Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of (Loss) Income from Continuing Operations Before Income Taxes

Loss before income taxes consisted of the following components (in thousands):

	Year Ended December 31,
	2025		2024
United States	$	(172,964)	$	(18,020)
Foreign		(835)		(896)
Total	$	(173,799)	$	(18,916)

Schedule of Components of Deferred Tax Assets

The Company has not recognized any current or deferred tax expense on its US and foreign pre-tax losses for the years ended December 31, 2025 and 2024.

Significant components of the Company’s deferred tax assets and liabilities were as follows (in thousands):

	December 31,
	2025		2024
Deferred tax assets:
Net operating loss carryforwards	$	66,902	$	53,618
Capitalized research and development		19,062		24,045
Stock-based compensation		1,931		1,804
Depreciation		666		762
Lease accounting		12,846		13,505
Interest expense carryforward		3,340		1,292
Other		2,336		2,086
Total deferred tax assets before valuation allowance		107,083		97,112
Less: valuation allowance		(97,776)		(84,217)
Total deferred tax assets after valuation allowance		9,307		12,895
Deferred tax liabilities:
Right-of-use asset		(8,755)		(10,763)
In-process research and development		(3,077)		(3,077)
Debt basis differences		(405)		(1,991)
Other		(147)		(141)
Total deferred tax liabilities		(12,384)		(15,972)
Net deferred tax liability	$	(3,077)	$	(3,077)

Schedule of Reconciliation of Statutory to Effective Tax Rates

	December 31,
	2024
U.S. federal statutory income tax rate	21.0	%
Adjustments for tax effects of:
State income taxes, net of federal tax	9.6	%
Stock-based compensation	(3.7)	%
Non-deductible debt items	25.3	%
Change in valuation allowance	(49.7)	%
Change in rate	0.5	%
Return to provision	(1.6)	%
Permanent differences and other	(1.4)	%
Effective income tax rate	(0.0)	%

Income Tax Benefit

	December 31, 2025
	Amount	%
Income taxes (benefit) at statutory federal rate	(36,498)	21.0	%
State and local taxes, net of federal income tax effect	-	0.0	%
Foreign tax effects
Other foreign	175	(0.1)	%
Change in valuation allowance	10,453	(6.0)	%
Non-taxable or nondeductible items
Stock compensation	137	(0.1)	%
Non-deductible debt items	25,403	(14.6)	%
Other	330	(0.2)	%
Effective income tax rate	-	0.0	%