XML 95 R47.htm IDEA: XBRL DOCUMENT v3.25.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Net Income (Losses) Before Income Taxes

Loss before income taxes for the years ended December 31, 2025 and 2024 were as follows:

			For the years ended December 31,
			2025						2024
U.S.			$	(969,714)					$	(685,809)
Non-U.S.			91						(40)
Total loss before income tax			$	(969,623)					$	(685,849)

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) was as follows:

			For the years ended December 31,
			2025						2024
Current expense (benefit):
U.S. federal			$	—					$	—
U.S. state and local			—						—
Non-U.S.			24						21
Total current income tax provision			$	24					$	21
Deferred expense (benefit):
U.S. federal			$	—					$	—
U.S. state and local			—						—
Non-U.S.			—						—
Total deferred income tax provision			—						—
Total income tax provision			$	24					$	21

Schedule of Reconciliation from Statutory U.S. Federal Income Tax Rate to Effective Tax Rate

The reconciliation from the statutory U.S. federal income tax rate to the effective tax rate is as follows:

			For the years ended December 31,
			2025									2024
			Amount			Percentage						Amount			Percentage
Loss before income taxes			$	(969,623)								$	(685,849)
Statutory U.S. federal income tax			(203,621)			21.0		%				(144,029)			21.0		%
Foreign tax effects			5			—		%				29			—		%
Changes in valuation allowances			74,433			(7.7)		%				22,182			(3.2)		%
Non-taxable or non-deductible items
Fair value adjustments – derivatives			75,630			(7.8)		%				(1,984)			0.3		%
Fair value adjustments – warrants			58,771			(6.1)		%				112,703			(16.4)		%
Derecognition of loan commitment asset			4,564			(0.5)		%				11,416			(1.7)		%
Stock compensation			(13,693)			1.4		%				2,190			(0.3)		%
Other			(1,018)			0.1		%				(1,889)			0.3		%
Other adjustments			4,953			(0.5)		%				(597)			—		%
Effective tax rate			24			—		%				21			—		%

Schedule of Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities at December 31, 2025 and 2024 were as follows:

			December 31,
			2025						2024
Deferred tax assets:
Net operating loss carryforwards			$	292,046					$	178,561
Capital loss carryforwards			228						235
Goodwill			5,160						6,109
Capitalized research & experimental costs			7,009						9,737
Stock-based compensation			2,224						4,841
Accruals and reserves			5,433						3,455
Organizational costs			92						111
Lease liability			5,195						936
Fixed assets			—						1,419
Inventory			1,131						1,709
Transaction costs			3,772						7,386
Debt instruments			11,466						8,508
Other			62						10
Deferred tax assets, gross			333,818						223,017
Valuation allowance			(327,138)						(222,122)
Total deferred tax assets, net			$	6,680					$	895
Deferred tax liabilities:
Right of use asset			(5,018)						(853)
Intangibles			(232)						(42)
Fixed assets			(1,430)						—
Deferred tax liabilities			(6,680)						(895)
Total deferred tax asset (liability)			$	—					$	—

Schedule of Unrecognized Tax Benefits Associated with Uncertain Tax Positions

The Company has unrecognized tax benefits associated with uncertain tax positions as of December 31, 2025 and 2024 as follows:

			For the years ended December 31,
			2025						2024
Gross unrecognized tax benefits as of January 1			$	1,571					$	680
Additions:
Current year tax positions			644						890
Prior year tax positions			1,090						—
Less:
Current year tax positions			—						—
Prior year tax positions			(890)						—
Rate change			(39)						1
Settlements			—						—
Lapse of statute of limitations			—						—
Gross unrecognized tax benefits as of December 31			$	2,376					$	1,571

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration