Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of losses before income taxes

	Year Ended December 31,
	2025		2024
Domestic	$	(15,020)	$	(7,641)
Foreign		(8,719)		(18,012)
Income/(Loss) before Income Taxes	$	(23,739)	$	(25,653)

Schedule of components of income tax benefit

	Year Ended December 31,
	2025		2024
Current:
Federal	$	—	$	—
State		—		—
Foreign		—		—
Total Current		—		—
Deferred:
Federal	$	—	$	—
State		—		—
Foreign		—		—
Total Deferred		—		—
Provision (Benefit) for income taxes		—		—

Schedule of Income tax (benefit) provision related to continuing operations computed by applying the statutory income tax rate to pretax loss

Income tax provision (benefit) related to continuing operations differ from the amounts computed by applying the statutory income tax rate of 21% to pretax loss as follows (in thousands):

	Year Ended December 31, 2025				Year Ended December 31, 2024
	Amount		Rate		Amount	Rate
US Federal Statutory Tax Rate	$	(4,985)	21.00	%	(5,387)	21.00	%
State and Local Income Taxes, Net of Federal Income Tax Effect		—	—	%	—	—	%
Changes in Valuation Allowances		(1,096)	4.62	%	(14,902)	58.09	%
Nontaxable or Nondeductible Items
Fair Value–Contingent Consideration		1,897	(7.99)	%	147	(0.57)	%
Other Nontaxable or Nondeductible amounts		82	(0.34)	%	75	(0.29)	%
Other Adjustments
Temporary difference true-ups		438	(1.85)	%	181	(0.71)	%
Section 382 limitation		1,834	(7.72)	%	16,103	(62.77)	%
Foreign Tax Effects-Spain
VCN Impairment		(1,442)	6.07	%	1,400	(5.46)	%
Return to Provision book loss		1,773	(7.47)	%	(1)	—	%
Statutory tax rate difference between Spain and United States		(349)	1.47	%	(721)	2.81	%
Changes in Valuation Allowances		1,847	(7.78)	%	3,741	(14.58)	%
NOL adjustment- 382 study		—	—	%	(637)	2.48	%
Other Adjustments		1	(0.01)	%	1	—	%
Effective Tax Rate	$	—	—	%	—	—	%

Schedule of deferred tax assets and liabilities

Deferred income taxes reflect the net tax effects of loss and credit carry forwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets for federal and state income taxes are as follows (in thousands):

	Year Ended December 31,
	2025		2024
Deferred Tax Assets:
Federal, State and Foreign NOL Carryforward	$	13,044	$	9,714
Accrued Compensation		80		26
Stock Issued For Services		409		785
Stock Issued for Acquisition of Program		1,217		1,398
Stock Issued for License Agreement		649		888
Amortizable License Fee		2		3
ASC 842 Lease Liability		161		231
Other Deferred Tax Asset		314		11
Capitalized Research & Development costs		2,108		2,885
Total Gross DTA		17,984		15,941
Less: Valuation Allowance		(12,537)		(11,326)
Total Deferred Tax Assets		5,447		4,615
Deferred Tax Liabilities:
IPR&D		(5,253)		(4,340)
ASC 842 ROU Asset		(194)		(275)
Total Gross DTL		(5,447)		(4,615)
Net Deferred Tax Asset (Liability)	$	—	$	—

Schedule of presents a reconciliation of the total change in the valuation allowance

The following table presents a reconciliation of the total change in the valuation allowance (in thousands):

	Year Ended December 31,
	2025		2024
Beginning Balance	$	11,326	$	28,351
Change charged to income tax expense		483		(16,788)
Changes charged to OCI		728		(237)
Ending Balance		12,537		11,326