	$	31,815	$	(19,479)

Schedule of Provision for Income Taxes (All Current)

	Year Ended December 31,
	2025		2024
Current:
Federal	$	—	$	—
State		—		—
Foreign		—		—
Total current tax expense (benefit)	$	—	$	—
Deferred:
Federal	$	—	$	(5,483)
State		—		(175)
Foreign		103		—
Total deferred tax expense (benefit)	$	103	$	(5,658)

Reconciliation Between the Tax Provision Computed at the Federal Statutory Income Tax Rate and Actual Effective Income Tax Rate

	Year Ended December 31, 2025
	Amount		Percent
U.S. federal statutory tax rate	$	6,681	21	%
State and local income taxes, net of federal income tax effect		—	—	%
Foreign tax effects		103	—	%
Effect of cross-border tax laws		—	—	%
Effect of changes in tax laws or rates enacted in the current period:
Tax credits		—	—	%
Changes in Valuation Allowances		(2,538)	(8)	%
Nontaxable or nondeductible items:
Stock based compensation		(584)	(2)	%
Nondeductible executive compensation		735	2	%
Bargain purchase gain		(4,457)	(14)	%
Other permanent differences		163	1	%
Changes in unrecognized tax benefits		—	—	%
Effective tax rate	$	103	—	%

	Year Ended December 31,
	2024
Federal tax at statutory rate	21	%
Stock compensation and other permanent differences	(2)	%
Nondeductible executive compensation	(2)	%
Bargain purchase gain	20	%
Tax benefit related to Pulmokine acquisition	29	%
Valuation allowance	(37)	%
Total	29	%

Schedule of Total Cash Paid for Income Taxes, Net of Refunds

Federal	$	277
State		—
Foreign		—
Total cash paid for income taxes, net of refunds	$	277

Components of Net Deferred Tax Assets

	December 31,
	2025		2024
Capitalized research and development expenses	$	80,267	$	22,663
Net operating loss carryforwards		42,946		36,675
Research and development and other tax credit carryforwards		13,176		13,176
Stock compensation		4,930		5,577
Unearned revenue		960		1,250
Royalty receivable		10,931		10,717
Lease liabilities		4,850		201
Intangible Asset		6,603		—
Other		658		585
Subtotal		165,321		90,844
Less: valuation allowance		(159,927)		(85,160)
Total net deferred tax assets		5,394		5,684
Right-of-use assets		(55)		(69)
Intangible liability		(5,339)		(5,615)
Total deferred tax liabilities		(5,394)		(5,684)
Net deferred tax liabilities	$	—	$	—

Schedule of Unrecognized Tax Benefits

	Year Ended December 31,
	2025		2024
Balance as of January 1	$	5,938	$	5,938
Increase related to current year tax position		—		—
(Decrease) Increase related to prior year tax position		—		—
Balance as of December 31	$	5,938	$	5,938